LA WATCHDOG--How does Metro expect us to understand its 27 page, 12,000 word ballot measure that would increase our sales tax by half a cent to a whopping 9½%, one of the highest rates in the county? 

Or should we just trust Metro’s Board of Directors led by Mayor Eric Garcetti, his three appointees, and the four County Supervisors who voted to place this ill-conceived measure on the November ballot? 

But there is much more than a plain old multibillion dollar tax increase buried in these 27 pages of mumbo jumbo that will make the Los Angeles County Metropolitan Transportation Authority and its Board of Directors less accountable to the voters. 

If the proposed half a cent increase in our sales tax is approved by two-thirds of the voters, Metro will collect an additional $860 million in the first year, bringing the total haul from the four voter approved sales taxes to $3.5 billion in 2018. 

However, unlike the 2008 voter approved Measure R half cent increase that was to expire in 30 years (2039), this tax does not have a sunset provision unlike the March version of this ballot measure.  Furthermore, this measure proposes to make the Measure R half cent tax permanent. 

As a result, Metro will be able to incur substantially higher levels of debt that will burden the next generation of Angelenos who will not have the opportunity to say “No More Debt” at the polls.  

There are also serious questions about Metro’s management and organization and whether it has the ability to manage its daily operations, increase ridership and fares, properly maintain its aging infrastructure, and execute its ambitious expansion plans on time and on budget, especially given recent problems with the widening of 405 through the Sepulveda Pass and the Regional Connector. 

Metro claims that there will be enhanced level of accountability for expenditures.  But how is it possible for seven politically appointed members of the Independent Oversight Committee to oversee a sprawling enterprise with over 9,000 employees, $2 billion in annual expenditures, a $750 million operating loss, $15 billion in assets, and a multibillion capital expenditure program? 

There are also a number of pet projects in the measure’s Expenditure Plan, including $1.1 billion for the bike path along the LA River, the “LA Street Enhancement & Great Streets Program,” and Jose Huizar’s Historic Downtown Street Car.  And needless to say, there are other stinkers buried in the $120 billion Expenditure Plan. 

Metro has been actively promoting the Los Angeles County Transportation Improvement Plan, assisted by Garcetti, the Board of Supervisors, and all the special interests who will benefit from the increased revenue and the proceeds the billions in new debt.  But this measure is going to be a tough sell. 

In 2014, Measure J, the thirty year extension of the Measure R half cent tax, received only 66% of the vote, just short of the two thirds needed for approval.  But this ballot measure is more complicated as Metro is asking us to pony up an additional $860 million a year and $120 billion over the next 40 years. 

The voters of the City of Los Angeles are also frustrated with City Hall.  For example, our City does not have a plan to repair our lunar cratered streets despite the fact that the City is entitled to more than 8% of the sales tax revenue generated from the four voter approved sales taxes.  As of now, the City is expected to receive over $18 billion from this Local Return program over the next 40 years. 

Furthermore, Garcetti and the Herb Wesson led City Council have refused to reform its finances, refusing to Live Within Its Means and ignoring the common sense, easy to implement recommendations of the LA 2020 Commission.  These include multiyear budgeting, the establishment of an Office of the Transparency and Accountability to oversee the City’s fragile finances, and the creation a Commission on Retirement Security to review the City’s unsustainable pension plans. 

And finally, we, the voters, are being overwhelmed by numerous ballot measures (see the note below) that will funnel billions of our hard earned money to our inefficient, bloated State, County, and City governments which are controlled by self-serving politicians and their cronies.  

Metro does not deserve a $120 billion blank check.  

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The ballot measure shall read as follows: 

Los Angeles County Traffic Improvement Plan.  To improve freeway traffic flow/safety; repair potholes/sidewalks; repave local streets; earthquake retrofit bridges; synchronize signals; keep senior/disabled/student fares affordable; expand rail/subway/bus systems; improve job/school/airport connections; and create jobs; shall voters authorize a Los Angeles County Traffic Improvement Plan through a ½ cent sales tax and continue the existing ½ cent traffic relief tax until voters decide to end it, with independent audits/oversight and funds controlled locally? 

