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L.A. Gets Another Zone Expansion

From Dailybreeze.com:

Hoping to spur job creation near Los Angeles International Airport, officials on Monday announced the creation of an enterprise zone offering economic incentives to businesses in the area.

Tax credits, fee waivers, utility bill discounts and other forms of compensation will be extended to businesses located within the so-called LAX area State Enterprise Zone.

The program, which targets businesses within 1,078 acres of industrial and commercial land surrounding LAX, had languished for nearly a year as negotiations stalled between city and state departments.

Approval of the zone was expedited last month when Mayor Antonio Villaraigosa discussed the issue with Gov. Arnold Schwarzenegger after they announced that Chinese automobile manufacturer BYD was moving its North America headquarters to Los Angeles.

“The Westside of Los Angeles is a major economic engine for the city of Los Angeles,” Villaraigosa said. “This expansion means business owners will have the tools and incentives to create jobs in all Los Angeles communities.”

With 12.3 million square feet of hotel, office, retail and restaurant space, the Century Boulevard corridor has struggled to attract business over the past decade and suffered from a 30 to 35 percent vacancy rate, Villaraigosa said.

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