+1 323 268 0395 kmw@caltek.net

HUD mailing list archives

5. WilmingtonThefifthclusterof [...]

by
Kenneth Wyrick
- 04/02/2018 20:08:36

5. WilmingtonThefifthclusteroftractsincludeareaswheretheCleanUpGreenUpLosAngelespolicyiscurrently operational,whichisalocalinitiativeaimedtoaddressthecumulativehealthimpactsofindustriallandusesadjacenttohomes,schools,parks,andothersensitiveusersstartinginmultipleportionsoftheCity.WilmingtonisadjacenttothePortofLosAngeles,whichisoperatedundertheStateTideLandsTrust.Inclusionofthetractssupportthecontinuedgrowthofjobsatthe Port.TherearealsotractslistedthatprovidetheCitywithbettertoolstoenhancecompetitionwithneighboringcommunitieswithlessonerousbusinesstaxes.060372941200603729462006037294701060379800140603729482006037294830060372965000603729660006037296210060379622006037293201060372920006. ArtsDistrict/FashionDistrict/BoyleHeightsThereisasixthclusteroftractsrecommendedforOpportunityZonedesignationneartheKeckMedicalCenterattheUniversityofSouthernCalifornia,CaliforniaStateUniversityLosAngeles,andtheCounty UniversityofSouthernCaliforniaMedicalCenter.Theselocationshavestimulatedaninfluxofcapitalintotheareaandattractstudentsandprofessionalswhowork attheinstitutions.TractsintheArtsDistrict andFashionDistrictarerecommendedastheyoverlapwithfederalPromiseZones.Thefactthatthesetractsoverlapwithanexistingprogramshouldleverageadditionalresourcestomaximizeinvestmentandjobcreationinemergingtechnology,fashion,anddigitalindustries.06037207900060372062000603722606206037205120060372049200603720630006037203500060372033000603720140206037201700060372240108.Pacoima/SylmarTheeighthgroup oftractsrepresentthecommercialandindustrialcoreofthecommunitiesofPacoima andSylmarintheSanFernandoValley.ThegeographicarealocatedintheneighborhoodofPacoima exemplifiesanareathatisprimefordevelopment.Overabilliondollarsintransportationinfrastructure investmentintheformoflightrailtransitisdirectedtoamajorarterialcorridorthatpassesthrough Pacoima'score.ThesetransitinvestmentsarecarriedthroughtotheneighborhoodofSylmarandother surroundingcommunities.Theindustrialusesthatareadjacenttotheproposedtransitcorridorstationterminusprovidetheideallabormarketcharacteristicsfortransit orienteddevelopment.0603710652006037104201060371042030603710470406037106604060371047030603710440406037104320060371047010603710431049. SouthLosAngeles/ExpoParkThesetractsarelocatedinareaswherePromiseZonesareoperational.NotonlyhavetheareasbeendesignatedasPromiseZones,butalsothetractsareneartheUniversityofSouthernCaliforniaandExpositionPark,theMetroBlueandExpositionlines,andtheLucasMuseum.Theaforementionedareashavesteadilygainedcommercialactivityoverthepastfewyears.Furthermore,projectsfocusedonartandurbanagricultureareproposedfortractslistedbelow,whichmaybeanattractiveinvestmentareaforindividualsandcorporations.060372312200603722270006037231800060372246000603723110006037224020060372393300603722641006037226420060372270100603723920210, 

