Loading...
HomeMy WebLinkAbout1998 03 18 CC MIN SS1998 03 18 CC MIN SS@˜tMIN 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 00 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. 00- 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 00- BIB] 37175-U01 MIN-U02 SS-U02 MAR-U02 18-U02 1998-U02 LG1-U03 LI1-U03 FO3433-U03 FO3571-U03 FO3623-U03 DO4233-U03 C4-U03 MINUTES1-U03 10/11/2001-U04 ADMIN-U04 MIN-U05 SS-U05 MAR-U05 18-U05 1998-U05 BIB] 37263-U01 1998-U02 03-U02 18-U02 CC-U02 MIN-U02 SS-U02 LG1-U03 LI1-U03 FO3433-U03 FO3571-U03 DO4233-U03 C4-U03 MINUTES1-U03 10/11/2001-U04 ADMIN-U04 CITY-U05 COUNCIL-U05 MINUTES-U05 1998 03 18 CC MIN SS@˜tMIN 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. 00- Mayor Lowes adjourned the regular meeting, study session, of the City Council at 6:40 p.m. There were no objections. CITY CLERK BIB] 37175-U01 MIN-U02 SS-U02 MAR-U02 18-U02 1998-U02 LG1-U03 LI1-U03 FO3433-U03 FO3571-U03 FO3623-U03 DO4233-U03 C4-U03 MINUTES1-U03 10/11/2001-U04 ADMIN-U04 MIN-U05 SS-U05 MAR-U05 18-U05 1998-U05 BIB] 37263-U01 1998-U02 03-U02 18-U02 CC-U02 MIN-U02 SS-U02 LG1-U03 LI1-U03 FO3433-U03 FO3571-U03 DO4233-U03 C4-U03 MINUTES1-U03 10/11/2001-U04 ADMIN-U04 CITY-U05 COUNCIL-U05 MINUTES-U05