The Los Angeles financier Eli Broad may get millions of dollars back on the $100 million museum he is planning to build as part of the Grand Avenue Project, a development of condominiums, cultural sites, stores, offices, and a hotel in downtown Los Angeles, reports Carol Vogel for the New York Times via the Los Angeles Times.<\/p>\n
A deal approved last month by the Community Redevelopment Agency of Los Angeles calls for Broad\u2019s museum to receive millions of dollars as the Grand Avenue Project moves forward. The redevelopment agency requires developers\u2013\u2013in this case Related Companies\u2013\u2013to pay one percent of their project\u2019s design and construction costs to create public artworks or to support cultural sites in the neighborhood where they build. The deal, which was approved on July 15, includes the Broad Collection at Grand Avenue and Second Street as the cultural facility that will fulfill a large amount of Related Company\u2019s percent-for-art obligation.<\/p>\n
If the Grand Avenue Project costs its estimated $3 billion, the one percent requirement would generate $30 million for arts and culture and Broad\u2019s museum would receive about a third of that under the plan approved last month.<\/p>\n