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New Convention Center Prices Get Go-Ahead
‘Demand-based’ Rents Would Create Big Reductions
by Anna Scott, Staff Writer
DOWNTOWN LOS ANGELES – Conventions and trade shows that book space at the Los Angeles Convention Center could soon benefit from steep rent reductions, based on a plan approved this morning by the City Council’s Trade, Commerce and Tourism Committee.
The plan, which still must be approved by the full council, would allow Convention Center officials to offer up to 50% rent reductions at the South Park facility during sluggish economic times. It would also allow Convention Center rates to increase in busy times, but the policy is more aimed at pushing occupancy in the ongoing recession, said Councilwoman Jan Perry, whose Ninth District encompasses the Convention Center.
“It’s designed to allow the Convention Center to be more flexible in a competitive environment, to have flexible pricing” said Perry. “It’s our own way of responding to the demands of the current market.”
Under current city law, the Convention Center rents for a fixed rate of 32 cents per square foot.
The new policy, according to a Nov. 2 memo from City Administrative Officer Miguel A. Santana, would only apply to events booked less than 24 months in advance.
City Attorney Carmen Trutanich is expected to draft a law in the next three months laying out the new Convention Center pricing. The policy would initially take hold for a three-year pilot program.
Contact Anna Scott at anna@downtownnews.com.
©Los Angeles Downtown News. Reprinting items retrieved from the archives are for personal use only. They may not be reproduced or retransmitted without permission of the Los Angeles Downtown News. If you would like to re-distribute anything from the Los Angeles Downtown News Archives, please call our permissions department at (213) 481-1448.
The plan, which still must be approved by the full council, would allow Convention Center officials to offer up to 50% rent reductions at the South Park facility during sluggish economic times. It would also allow Convention Center rates to increase in busy times, but the policy is more aimed at pushing occupancy in the ongoing recession, said Councilwoman Jan Perry, whose Ninth District encompasses the Convention Center.
“It’s designed to allow the Convention Center to be more flexible in a competitive environment, to have flexible pricing” said Perry. “It’s our own way of responding to the demands of the current market.”
Under current city law, the Convention Center rents for a fixed rate of 32 cents per square foot.
The new policy, according to a Nov. 2 memo from City Administrative Officer Miguel A. Santana, would only apply to events booked less than 24 months in advance.
City Attorney Carmen Trutanich is expected to draft a law in the next three months laying out the new Convention Center pricing. The policy would initially take hold for a three-year pilot program.
Contact Anna Scott at anna@downtownnews.com.
©Los Angeles Downtown News. Reprinting items retrieved from the archives are for personal use only. They may not be reproduced or retransmitted without permission of the Los Angeles Downtown News. If you would like to re-distribute anything from the Los Angeles Downtown News Archives, please call our permissions department at (213) 481-1448.
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