An ordinance establishing a redevelopment project area that runs through the downtown commercial district to largely industrial sections of the city was approved Monday by the City Council acting as the Redevelopment Agency.
The city postponed adoption last month as it hammered out agreements with three taxing agencies, including the County of Los Angeles. Those agreements were approved last week in the first reading of the ordinance.
A total of five agreements were reached with taxing agencies to share a percentage of the tax revenue to be generated from the project. The project aims to encourage private investment in the commercial areas of Bell and upgrade public facilities such as sewers, sidewalks and streets.
The city has not yet adjusted financial projections for the redevelopment plan as a result of the agreements, said David Meyer, director of community development.
Before the agreements were reached, the city projected that it would receive $43 million over 40 years from the increase in tax revenue as a result of the project.