Oy vey iz mir - never underestimate the recklessness by which lawmakers are willing to offer tax incentives to developers - even at a time of dangerously high budget deficits. From the LAT:
The council's Trade, Commerce and Tourism Committee voted 2 to 0 to begin the work of determining how much financial assistance the city will provide to Williams/Dame & Associates, which has proposed a Marriott hotel complex across the street from the L.A. Live entertainment complex. John Wickham, an analyst with the chief legislative analyst's office, advised the panel that the city needs as many as 5,800 more hotel rooms near the downtown convention center to make that facility competitive on a national level. "We looked at the city's history on other hotel projects and it appears that there is a need for economic assistance on this project," he said.
Yeah, right - for all that extra convention business that's just waiting to come L.A.'s way. You might recall that last year the council agreed to provide up to $249 million in tax revenue for the reconstruction of the Wilshire Grand Hotel. And let's not forget the L.A. Live hotel tower, which is eligible to receive up to $270 million in tax revenue. This is truly insane.