HUD Award To Bring Jobs to L.A. County

Housing and Urban Development Secretary Andrew Cuomo today announced $21million in funding to Los Angeles County for economic development projects in the City of Commerceand West Hollywood, a move that will create almost 1,700 jobs and stimulate more than $175 millionin additional private and public investments.About $11 million goes to the City of Commerce, which will construct the Commerce UrbanEntertainment Center along the Interstate 5/Santa Ana Freeway corridor. The Center will include a16-screen theater, 280,000 square feet of retail space and 75,000 square feet for restaurants and foodcourts. When opened, it will annually generate an estimated $1.4 million in new tax revenues andcreate about 930 new jobs.West Hollywood will receive a $10 million award to redevelop 7.75 acres of an area currently home to anumber of manufacturing plants, automotive repair shops, metal plating facilities and utility companies.The proposed "Gateway Center" will be a four-story, mixed-use complex that will include 80,000square feet of office space, 210,000 square feet of retail space and 35,000 square feet for restaurants.Once completed, it is expected to generate $1.7 annually in new tax revenues, create about 750 newjobs, and be used as leverage for another $66 million in private and public investments.

Thanks to Abhijeet Chavan