California - News
Billboard company proposes deal on Hollywood sign
Posted: Mar 12, 2010 10:04 AM
Updated: Mar 12, 2010 10:04 AM
LOS ANGELES (AP) A billboard company is offering to save the property beside the Hollywood sign from development if the city of Los Angeles settles a lawsuit against the firm.
Beverly Hills-based Sky Tag says it would pay $12.5 million to help the city obtain the 138 acres beside the world-famous sign. The company has been sued by the city over its their multistory supergraphics in Westwood, Koreatown and elsewhere.
Two City Council members dismissed the idea of settling the lawsuit in exchange for the money. Councilman Eric Garcetti says the city won't trade off beautification of one area for visual decay in another.
The Trust for Public Land, a group raising money to buy the land from its Chicago-area based owners, says it's $3 million away from its goal. The group plans to give the land to the city.
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