Council OKs High-Rise Repair Plan
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A plan to finance the repair of earthquake-damaged high-rise buildings through a bond issue backed by the building owners passed the Los Angeles City Council on Tuesday.
Under the program, the council will issue about $200 million in bonds to repair 280 steel-frame structures. Owners who voluntarily participate in the plan will pay a tax over 30 years to pay off the bonds.
“We’re glad it was approved, because we’re anxious to move ahead with the program,” said Martha Cox-Nitikman of the Los Angeles Building Owners and Managers Assn., which had supported the measure.
The organization had said that about half of the building owners expressed interest in the program, and others are expected to get on board soon.
The bond money is expected to be available by March. The council created a similar program in 1994 to help building owners pay for the installation of sprinklers and other fire safety improvements.
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