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Note: In addition to Metro’s permanent $850 million increase in the county’s sales tax, voters are being bombarded by the City’s $1.2 billion bond measure to fund supportive housing for the homeless and the County’s evergreen $95 million parcel tax for its parks.  The Los Angeles Community College District announced a $3.3 billion bond measure.  And the state ballot has a $1 billion cigarette tax, a 12 year extension of the $10 billion of “temporary” soak-the-rich income tax, and a measure authorizing $9 billion in school construction bonds, 

Other taxes that are waiting in the wings are a $4.5 billion bond measure to repair the City’s streets and sidewalks, a homeless tax to fund the County’s homeless initiatives, a tax to fund the City and County’s $20 billion stormwater / urban runoff program, and an increase in the State’s gas tax.  There is also the issue of how to fund the unfunded pension liabilities of the City and County that exceed $65 billion (about $10,000 for each of the City’s 4 million residents). 

Earlier this year, we were also hit with an additional tax of $150 million associated with DWP’s $1 billion rate increase. 

(Jack Humphreville writes LA Watchdog for CityWatch. He is the President of the DWP Advocacy Committee and a member of the Greater Wilshire Neighborhood Council.  Humphreville is the publisher of the Recycler Classifieds -- www.recycler.com. He can be reached at:  lajack@gmail.com.)

-cw 

LA WATCHDOG--On June 23, the politicians on the Board of Directors of the Los Angeles County Metropolitan Transportation Board voted to place on the November ballot the “Los Angeles County Traffic Improvement Plan” which, if approved by two-thirds of the voters, will increase our sales tax by a half cent to 9½%, one of the highest rates in the country.  

The Supervisors also decided to make this a permanent increase, eliminating the 40 year time horizon that was an integral part of the previous proposal in March.  

This ballot measure will also make permanent the Measure R half cent tax increase that County voters approved in 2008, eliminating the 2039 sunset provision.  Interestingly, in 2012, the County’s voters did not approve extending this tax for another 30 years until 2069. 

If this measure is approved, it will increase Metro’s tax revenue over the next 40 years by $120 billion to an estimated $300 billion.  These funds will be used to subsidize Metro’s money losing operations, fund its pensions, and finance its very ambitious, debt fueled capital expenditure program that will burden future generations of Angelenos.    

But this appears to be just the beginning of our Enlighten Elite’s efforts to raise our taxes to astronomical levels. 

In all likelihood, once Janice Hahn (who never met a tax or rate increase she did not like) is elected to the Board, the Supervisors will approve placing on the ballot a quarter of cent increase in the sales tax to fund the County’s homeless initiatives.  

Of course, our Elected Elite will tell us that this new homeless tax will be offset by the expiration on December 31, 2016 of the quarter of a cent sales tax under the terms of Proposition 30 that was approved by 55% of California voters in November 2012. 

Our City is also on the sales tax bandwagon. 

In 2013, the Herb Wesson led City Council placed on the ballot Proposition A, a permanent half cent increase in our sales tax to finance City services.  Despite City Hall’s well-financed campaign and threats by Mayor Villaraigosa and Police Chief Charlie Beck to lay off cops, 55% of the voters rejected this tax increase.  

Interestingly, mayoral candidate Eric Garcetti opposed Proposition A because he said that Angelenos were already paying their fair share and could not afford another hit to their wallets.  Yet now, as Mayor and a member of the Metro Board, Eric is an enthusiastic backer of this new tax that will cost County taxpayers an estimated $850 million next year.    

In 2014, the City considered placing on the November ballot another half cent bump in the sales tax to finance the $4.5 billion plan to repair and maintain our lunar cratered streets.  But the Save Our Streets – LA proposal never made it to the ballot because City Hall realized that skeptical voters would have trashed this measure, especially after they were made privy to Controller Ron Galperin’s critical audit of the Department of Street Services. 

Garcetti and the Herb Wesson led City Council are cooking up numerous schemes to raise taxes so they can throw money at problems rather than figuring out how they can make the City operations more efficient.  

We are hearing chatter about the City’s infrastructure needs, ranging from streets and sidewalks to stormwater and urban runoff.    There are discussions about budget busting increases in the size of the City’s work force by hiring 5,000 new civilian employees.  And the City and the County need to address their unsustainable pension plans that have a combined unfunded pension liability of at least $70 billion (almost $10,000 for every Angeleno).   

With all of these “needs,” a 10% sales tax might be considered a bargain by our elected officials.   

