The proposed 879 acre City Center Redevelopment Project Area is expected, over its 30 year life, to create up to 12,900 new units of housing--at least a quarter of which would be affordable to low and very low income households--and up to 6.7 million sf of new commercial and industrial development. The plan also seeks to attract businesses and jobs, help the city's homeless and rehabilitate historic buildings to return them to economically productive use.

Projected over a 45-year horizon, the proposal is expected to generate $2.4 billion in incremental property tax revenues, according to Don Spivack, deputy administrator of CRA. Of that $733 is earmarked for affordable housing, with the balance of $1.7 billion going to such things as acquisition and demolition of existing properties, historic renovation, homeless reduction, creation of parks, schools and public- and mental-health facilities. Spivack expects to leverage between $1 and $3 of private investment to each $1 of tax revenue on the project.

There is strong support for the project from both merchants in the area and housing advocates, health and social service providers and public safety officials, according to David Farrar, chairman of the CRA board of commissioners. Carol Schatz, executive director of the Central City Association, the oldest and largest business organization in downtown, attributes Downtown Los Angeles' blight to the many years of a combined negative impact from neglect and a poor economy. While Schatz admits recent efforts by the business community have started to show positive results, this proposal provides resources to maintain the forward momentum necessary for a complete turnaround.