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Los Angeles Enterprise Zone Gets Two Big Deals

Mayor Villaraigosa’s office has published two press releases in the last week touting major successes for job growth in the Enterprise Zone.

In the first case, the City secured a significant new retail development for downtown:

“Today’s signing of the largest retail lease in downtown in two decades represents a crucial milestone in our urban renaissance,” Villaraigosa said. “The addition of Target to 7th + Fig will not only create countless jobs, it will improve the quality of life for people throughout the entire LA metro area by offering a convenient and diversified shopping option. We are sending the message loud and clear that we are reversing the tide: businesses are not leaving downtown, they are coming here to invest.”

The Mayor’s Office of Economic and Business Policy worked with Brookfield Office Properties in advance of the lease signing in order to entice Target to sign to this property. The Mayor’s office also helped secure the deal by highlighting the benefits of working at this location–a State Enterprise Zone in downtown Los Angeles that offers tax credits and DWP incentives.

The second was the announcement of the relocation of Lucky Brand clothing headquarters into the Enterprise Zone:

Mayor Villaraigosa today announced that CEG Construction is set to break ground in December 2010 on a new property in downtown Los Angeles. This move will bring the headquarters of Lucky Brand to Los Angeles’ vibrant downtown Arts District. The construction marks a $15 million capital investment to the City from CEG Construction, the owners and builders of the property.

“This is a great day for Los Angeles’ thriving, diverse fashion industry that contributes almost $6 billion to our local economy every year,” Mayor Antonio Villaraigosa said. “I applaud the efforts of my Office of Economic and Business Policy for working with Lucky Brand to make L.A. their new home. Lucky Brand’s move to Los Angeles reinforces our status as the creative and innovative capital of the world.”

By working with the Office of Economic and Business Policy, Lucky Brand discovered the benefits of coming to the City of Los Angeles such as several business incentive policies, including Los Angeles Department of Water and Power rate discounts and state enterprise zones tax credits.

“We worked hard to demonstrate to Lucky that Los Angeles is a great place for their new home,” said First Deputy Mayor, Chief Executive of Business and Economic Policy and General Manager of the Department of Water and Power Austin Beutner. “As the center of creative industries in the U.S., LA is a natural fit for Lucky. The new policies we are putting in place to create jobs are clearly working.”

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