Los Angeles City Council established the city’s first two Jobs and Economic Development Zones, or JEDI Zones, on Nov. 24. One is located in North Hollywood.
The JEDI Zone incentive program will provide a competitive advantage for small and locally owned businesses to stimulate economic recovery in specific neighborhoods. Companies in JEDI Zones receive access to capital, loan program fee and interest reduction, compliance assistance and permit subsidies.
The NoHo JEDI Zone will be located on Lankershim Boulevard north of the North Hollywood Red Line Station. The other JEDI Zone is the Goodyear Tract in South Central Los Angeles.
“We must do everything we can to attract new businesses and industries into Los Angeles,” said Councilmember Paul Krekorian, who represents North Hollywood and proposed the JEDI program. “Through incentives, subsidies, and consultation with experts, the city is enhancing the economic opportunities available to businesses and spurring growth for those that have already invested in our future by doing business in our communities.”
Krekorian devised the JEDI program to replace the Community Redevelopment Agency of Los Angeles, which was eliminated by then California Gov. Jerry Brown in 2011.
Published on 2021-11-26 20:31:16