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Charter Amendment LA-E Economic Incentives for Business Development City of Los Angeles Charter Amendment - Majority Approval Required Fail: 119,943 / 47.7% Yes votes ...... 131,272 / 52.3% No votes
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Information shown below: Summary | | ||||
Should the Los Angeles City Charter be amended to clearly express the authority of the City of Los Angeles to provide incentives to businesses that will encourage economic development and provide public benefits to the City of Los Angeles and its residents?
THE PROPOSAL: This measure would amend the Charter to clearly state that the City may provide economic incentives to retain or attract businesses to the City, when doing so will result in identifiable public benefits to the city and its residents that could not be attained through other means. FINANCIAL IMPACT: Since no specific economic incentive would be enacted as a result of the approval of this measure, the cost or benefit to the City from any action the Mayor and City Council might take pursuant to this measure cannot be estimated. SUPPORTERS SAY: Unlike neighboring cities, the Los Angeles City Charter does not give the City direct authority to offer incentive packages to employers. In a troubled economy, the City can’t afford to be left behind in the competition for new and expanding businesses that might choose to leave the City or locate elsewhere. Under this measure, incentives could result in job creation, new public facilities, such as parks, or generation of new revenues. OPPONENTS SAY: Economic studies show that incentive programs do not work. Politically connected people get millions of dollars each year in subsidies, tax breaks and other special treatment at taxpayer expense. The City Controller has reported that the City “does a poor job of ensuring that the public receives the benefits promised in exchange for subsidies given to private developers.” This measure would only encourage more of the same.
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Official Information L.A. City Clerk Election Division
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