Hollywood : Redevelopment Funds Freed
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Los Angeles County has released $17.1 million it had been holding in escrow for the Hollywood redevelopment project.
The release of the money, made public late last week, came soon after the California Supreme Court upheld the validity of the $922-million project being coordinated by the Los Angeles Community Redevelopment Agency. The project, approved by the city in 1986, had been contested by some area residents.
Most of the $17.1 million, which includes tax increment money and interest, will be used to repay loans the CRA was forced to take out in order to fund the first six years of the redevelopment project, CRA officials said.
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