Seven entertainment-related firms have received about $ 1 million in disappearing loans from the Los Angeles Redevelopment Agency as part of the city’s new program to encourage the industry to stay in or move to Hollywood.
Entertainment-related companies wishing to upgrade their Hollywood-based sites or move to Hollywood are eligible for up to $ 250,000 in city funds.
The companies must match the grant and the amount the city lends automatically shrinks by 10% over a decade, thus disappearing.
Of the companies receiving the funds, three are planning to move to Hollywood and four will use the money to refurbish their existing businesses. The largest company moving its headquarters to Hollywood under this program is post-production firm Hollywood Digital, which had purchased a 33,000-square-foot site and will use the city funds to upgrade the property.
Other companies making the move to Hollywood are the Studio Photo Service, a photo-finishing business for the major studios, and Sweitlik, a production and post-production house that is moving into the Citizen News building in the Hollywood historic core.
A&M Records received money to upgrade its La Brea Avenue facility, while Encore Video will provide tenant improvements to 11,000 square feet of new post-production office space.