Culver City : Redevelopment Budget OKd
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The Culver City Redevelopment Agency on Monday unanimously approved a budget for 1990-91 that includes an almost 36% increase in revenues and a 12% decrease in expenditures.
The revenues for 1990-91 are expected to increase from $83 million to almost $112.7 million, due mainly to proceeds from a bond sale last November, said Deputy Redevelopment Director Debbie Rich.
Most of the $150 million raised from the bond sale went toward refinancing existing debt and expenses from the sale, but almost $37 million was included in the new budget, according to a staff report.
Expenditures, meanwhile, dropped from $58.5 million last year to $51.4 million this year. Last year’s expenses were higher mainly because of the $2-million temporary City Hall and the inclusion of $885,000 to rehabilitate the Willat Studio--the “Witch’s House,” Rich said.
Owners of the studio in Beverly Hills recently decided against donating the historic building to Culver City.
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