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Villaraigosa Hires Financial Big Wig to be L.A.'s Economic Czar for $1/Year

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Photo via Mayor's Office

Photo via Mayor's Office
Yesterday, Mayor Antonio Villaraigosa announced a new player in his office who will focus on revamping and retooling Los Angeles' ways in economic development, business attraction and retention and job creation. Austin Beutner, founder of the private equity firm Evercore Partners and former partner at the large investment firm, the Blackstone Group, will become the city's first Deputy Mayor and Chief Executive for Economic and Business Policy, reporting directly to the Mayor and earning $1, yes $1, a year.“Austin Beutner will bring an unprecedented level of experience to this newly created and empowered position and I have tasked him with fixing our approach to economic development and business policy to make LA more business friendly and job creation much easier,” Villaraigosa said. “It’s a big task but I am confident Austin is up to the job.”

Beutner will have “'unprecedented oversight' of city resources, including a direct line of authority over the Department of Water and Power, the Port of Los Angeles and economic and business policies at Los Angeles World Airports, including LAX," noted the LA Times.

He will also oversee Planning, Building and Safety, Community Development, Housing, the Homeless Services Authority, the Housing Authority, the Community Redevelopment Agency, the Los Angeles Convention Center, and LA Inc. as well as being the liaison to Film LA, the city-contracted nonprofit charged with coordinating and processing on-location film permits.