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LA Philanthropist Eli Broad To Retire

LOS ANGELES (CBSLA) — Philanthropist Eli Broad, whose contributions to Los Angeles arts, culture and overall development have left an indelible impression on the city -- and whose vocal support of charter schools has earned him the derision of the L.A. teacher's union -- announced his retirement today.

In an exclusive interview with the New York Times at the Broad Foundation office in Century City, the 84-year-old Broad said he is retiring "now, right now.''

Broad has played an outsized role in the redevelopment of downtown Los Angeles. His financing helped to ensure the completion of Walt Disney Concert Hall. When the Museum of Contemporary Art, Los Angeles (MOCA) needed funding, the Eli and Edythe Broad Foundation made significant contributions. Broad financed the $140 million The Broad contemporary art museum, which opened in 2015. The museum, located on Grand Avenue, houses the Broad art collections.

"I am just tired,'' Broad said. "I want to spend more time with my family. Catch up on my reading.''

(©2017 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)

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