A $922-million redevelopment plan for Hollywood's once-glittering commercial core was challenged in a suit filed by three landowners who claim that it will threaten residents of the 1,100-acre redevelopment area with both the potential loss of their homes and an uncertain financial future. The suit, filed in Los Angeles Superior Court, also claims that the 30-year project will funnel $922 million in new property tax revenues to a newly created redevelopment agency, rather than allowing the money to be retained for schools, streets and other municipal services. Attorney and property owner David Morgan said residents are also challenging the city's declaration that the area, which includes Hollywood and Sunset boulevards, is blighted. One economic study showed that private enterprise would spawn the same level of new development as that contemplated in the redevelopment plan, he said. The suit asks the court to declare the plan invalid and prevent the redevelopment agency from collecting any property taxes.