EastHollywood/Koreatown/LittleArmenia
ThissetoftractsarelocatedintheneighborhoodsofKoreatown,EastHollywood,andLittleArmenia haveexperiencedsubstantialcommercialdevelopmentinthepastdecade.Inaddition,LosAngelesCityCollege(LACC)islocatedinoneofthereferencedtractsbelowalongwithmultipleMetroRedandPurplerailstations.AlongwithnewrestaurantsandLACC,thetractsbelowcontaintheKaiser Permanente Medical Center,LosAngelesChildren’sHospital,andHollywoodPresbyterianMedicalCenter.
OthertouristattractionareassuchastheHollywoodWalkofFame,andHollywoodWaxMuseumarealsoeligibletoreceiveOpportunityZonedesignation.Finally,theareaalsocontainstractswhereconvenientstoressuchasRalphsandHomeDepotarelocated.Designationofthesetractswouldsupportexpansionofthehealthcare,entertainment,andhospitalityindustries,allofwhichproducehigh-quality jobs.060371912010603719262006037211202060372113200603721131006037190201060371917200603719150006037191110060371926100603719181006037191820060371909020603719090106037191120060371901000603719020206037190700060371910000603719080106037211201060372111220603721112011.

SouthLosAngeles/Central Alameda Additional tracts near Slauson and Gage Boulevardi nclude the Slauson Mall, which has experienced increased business development within the past decade along with other convenient and retail stores such as Home Depot,CVS Pharmacy, and the Vermont Slauson shopping Center. Other tracts near Crenshaw contain businesses such as Bank of America, Ralphs, RiteAid, and locally known restaurants such as The Buffalo Spot. 06037232400 06037231500 06037231400 06037234600 06037234501 060372345025
 06037232500 06037237202 06037231300 0603723121012. 

LincolnHeights/CypressPark/MacarthurParkThefinalclusteroftractsincludeavariedmixofcommunitiesandcommercialactivityincludingresidentialdevelopmentaroundtheUniversity ofSouthernCaliforniaKeckSchoolofMedicineandtheMacarthurParkcommunitylocatedbetweenKoreatownandDowntownLosAngeles.Additionaltracts arerequestedtoreceiveOpportunityZonedesignationontheSanFernandoroad,wherehousing developmentandsmallbusinessactivityhassteadilyincreasedoverthepastdecade.0603719912006037199800060371999000603719970006037185203060371853200603722420006037221110060371992010603718640406037199202FISCALIMPACTThereisnoimpactontheGeneralFundatthistime.HenryFlatt AnalystResolutionListofCensustractsnominatedforOpportunityZonedesignation MapsofselectedPrimaryandSecondarytractsAttachments:1.2.3.6

ATTACHMENT1RESOLUTION WHEREAS,anyofficialposition oftheCityofLosAngeleswithrespecttolegislation,rules,regulationsorpoliciesproposedtoorpendingbeforealocal,stateorfederalgovernmentalbodyoragencymusthavefirstbeenadoptedintheform ofaResolutionbytheCityCouncilwiththeconcurrenceoftheMayor;andWHEREAS,spurringeconomicdevelopmentandjobcreationineachCouncilDistrictisoneofthekeyresponsibilitiesoftheCity;andWHEREAS,theCityhasanabundanceofUSCensustractswithascarcityofresourcesandgoodpayingjobs;andWHEREAS,theOpportunityZoneprogramthatwasincludedintherecentTaxReformLegislationpassedonDecember22,2017,providesanincentiveforinvestinginlow-income communities through capital gains tax breaks; and WHEREAS,under the Opportunity Zone program, the Governor of California has until March21,2018, to designate upto 25% of the approximately 3,500 eligible Opportunity Zone censustracts in the State that will be submitted to the Secretary of Treasury; and WHEREAS,once tracts are designated as Opportunity Zones, they will be eligible to receive unrealized capital gains through Opportunity Funds, which may be real property, partnership interest,or company stock; and WHEREAS, the City has along standing history of assisting low-income residents through robust measures such as raising the minimum wage, progressive business taxation, and workplace protections; NOW, THEREFORE, BE IT RESOLVED, with the concurrence of the Mayor, that by the adoption of this Resolution, the City o fLos Angeles hereby includes in its 2017-2018 State Legislative Program SUPPORT for the inclusion of the attached list of low-income Los Angeles Census tracts for the Opportunity Zone program.