Before we consider approving the Metro’s half cent increase in our sales tax, the City $1.2 billion bond issue for the homeless, and the County $100 million parcel tax for its parks, we must demand that the City and the County develop a long range operational and financial plan that outlines the total burden they want us to bear.  The City should also implement the recommendations of the LA 2020 Commission to implement multiyear budgeting, to establish an Office of Transparency and Accountability to oversee the City’s fragile finances, and to form a Commission on Retirement Security to develop information and solutions to our unsustainable pensions.  

Until then, these ballot measures deserve a NO vote. 

And this Note: These City and County tax proposals are in addition to the State ballot measures involving the issuance of $9 billion in school construction bonds, an additional $1 billion tax on cigarettes, and the 12 year extension of Proposition 30’s “temporary” multibillion dollar “soak the rich” income tax.  

(Jack Humphreville writes LA Watchdog for CityWatch. He is the President of the DWP Advocacy Committee and a member of the Greater Wilshire Neighborhood Council.  Humphreville is the publisher of the Recycler Classifieds -- www.recycler.com. He can be reached at:  lajack@gmail.com.)

-cw 

LA WATCHDOG--On Tuesday, July 5, the County Board of Supervisors voted to place on the November ballot a $95 million parcel tax to benefit the County’s parks.  

Unlike a traditional parcel tax of $40 on each of the County’s 2.4 million parcels, this new parcel tax will be based on the square footage of improved property in the county (6.4 billion square feet) times 1.5 cents per square foot, an amount that may be adjusted upward based on the Western Urban Consumer Price Index.  Over the next 35 years, this tax will raise almost $6 billion based on reasonable assumptions for inflation and growth as compared to $4 billion under the traditional parcel tax. 

This new levy will replace two parcel taxes totaling $81 million that were approved by the voters in 1992 and 1996, one of which expired in 2015 ($52 million) while the second parcel tax ($29 million) will expire in 2019. 

In drafting the final, 8,700 word ballot measure, the Supervisors listened to the public (and their polls) and lowered the proposed tax to $95 million from the $200 to $300 million level that was discussed in its May 3 meeting.  

While this proposed increase (including the cost of living adjustment) is reasonable, especially given inflation since 1992, getting the approval of two-thirds of the voters will be a tough sell. 

The Supervisors may snatched defeat from the jaws of victory by approving Sheila Kuehl’s motion to make this parcel tax a permanent tax, eliminating the 35 year sunset provision.  

In 2013, 55% of voters in the City of Los Angeles rejected Proposition A, in part because many Angelenos were turned off by the permanent nature of the half cent increase in our sales tax to a whopping 9 ½ %.  This may also apply to the permanent half cent increase in our sales tax that is being proposed by the Metropolitan Transportation Authority (“Metro”) for the November ballot. 

Another contentious issue is the allocation of the tax revenues.  The Valley and the other parts of the County believe that they are not getting their fair share as the Supervisors are favoring the districts represented by Hilda Solis and Mark Ridley-Thomas based on the Needs Assessment Report that called for revenues to be spent disproportionately in underparked areas of the County. 

There are other issues that are of concern, including the lack of independent oversight, the lack of a maintenance plan for the County’s existing parks, shifting the burden to the owners of commercial real estate, and the potential for the new Board of Supervisors to burden the next generation with mountains of debt secured by this new parcel tax.  

But the real kiss of death may be “voter fatigue” where the overwhelmed and mad as hell voters reject all of ballot measures trying to pick our pockets.   

At the State level, we are being asked to approve $9 billion in general obligation bonds to finance K-12 and Community College facilities (Proposition 51), a $1 billion cigarette tax (Proposition 56), and the 12 year extension of the Governor Brown’s “temporary” income tax surcharge that is expected to yield $5 to $11 billion a year (Proposition 55, also known as the Pension Tax as these revenues will eventually fund the massive pension liabilities of CalPERS and CalSTRS).  

The County is also proposing a $130 million marijuana tax to finance its homeless efforts. 

Metro is proposing to nick us for an additional $850 million a year by permanently increasing our sales tax by a half cent, resulting in a sales tax of mind boggling 9 ½ %.  This, along with the other related taxes, will result in tax revenue of $3.5 billion a year for Metro.  

Finally, our City has placed on the ballot a measure to allow the City to issue up to $1.2 billion in bonds to fund, along with private real estate developers and other government entities, an estimated $3 to $4 billion of supportive housing. 

And this assault on our wallets does not include the $150 million tax increase associated with the recent $1 billion increase in our DWP water and power rates, a street tax that was pushed by the Los Angeles City Council in 2014, or any taxes to fund the County’s $20 billion stormwater plan.   

