This one would be for a 392-room hotel across from the L.A. Live complex. Under the plan, which has been recommended by the City Council's policy analyst, the developer and its partners keep up to half of the sales taxes, business taxes, hotel room taxes, utility taxes, property taxes, and parking taxes generated by their project (it will operate under the Courtyard by Marriott and Residence Inn brands). The tax breaks would total $67.3 million over the next 25 years. From the LAT:
The hotel subsidy agreement, which will be reviewed Tuesday by a council committee devoted to tourism-related issues, is only the latest to be offered downtown. Last year, the council agreed to provide up to $249 million over 25 years for the reconstruction of the Wilshire Grand Hotel five blocks north of Olympic. L.A. Live's hotel tower is eligible to keep up to $270 million in taxes over a similar period. The council's policy advisers have repeatedly argued that downtown needs thousands of additional hotel rooms to keep its convention center competitive on a national scale. Even with the subsidy, the Olympic Boulevard project would generate $67.3 million over 25 years for the city's general fund budget, which has been buffeted by a series of shortfalls, they said.