Search
 

City to Give Capitol Records $4 Mil to Stay in Hollywood

LOS ANGELES-In a close vote, the Los Angeles City Council has decided to give to Capitol Records Inc. $4 million to keep the company in Hollywood.

By Erin Cassin | Updated on November 09, 2000

LOS ANGELES-Capitol Records Inc. will receive $4 million of taxpayer money in a development deal that the Los Angeles City Council passed, with a vote of 8 to 4.

The deal will keep Capitol Records in Hollywood, but the firm will have to spend more than $20 million in renovations to its landmark building. The additional $4 million from the city will be used to aid the firm in renovating a nearby office tower, as well as adding employees to its current workforce.

The council’s approval was accompanied by a request for an investigation of the city’s purchase of an adjacent parking lot, which was originally appraised for half the amount the city paid for it. The Community Redevelopment Agency bought the lot for $1.45 million in 1998, despite an appraisal that placed its value at $795,000.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2025 ALM Global, LLC. All Rights Reserved.