Maybe it is time for us to send our Elected Elites (and their cronies) in Sacramento, the County, and the City a loud and clear message that we are sick and tired of being their ATM by voting NO on all of these ballot measures.

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Ballot language

 

Safe, Clean Neighborhood Parks, Open Space, Beaches, Rivers Protection, and Water Conservation Measure           

To replace expiring local funding for safe, clean neighborhood/ city/ county parks; increase safe playgrounds, reduce gang activity; keep neighborhood recreation/ senior centers, drinking water safe; protect beaches, rivers, water resources, remaining natural areas/ open space; shall 1.5 cents be levied annually per square foot of improved property in Los Angeles County, with bond authority, requiring citizen oversight, independent audits, and funds used locally? 

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(Jack Humphreville writes LA Watchdog for CityWatch. He is the President of the DWP Advocacy Committee and a member of the Greater Wilshire Neighborhood Council.  Humphreville is the publisher of the Recycler Classifieds -- www.recycler.com. He can be reached at:  lajack@gmail.com.)

-cw 

LA WATCHDOG--At its meeting last Tuesday, the politically appointed Board of Commissioners of our Department of Water and Power postponed its consideration of DWP’s proposed ten year, $63 million lease of 124,350 square feet of office space in Figueroa Plaza, a City owned office complex, because a CityWatch article suggested that the Department may be overpaying by $20 million. 

This overpayment is part of the City’s scheme to stick the Department and its Ratepayers with almost $15 million of tenant improvements, an expense normally the responsibility of the landlord, in this case the City of Los Angeles. 

The City is also attempting to extract an additional $5 million through higher than market rents.  

However, it appears that DWP is being slammed for an additional $20 million as market professionals and several DWP employees have indicated that the Department needs only half the contracted space to house the 550 employees who are scheduled to occupy Figueroa Plaza.  This would require DWP to adopt space planning techniques similar to those used in the private sector. 

Of course, if DWP had adopted proper space planning techniques for its 1.6 million square foot headquarters building, then this ten year, $63 million lease would not be necessary.  But past attempts by DWP to modernize its historic 50 year old headquarters building were shot down by the previous mayor and the Garcetti led City Council.    

By the way, the concept of proper space planning also applies to the City and its more than 32,000 employees. And just imagine how the tens of millions in annual savings could be used to repair and maintain our lunar cratered streets or house the homeless, alleviating the need for an increase in our taxes.  

This ten year, $63 million lease for 124,250 square feet of City owned office space was the creation of the Municipal Facilities Committee and its members, the City Administrative Officer, the Chief Legislative Analyst, and Mayor Eric Garcetti, as it was looking to off load the expense of this office space that was vacated by the Lewis Brisbois law firm as a result of the DaVinci Fire on December 8, 2014.   

In November of 2015, the City was prepared to move the Housing and Community Investment Department (“HCID”) and its 600 employees into this office space.  It intended to finance the tenant improvements and relocation from the leased Garland Building by issuing debt and recouping any debt, operating, and maintenance expenses by hitting up HCID’s special funds. 

But the HCID relocation plan was scrapped when Garcetti’s office realized that it would be easier to dump the surplus office space and the cost of the tenant improvements onto DWP and its Ratepayers, “saving” the City and its General Fund $63 million over the next ten years.  This was despite pushback from DWP’s management.  

The terms of this unfavorable lease need to be reviewed and analyzed by an independent third party in conjunction with the Ratepayers Advocate.  Any opinions and findings, along with all backup material, must be shared in a timely manner with the Ratepayers and the public before the lease is discussed by the politically appointed Board of Commissioners. 

This deal also serves as a call to reform the relationship between DWP and the City.  This would require an ordinance that requires that any transaction between the Department and the City be subject to a thorough analysis by the City, the Department, and the Ratepayers Advocate.  This analysis would also be shared with the Ratepayers and the public.  

Of course, this uneconomic deal that further soils the reputation of our Elected Elite raises the question of how many other stinkers have been approved by the Mayor, the City Council, and the politically appointed Board of Commissioners that are not in the best interest of the Ratepayers. 

(Jack Humphreville writes LA Watchdog for CityWatch. He is the President of the DWP Advocacy Committee and a member of the Greater Wilshire Neighborhood Council.  Humphreville is the publisher of the Recycler Classifieds -- www.recycler.com. He can be reached at:  lajack@gmail.com.)

