MTA Role in Project’s Bailout Plan Questioned
A state Assembly committee hearing next week will investigate the Metropolitan Transportation Authority’s involvement in a proposed plan to financially bail out the Grand Central Square project in downtown Los Angeles.
Kevin Murray, the Culver City Democrat who is chairman of the Assembly Transportation Committee, announced Monday that the panel will take up the matter at a Nov. 19 meeting at MTA headquarters.
“I will do everything I can to stop the MTA from playing with taxpayer dollars to reward political cronies and hotshot developers,” Murray said in a statement.
The MTA and the Los Angeles local government agencies provided backing for $44 million in bonds issued four years ago to help finance the privately owned development that includes a bustling food market, 121 apartments, a 500-space garage and offices in three historic buildings at Broadway and Third Street.
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