Panel Pitches L.A. Stimulus

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As fears of a recession grip the local economy, an independent panel of business leaders today is recommending the city of Los Angeles modernize Los Angeles International Airport, expand its port, offer more tax credits to film producers, update its zoning codes and take several other steps some controversial to strengthen the local economy.


The Los Angeles Economy and Jobs Committee a privately funded 26-member panel of business, labor and academic leaders said that big steps need to be taken to stem the exodus of jobs from the city. Since 1995, the city has suffered a net loss of 30,000 jobs, including the loss of more than 106,000 manufacturing jobs.


The committee was created in October 2006 by Mayor Antonio Villaraigosa and chaired by City National Bank chief executive Russell Goldsmith. It was charged with finding ways to improve the city’s economy and business climate.


In a 76-page report released Wednesday morning at City Hall, the panel made dozens of recommendations to boost the local economy, focusing on four key areas: improving the city’s major infrastructure assets, changing outmoded zoning designations, revitalizing South Los Angeles and easing the regulatory burden imposed on businesses by the city.


“The city of Los Angeles must adopt a stronger, more proactive set of policies and priorities that strengthen its key industries, make better use of city-owned assets and ensure that government works efficiently through public-private partnerships,” Goldsmith said upon releasing the report.


Many of the proposals are already under way in some form, including expanding the runways and renovating aging terminals at Los Angeles International Airport, streamlining the city’s building permit process and waiving fees for filming on city property.


Some proposals have already generated controversy, including the airport runway expansion, preserving industrial zones and extending support for the NBC Universal development project. Others will likely create controversy, including expediting review and approval of intermodal facilities near the port and updating community plans to “provide a more efficient and predictable development process.”


The report also recommends an ambitious revitalization effort for South Los Angeles, including easing approvals for mixed-use projects, creating a joint powers authority to develop housing on city-owned land and setting up a parcel exchange program that permits development of projects on city-owned land in exchange for private development participation in economically distressed neighborhoods.


A similarly sweeping report was issued in late 2001 right after the Sept. 11 terrorist attacks that shut down Los Angeles International Airport for several weeks. Some immediate steps recommended in the report were taken, including granting financial assistance airport concessionaires. But many of the longer term proposals fell by the wayside amidst a severe budget crunch.

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Howard Fine
Howard Fine is a 23-year veteran of the Los Angeles Business Journal. He covers stories pertaining to healthcare, biomedicine, energy, engineering, construction, and infrastructure. He has won several awards, including Best Body of Work for a single reporter from the Alliance of Area Business Publishers and Distinguished Journalist of the Year from the Society of Professional Journalists.

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