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VALLEY ROUNDUP | North Hollywood

CRA Increases Loan to Theater Company

November 03, 2000|ANNETTE KONDO

In another boost to the fledgling NoHo arts district, the Community Redevelopment Agency on Thursday approved a loan increase of $400,000 to the American Renegade Repertory Company.

The loan will do two things: pay off the theater's balance on its first mortgage and be used to install theater lighting.

David Cox, artistic director for the theater company, said the loan will improve both the quality of productions and its ability to rent out theater space, an important revenue source.

Since the 1994 quake, the CRA has funded the theater with $1.2 million in loans and grants.

Some residents who are critical of the CRA's redevelopment efforts in North Hollywood say that's frittering away too much cash.

The CRA on Thursday also gave an update on the overall status of the North Hollywood project, including future plans for several housing developments. They include:

* A 10-unit moderate-income housing project at 5600 Elmer Ave. The CRA has owned the site since 1993, and it may buy an adjacent parcel. The agency plans to spend about $570,000 next year on the project.

* About 150 housing units just north of the Red Line subway station, of which about 20% will be for low- and moderate-income residents. It would be a joint CRA and Metropolitan Transportation Authority project, and the CRA plans to allocate about $1 million toward it in the next five years.

* A 97-unit project on Magnolia Boulevard targeting all income levels, with 20% reserved for low- and moderate-income residents. The CRA plans to allocate about $1 million for development of this project, now dubbed Western Gardens.

* A 250-unit artist loft development adjacent to the subway station, with about 20% set aside for low- and moderate-income families. The CRA proposes spending $1.3 million in the next five years for this project.

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