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We understand that Hotel development can create additional tax revenues, create jobs, and can stimulate the local economy through the development and construction of other new buildings and businesses by attracting new visitors who may frequent local restaurants and retail stores.
Over the last few years the hotel development market has changed dramatically. Construction, real estate, and labor costs have all increased and have made development unfeasible in areas throughout Los Angeles without the assistance of incentives. Therefore, in an effort to spur hotel development, or re-development into existing hotels and motels throughout the City, we have instituted a hotel incentive program.
Here’s How the Program Works:
A feasibility study would need to be conducted by the developer, owner, or investor to determine a feasibility gap. Once a feasibility gap is determined and verified, the City will reimburse the developer up to 100% of the funding / feasibility gap through a TOT development agreement.
Mechanism for Funding & Limits:
Eligibility & Program Criteria:
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