HomeMy WebLinkAbout1998 03 18 CC MIN SS1998 03 18 CC MIN SS @˜ t MIN SS MAR 18 1998à›[H6Ò8 REGULAR MEETING OF THE CITY COUNCIL OF THE
CITY OF BALDWIN PARK, CITY HALL, 14403 EAST
PACIFIC AVENUE, WEDNESDAY, MARCH 18,1998
The City Council met in Study Session in the
Council Chamber at 6:00 p.m.
ROLL CALL PRESENT: COUNCIL MEMBER LOZANO, MUSE, PACHECO,
VAN CLEAVE, AND MAYOR LOWES
ALSO PRESENT: City Attorney Olivas,
Acting City Manager Cervantes,
Acting Chief of Police Kies,
Interim Director of Finance Holmes,
Acting Dir. of Public Works Idnani,
Dir. of Rec/Community Services Nunez, and
City Clerk Gair
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Mayor Lowes declared Oral Communications open and invited those wishing to speak on any
subject to come forward. There were none.
Mayor Lowes declared Oral Communications closed.
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Introductions of special representatives from:
the Principal Financial Group
Jon M. Jacobson, Assistant Director Commercial Real Estate Equities
Colene S. Hahn, Senior Regional Asset Manager
Susan L. Hodson, Mortgage Manager Commercial Real Estate
Charles Dunn Real Estate Services, Inc.
William H. Winn, Asset Manager
R. Scott Alleborn, Regional Manager
Grubb & Ellis, Property Solutions Worldwide
Kenneth W. Johnson, Senior Associate, Investment Services
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1998 03 18 CC MIN SS @˜ t MIN SS MAR 18 1998à›[H6Ò8REGULAR MEETING OF THE CITY COUNCIL PAGE 2
OF THE CITY OF BALDWIN PARK STUDY SESSION MARCH 18, 1998
REPORTS OF OFFICERS. COMMISSIONS AND COMMITTEES
The representatives explained to the Council the history of the Towne Center, the loan that had
been made against the center, and how the title was taken by foreclosure. The marketing cycle
change that has occurred in centers was discussed along with the negative impact that occurred with
the Vons Store leaving. Also the diminishing size of today's centers is to about one-third of the
space. The owners of the center have communicated their intent to sell the center and this decision
was made along with their decision to sell considerable real estate throughout the country. They
explained that the success of the center will be dependent upon assistance from redevelopment,
because this needs to be put in the hands of experts.
The representatives stated that they were developing a list of buyers and developers and would
consider the possibility of an outlet mall as council comments have indicated They agreed with the
Council that the freeway frontage is an advantage and that when the AutoNation project is complete
that project will be a magnet to many others. They also shared that they understood the Council's
desire to have them not sell, because it means you have to learn to work with new people. Everyone
has invested a lot in the center and they hope that redevelopment is interested in assisting, but the
key to selling the center will be the dollar amount.
Council Members shared their desires for the center and commented on the hotel needing the center
to be operational, they expressed their appreciation for a very vacant center being kept up, they
suggested the outlet mall, the court yard center with small shops, possibly a satellite post office for
the hotel clients convenience, considering indoor hockey in the Vons building, and the need for an
entertainment facility in the City. Council also expressed some concern about our residents that shop
out of the City, and the need to receive phone calls back from the owners of the center.
Mayor Lowes spoke on behalf of the Council and thanked all the representatives for coming to
the study session and for listening to the Council and for sharing their thoughts and plans regarding
the Towne Center.
A brief presentation was made the Bond Underwriters, Paul Rosentiel and Dean Flores, to
update the Council on the refinancing on the Sierra Vista Project and the San Gabriel River Project
bonds. They explained that the refinancing would be used to pay down debt and to possibly assist
with the AutoNation funding.
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Mayor Lowes adjourned the regular meeting, study session, of the City Council at 6:40 p.m.
There were no objections.
CITY CLERK
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