L.A. reaches agreement to host 2028 Summer Olympic Games
Last week, L.A. Mayor Eric Garcetti announced an agreement with the International Olympic Committee (IOC) that would bring the Summer Olympic & Paralympic Games back to L.A. for the third time. In agreeing to let Paris host the 2024 Games and accepting the 2028 Games, Mayor Garcetti and the LA 2024 Committee, led by Casey Wasserman and Gene Sykes, negotiated a deal that could result in L.A. receiving a contribution of $2 billion from the IOC, as well as the IOC's commitment to waive their cut of any surplus generated by the Olympics. The agreement also includes an interest free loan upfront, which will inject millions of dollars now into youth sports programs. The Chamber and LA 2024 (now renamed LA 2028) recently commissioned the Thomas and Dorothy Leavey Center for the Study of Los Angeles at Loyola Marymount University to survey L.A. residents' opinion on holding the 2028 Games. An overwhelming majority, 83 percent, want L.A. to host, with 54 percent in "strong" support. See the poll HERE.The Chamber supported this new plan at the Olympic Ad Hoc Committee last week and looks forward to supporting in Council this Friday.
Check out THIS graphic from Metro to see what our transportation system should look like in 2028!
Welcome Reception for newly-sworn in Congressman Jimmy Gomez, Wednesday, Aug. 23 from 5 -7 p.m. Register HERE. If you are interested in sponsorship opportunities, please contact Jessica Duboff at 213.580.7585
Chamber to partner with labor on housing commission
L.A. City Council President Herb Wesson announced the formation of a new commission on affordable housing in partnership with the Chamber and the Los Angeles County Federation of Labor (LAFed). The commission will suggest solutions to L.A.'s housing shortage and affordability crisis. The commission was announced during Wesson's speech setting his agenda for his final term as L.A. City Council President. LEARN MORE.
Infrastructure Hot Takes:
L.A. City Administration Office (CAO) looking for business input: The CAO's office is working on a project to improve the delivery of infrastructure and public works projects. Please take a moment to fill out THIS SURVEY.
SB 1 dollars at work: Caltrans has announced it is fast tracking more than $285 million in construction work as part of its 'Fix it First' initiative. Thirteen projects are underway and another 50 will start next year. The agency is able to jump-start these road repairs due to the passage of the Chamber supported Road Repair and Accountability Act of 2017 (SB 1). Check out the full list HERE.
Aliso Canyon up and running
Last week SoCalGas completed the steps necessary to safely begin injections at the Aliso Canyon storage facility and started the process to resume limited injection operations. SoCalGas must begin injections to comply with the CPUC directive to maintain sufficient natural gas inventories at Aliso Canyon in order to support the reliability of the region's natural gas and electricity systems. In support of continued safety, operations at Aliso Canyon will be held to what regulators have called the most rigorous monitoring, inspection, and safety requirements in the nation. For more information, please see www.socalgas.com/alisoupdates.
Planning and land use updates
The Land Use, Housing and Construction Council held a strategy session at the end of July in order to review the Chamber's stance on a variety of development issues and to chart a path forward. Issues discussed included the state housing package, LA County's proposed art fee, LA City's linkage fee and value-capture policy and implementation of Measure HHH. For more information or to bring an issue to our attention that impacts your business, contact Olivia Lee at 213.580.7531
Also, see the City Planning Department's Summer 2017 newsletter HERE.