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Olvera Street Merchants Approve New Lease Agreement

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LOS ANGELES (CBS) — L.A.’s historic Olvera Street should soon be seeing a boost in business after merchants approved a new lease agreement with the city Friday, ending negotiations that spanned almost a year.

For some businesses the approval meant getting their first lease in about 14 years.

The city council had approved the terms in May, but it required the approval of area merchants.

The main highlight of the agreement is a 20-year lease with a 20-year renewal option.

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