City looking to give break to local firms

For the first time, local businesses would be given preferential treatment when bidding for contracts with the city of Los Angeles under a proposed ordinance unveiled Thursday.Daily News.

Mayor Antonio Villaraigosa said the so-called Local Preference Ordinance would create about 10,000 jobs.

"Currently the city of Los Angeles spends approximately 84 percent of its procurement dollars with businesses that are located outside of the city of Los Angeles," he said. "Therefore, out of $1 billion allocated for governmental contracts, only $180 million goes back to local businesses. This represents a significant missed opportunity to stimulate the local economy."