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Mayor Eric Garcetti this week announced a $25,000 prize for any team that can come up with the best solution to some of the city’s housing, business and quality-of-life related challenges.

Garcetti launched the “Mayor’s Cup” competition to generate ideas from students and academics that address one of five questions:

— “How can we better support the enhancement and beautification of city real estate assets and public property?”

— “What can we do with vacant, blighted and city-owned properties in your neighborhood?”

— “How can we build and preserve more affordable housing, including through incentives for public and private investors?”

— “How can the city better connect everyday small business owners to the professional services and growth opportunities they need to thrive?” and

— “How can we grow the entrepreneurial ecosystem in L.A. to increase employment and skill-building opportunities for local workers?”

The winning team members will also work with the city over eight weeks to implement their idea.

Applications are due Oct. 15 and finalists will present proposals at a live event on Nov. 16 judged by Garcetti, deputy mayors and business people.

More information about the competition is at http://www.lamayorscup.org .