As a property owner with considerable interests in Hollywood, and one who was quoted in the Ferrell article, I feel obliged to respond. The questions asked of me by Ferrell in the telephone interview he requested were not so much questions as they were his conclusions, phrasing questions such as: "Didn't you give money to the CRA in order to make profits?"
As to Ferrell's conclusion that secret profits are made from CRA involvement, I know nothing secret about the CRA coming into Hollywood. There has been lots of press about it. Mayor Tom Bradley, former Councilwoman Peggy Stevenson, and the present councilman, Michael Woo, regularly have press conferences about it. The CRA may be coming to Hollywood but it is not here yet. There is plenty of property for sale in Hollywood. There always has been. So what is the issue? Is it today's profits, or tomorrow's future?
The tone of the article encourages groups who do not wish to have major, new industry, retail and office developments locate in Hollywood. Those interests might succeed in scaring off the investment community. Investors are not begging to come to Hollywood. I know property owners who face losses in Hollywood, as well as those who look forward to profits. Investing in Hollywood is risky business.