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Old Posted Aug 6, 2010, 12:34 AM
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colemonkee colemonkee is offline
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Join Date: Nov 2004
Location: Los Angeles
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That's the $246 million question. My gut tells me it's them just trying to take advantage of a dearth of construction projects in the City, playing the "this project will create thousands of construction jobs" card in exchange for a sweetheart deal.

On the flipside, they could be trying to obtain financing - which they've previously said they didn't need. If that's the case, getting a bed tax exemption may be a condition of the lender to mitigate their long-term expenses for the project, making it more likely that they'll be able to pay back the loan.

The truth should come out once the independent study gets back to the City Council's Housing Committee. We'll probably have to wait until the end of the study to find the answer, unless some ambitious reporter pries it out of someone involved in the interim.
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