L.A. Watchdog — Our Mayor’s pet project is the revitalization of an 11-mile segment of the Los Angeles River, stretching from Griffith Park to downtown Los Angeles. What is not to like about new open recreational space in park-poor Los Angeles other than the not-so-minor fact that our cash-strapped city needs to pony up more than $1 billion over the next 10 to 20 years to pay for its share of this $1.4 billion river revitalization project.
This is considerably more than the $500 million originally advertised as our city’s share. Unfortunately, a more detailed analysis showed the total cost ballooning from $1 billion to $1.4 billion at the same time that the U.S. Army Corps of Engineers cut its contribution from $500 million to $200 to $300 million.
At this time, our city and its leaders do not have a plan to finance this ambitious infrastructure project. Rather, it is scrounging for money, financing bits and pieces from here and there.
For example, buried in the city’s 440-page budget, there is one mention – a line item — for the $60 million purchase of the Taylor Yard G2 parcel owned by the Union Pacific Railroad Co. This river fronting, 40-acre rectangular parcel that lies between the river and the state’s Rio de Los Angeles Park in Cypress Park is considered vital to the rehabilitation of the River.
This Is Wisdom, Prudence?
While this purchase will be financed with debt (and possibly with the proceeds of bond offerings or state grants), is this the best use of the city’s scarce financial resources or debt capacity?
Or should this money be used to finance the repair of our streets and sidewalks, the redo of Pershing Square, the expansion of the Convention Center, or housing for the homeless?
The city has managed to convince the Metropolitan Transit Authority to set aside $425 million for a 51-mile bikepath along the length of the river, from its headwaters in Canoga Park all the way to Long Beach. But this $8 million a mile earmark for Mayor Garcetti’s pet project is over the top excessive, leading one to speculate how many other pet projects will be financed by Metro’s proposed half cent increase in our sales tax to 9½ percent.
The city is considering establishment of an Enhanced Infrastructure Financing District. This will allow the city to skim off its portion of the increased tax revenues from a boatload of high-end real estate developments that border the river and the surrounding communities, much like the old Community Redevelopment Agency that was viewed by many as a corrupt political organization.
These funds will then be reinvested in the local community, most likely for streets and transportation projects to serve the more densely populated area that is not served by mass transit.
But these non-affordable developments are not subject to a long-range plan that respects the existing communities and neighborhoods. Rather, it is the Wild West, a land grab by rapacious real estate speculators.
Before the city proceeds with the $60 million purchase and problematic remediation of the 40-acre Taylor Yard G2 parcel from the Union Pacific, the mayor and the City Council need to have an open and transparent conversation about whether this expenditure is the best use of our city’s scarce resources.
The city needs to devote the resources to develop a well-thought-out, long range plan for the Los Angeles River. This includes identifying the sources for over $1 billion in cash needed to complete this important initiative. Most importantly, this plan must respect the surrounding communities who are well aware of the impacts of unplanned development throughout the city where campaign- funding real estate speculators have successfully manipulated the mayor and the members of the City Council.
Mr. Humphreville writes L.A. Watchdog for CityWatch. He is president of the DWP Advocacy Committee and a member of the Greater Wilshire Neighborhood Council. Mr. Humphreville is the publisher of the Recycler Classifieds — www.recycler.com. He may be reached at lajack@gmail.com.
