Estimates of the tax breaks required by developers of a massive mixed use cultural and business center in downtown L.A. have risen more than 50%, according to a recent report. The city-subsidized tax breaks have upset some residents and officials.
"The tax breaks sought by developers of the massive Grand Avenue project are indispensable for getting the high-rise development off the ground, a long-awaited city report found, but could end up costing the city more than originally believed."
"Early estimates put the tax rebates at $40 million over 20 years, but the legislative analyst's report Friday estimated the rebates could cost as much as $66 million."
"While the tax breaks must still be approved by the City Council, the legislative analyst's report is a strong indication that the city will greenlight the project, which backers say would create an urban hub in the heart of the city."
FULL STORY: Grand Avenue project needs help, report says
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