As Chair of the Ad Hoc Jobs Creation Committee, I created the Jobs and Economic Development Incentive (JEDI) Zone Program. My intent was to put forward an economically advantageous plan for urban areas that would replace the Community Redevelopment Agency of Los Angeles, which was eliminated by then California Governor Jerry Brown in 2011.
Last Friday, the Council approved the JEDI program, which will provide such incentives as small business loans, permit fee reductions, and funding for facade improvements in economically underserved areas across Los Angeles.
I have applied for the first JEDI zone in the city, which would be located on Lankershim Boulevard immediately north of the North Hollywood Red Line Station. The area includes a number of antique shops and other small businesses.
The Economic & Workforce Development Department will conduct an assessment to determine if the zone meets various criteria defined in the program. I anticipate that the designation will take place before the end of the year.
The establishment of this Jedi Zone in North Hollywood will result in more jobs and increased economic activity. It also continues the revival of Lankershim Boulevard, which is one of the recent success stories of the east San Fernando Valley.