-cw 

LA WATCHDOG--Why haven’t Mayor Eric Garcetti and City Council President Herb Wesson followed up on the recommendation by the LA 2020 Commission to “establish a Commission on Retirement Security to review the City’s retirement obligations in order to promote an accurate understanding of the facts” and make “concrete recommendations on how to achieve equilibrium on retirement costs by 2020?”  

Why?  Because these two ambitious politicians fear alienating the campaign funding leaders of the City’s unions who do not want a public discussion of the facts surrounding the City’s ever increasing annual contributions to the City’s two massively underfunded pension plans that are forcing the City to scale back on basic services. 

Over the last ten years, the City’s contribution to its two pension plans (Los Angeles City Employees Retirement System and the Los Angeles Fire and Police Pension System) has tripled to $1.1 billion, up from $350 million in 2005.  As a result, pension contributions now chew up 20% of the City’s $5.6 billion budget, up from less than 10% in 2005. 

This $750 million increase in pension contributions has forced the City to cut back on basic services such as public safety and the repair and maintenance of our streets, sidewalks, and parks.  The City has even resorted to placing an ill-conceived $1.2 billion bond measure on the November ballot to fund supportive housing for the homeless. 

Unfortunately, it is only going to get worse as the City, its pension plans, and their fiscally irresponsible, Garcetti appointed Commissioners are banking on an overly optimistic rate of return of 7½% on the combined investment portfolio of $33 billion.   

But the stock and bond markets are not cooperating as demonstrated by this year’s less than 1% return on CalPERS (California Public Employees’ Retirement System) $300 billion investment portfolio.   

If the City’s pension funds earned this meager 1% as compared to the targeted 7½%, it would result in an investment shortfall of an estimated $2.7 billion, an amount equal to about half of the City’s annual budget.  This “loss” will increase the unfunded pension liability as of June 30, 2016 to almost $11 billion, representing a funded ratio of an unhealthy 74%.  

However, if the investment rate assumption was a more reasonable 6½% as recommended by knowledgeable investors such as Berkshire Hathaway’s Warren Buffett, the unfunded pension liability would jump to over $16 billion, representing a dangerously low funded ratio of 66% and almost three times the City’s annual budget. 

Over the next five years, the City’s two pension plans will rack up an additional shortfall of over $5 billion if the rate of return on their investment portfolios is 6½%, a much more likely outcome than the targeted return of 7½%. 

But rather than recognizing this combined shortfall of $7.9 billion over the next five years, the City has cooked up a scheme to amortize these losses over a 20 year period, reducing the hit to the City’s budget.  

Even with this scheme, the City’s pension contribution is expected to increase by more than 50% over the next five years to $1.7 billion, representing 27% of the City’s projected General Fund budget. 

Garcetti and Wesson, along with Budget Committee Chair Paul Krekorian and Personnel Chair Paul Koretz, will tell us they made significant reforms to LAFPP in 2011 and LACERS in 2013 and 2015.  But these cosmetic amendments are nickels and dimes and did not address the overly optimistic investment rate assumption of 7½% and the unsustainable post-retirement medical benefits. 

This pension time bomb is a weapon of mass financial destruction where we will burden the next generation of Angelenos with tens of billions of unsustainable debt. This will destroy their standard of living and their environment.  

It is time for Garcetti, Wesson, and the members of the City Council to get off their fat asses, put on their big boy pants, and begin to address this problem by establishing an independent, well-funded Committee for Retirement Security. 

Only then will we be able to begin the hard task of developing a solution where the City and its future will not be devoured by the pension monster. 

(Jack Humphreville writes LA Watchdog for CityWatch. He is the President of the DWP Advocacy Committee and a member of the Greater Wilshire Neighborhood Council.  Humphreville is the publisher of the Recycler Classifieds -- www.recycler.com. He can be reached at:  lajack@gmail.com.)

-cw 

LA WATCHDOG--“Need now means wanting someone else's money.  Greed means wanting to keep your own.  Compassion is when a politician arranges the transfer.”  

Once again it is silly season in Los Angeles as our Enlightened Elite will be blowing smoke in our face, urging us to approve the proposed offering of up to $1.2 billion bonds over the next ten years.  These funds, along with billions from real estate developers and other governmental entities, will finance the construction of an estimated 10,000 units of supportive housing for LA’s homeless population. 

But this well intentioned measure that will be on the November ballot does not deserve our support. 

