We are fortunate that the Derby at 4500 Los Feliz Blvd is located within the City borders.  Los Angeles is a city that actually has a preservation ordinance on the books.  (Can you believe some don't?  Sad, but true).  Local designation offers the strongest protection available because it requires that the City government review and approve alterations or demolition to a property.  The City of Los Angeles' historic preservation ordinance applies to the interior of a designated building as well as to the exterior.  

Even though L.A.'s preservation ordinance is stronger than protections under state or federal law, it's not perfect.  Designation as a Historic-Cultural Monument does not guarantee that the Derby can't be domolished.  Instead, it just buys time to allow folks like Save the Derby to explore or create other more preservation minded solutions.  Specifically, the ordinance allows the City's Cultural Heritage Commission to object to demolition and delay destruction of the building up to 180 days, which can possibly be extended by another 180 days.  

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For more information on "How to Save a Building" visit the LA Conservancy's website: http://www.laconservancy.org/preservation/save.php4

For more information on Historic Cultural Monuments in the City of Los Angeles, visit the City Planning website: http://cityplanning.lacity.org/   (on the left side menu, click "historic preservation")