LOS ANGELES (CNS) - Los Angeles Mayor Eric Garcetti Tuesday welcomed news that entertainment juggernaut Netflix plans to relocate as much of its production as possible to Los Angeles and stop chasing tax incentives in other states.

"Los Angeles has more to offer television and film producers than anywhere else in the world: unmatched production resources, diverse landscapes and hardworking people who are the heart and soul of the entertainment industry," Garcetti said.

"I am firmly committed to protecting and expanding L.A.'s economy and middle class, which is why we are working hand-in-hand with the film industry to cut red tape, coordinate with city departments, and invest in city services that promote entertainment job production," the mayor said.

He added that he was "thrilled that a creative force like Netflix is investing in our city -- because it means new opportunities for L.A.'s workers, and sends a signal that Hollywood is where the most gifted on-screen and behind- the-scenes talent is planting roots and planning the future."

Netflix Chief Content Officer Ted Sarandos told TheWrap that the company's policy of seeking tax incentives in other states produces diminishing returns on screen.

"I personally believe instead of investing in tax incentives that we should invest in infrastructure," Sarandos said.

The company spent an estimated $6 billion last year on producing original content.