For openers, the City does not have the necessary management expertise, organizational capabilities, or experienced personnel to manage such a complex program.  This is because social services are the responsibility of the County which has dropped the ball in caring for the homeless population that numbers around 45,000 persons (less than 0.5% of the County’s population). 

Furthermore, the City does not have a well thought out plan to implement this ambitious multi-billion dollar endeavor.  How does the City propose to work with real estate developers and other government entities to raise billions needed to complete the build out of 10,000 housing units?  How does the City intend to work with County and the State, each of whom have their own ideas about how to address the homeless issue?  How does the City propose to pay for the necessary services that the homeless require since the City is prohibited by law from financing these day to day expenses with bond money? And how will the City develop a team of qualified individuals to implement this program in an efficient manner? 

There is also inadequate oversight of this multi-billion dollar build out that involves numerous real estate developers, many of whom already have close relationships with our elected officials.  The City is proposing to establish by ordinance a Citizens Oversight Committee where its seven members will be appointed by the Mayor and City Council.  But will this Committee be independent of the Mayor and the City Council?  And will it have the necessary expertise, resources, and authority to monitor and control the effectiveness of this program? 

In developing this $1.2 billion bond measure, the City Council failed to solicit input from the Neighborhood Councils and the public, unlike the process involving the reform of Department of Water and Power that will be on the November ballot and DWP’s $1 billion rate increase.  Rather, it is a top down process, where the all-knowing City Hall apparatchiks dictate policy to the City’s proletariats. 

The City proposes to service the $1.2 billion of bonds by imposing a new tax on our property.  But this tax, which starts off at $6 million a year and peaks at $100 million in 2028, is not necessary because the debt service (principal and interest) may be financed by a small percentage of the projected increase in the City’s General Fund revenues.  

Over the next 30 years, the average annual debt service is $60 million and equals 3.5% of the increase in the City’s tax revenues.  

This leads to the question that if the Mayor and City Council believe that the homeless issue is so important, why not make it a budget priority?  This contrasts with the City authorizing a $200 million giveaway for the Grand Avenue Hotel or approving a $125 million a year wage and benefit increase for the City’s civilian unions. 

The City has also refused to address its Structural Deficit, its annual budget, and its finances.  The Mayor and City Council have ignored the recommendations of the LA 2020 Commission to establish an Office of Transparency and Accountability to oversee the City’s finances, to develop a multiyear budget, and to form a Commission on Retirement Security to review the City’s seriously underfunded pension plans.  It has also not developed a plan to repair and maintain our lunar cratered streets or to benchmark the efficiency of the City’s operations. 

Simply stated, Mayor Garcetti and the Herb Wesson led City Council do not want our City to Live Within Its Means.  

The proposed $1.2 billion bond proposal is just another attempt by our Elected Elite to throw money at a problem based on the premise that we, the voters, should trust them to spend our hard earned dough efficiently. 

But with no organization and management, no plan, no oversight, no outreach, no respect for our wallets, and no budget reform, the measure to authorize $1.2 billion in bonds to fund the City’s homeless initiative deserves a NO vote in November. 

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The following is the proposed ballot language. 

HOMELESSNESS REDUCTION AND PREVENTION, HOUSING, AND FACILITIES BOND. 

To provide safe, clean affordable housing for the homeless and for those in danger of becoming homeless, such as battered women and their children, veterans, seniors, foster youth, and the disabled; and provide facilities to increase access to mental health care, drug and alcohol treatment, and other services; shall the City of Los Angeles issue $1,200,000,000 in general obligation bonds, with citizen oversight and annual financial audits?

(Jack Humphreville writes LA Watchdog for CityWatch. He is the President of the DWP Advocacy Committee and a member of the Greater Wilshire Neighborhood Council.  Humphreville is the publisher of the Recycler Classifieds -- www.recycler.com. He can be reached at:  lajack@gmail.com.)

-cw

LA WATCHDOG--At its meeting on Tuesday, the Garcetti appointed Board of Commissioners of our Department of Water and Power will consider the adoption of a ten year, $63 million lease for 124,350 square feet of office space in Figueroa Plaza, a City owned office complex located at 201-221 North Figueroa Street in DTLA.    

This 25 year old property, purchased by the City in 2007 for $219 million, consists of two 16 story towers comprising 615,000 of office space and is located north of the Central Business District and about a quarter of a mile west of DWP’s headquarters on North Hope Street. 

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