"L.A. political leaders took what their own policy experts called a risky bet on Friday, and agreed to pour billions of dollars into the city's aging convention center in the hope that it will breathe new life into a struggling downtown and the region's economy. In an 11-2 vote, the City Council approved a $2.6 billion expansion of its Convention Center, despite warnings from their own advisers that the project will draw taxpayer funds away from essential city services for decades to come."
"The risks don't stop there. If the Convention Center expansion experiences major construction delays, the project's first phase may not be finished in time for the 2028 Olympic and Paralympic Games, when the facility is set to host judo, gymnastics and other competitions. That, in turn, could leave the city vulnerable to financial penalties from the committee organizing the event, according to the city's policy analysts."
"'If we're not here to believe in ourselves, who's going to believe in us?' said Councilmember Adrin Nazarian, who represents part of the San Fernando Valley. 'If we don't invest in ourselves today, how are we going to be able to go and ask the major investors around the world to come in and invest in us?'"
The City Council approved a $2.6 billion expansion of the Convention Center in an 11-2 vote. Policy analysts warned the project could divert taxpayer funds from essential city services for decades and expose the city to financial penalties if construction delays prevent completion before the 2028 Olympic Games. Supporters argue the expansion will create thousands of jobs, boost tourism, and catalyze downtown redevelopment, enhancing the city's national competitiveness. Officials emphasized investment as necessary to attract major global investors. Concerns persist about construction timing, long-term fiscal strain, and balancing the project with other municipal priorities.
Read at Los Angeles Times
Unable to calculate read time
Collection
[
|
...
]