Grant to Study Economic Restructuring Is Increased

In a attempt to support economic development in local communities, the county Board of Supervisors has increased a federal grant given to Rolling Hills Estates to help the city pay for a consultant to market the city and attract new businesses.

The board increased the grant from $38,900 to $43,900 to help the city implement an economic restructuring plan. The city has been studying ways to encourage residents to spend their money on the Palos Verdes Peninsula and working to bring businesses to fill budget gaps caused by shrinking tax revenues.

City Finance Director Bret Plumlee said the study recommended a revamping of the Shops at Palos Verdes, the only mall on the peninsula, and bringing more entertainment opportunities to the community. Plumlee said the study found that while there is $800 million in spending potential on the peninsula, only $2 million is spent there annually.