BEVERLY HILLS—On August 19, the Beverly Hills City Council met and held a public hearing after which it voted 4-0 to approve issuing up to $550 million in bonds to finance the One Beverly Hills project. This project is a redevelopment project situated between Wilshire Boulevard and Santa Monica Boulevard, adjacent to the Beverly Hills Hilton Hotel. At this meeting, the council also voted to approve the creation of a Community Facilities District at the request of Cain International, the company overseeing the project, to help finance the project.
At the council meeting, one of the Council members, Councilman Craig Corman, announced he would be recusing himself from his vote. His reason was that he was a member of the Los Angeles Country Club, which is located near the site of the One Beverly Hills project.
The next step is the creation of the Community Facilities District. This will repay the cost of the One Beverly Hills Project by levying taxes on buildings located within both the residential and non-residential areas of the project’s site. In addition, Cain International will make a contribution of $15 million, which will be allocated towards future public improvements. The company will also pay an annual environmental mitigation fee to the City of Beverly Hills.
By Daniel Diquinzio