APPRAISER TO BE HIRED BY BURBANK AIRPORT.Byline: Sylvia Sylvia may refer to:
BURBANK Burbank, city (1990 pop. 93,643), Los Angeles co., S Calif.; inc. 1911. Tourism and the entertainment industry are central to its economy; several motion-picture studios and television headquarters are here. Burbank's aerospace industry collapsed with the end of the Cold War. - The Burbank-Glendale-Pasadena Airport Authority has agreed to hire an appraiser A person selected or appointed by a competent authority or an interested party to evaluate the financial worth of property. Appraisers are frequently appointed in probate and condemnation proceedings and are also used by banks and real estate concerns to determine the market and land-use consultant to determine the value of property it bought for a new terminal. The action, airport officials said, is required under terms of an agreement the airport authority signed last fall with Burbank over the airport's purchase of property for a new terminal site. ``It in no way signals an alteration Modification; changing a thing without obliterating it. An alteration is a variation made in the language or terms of a legal document that affects the rights and obligations of the parties to it. of the continuation of negotiations'' over a development agreement, said airport spokesman Victor Gill gill, in weights and measures gill, in weights and measures: see English units of measurement. . ``In fact both parties are trying to find the right middle ground.'' Burbank officials said, however, the action is premature. The authority bought the 130-acre site from Lockheed “Lockheed” redirects here. For the character in Marvel Comics, see Lockheed (comics). For the current company, see . Lockheed Corporation (originally Loughead Aircraft Manufacturing Company) was an American aerospace company originally founded in 1912 but was able to take possession of only 49 acres, with the remaining 81 - the part deemed suitable for a new terminal - held in trust until a airport expansion deal could be worked out. Both sides allowed a May 24 deadline to pass without a development agreement for the terminal, so the land may now be sold and Burbank has first right of refusal to buy some, or all, of the property. City Manager Robert ``Bud'' Ovrom said that though the airport has the right to conduct economic studies, the land is not yet theirs to sell. Therefore, he wondered what the scope of the study would be. ``They don't know Don't know (DK, DKed) "Don't know the trade." A Street expression used whenever one party lacks knowledge of a trade or receives conflicting instructions from the other party. how much of the land we're going to take for ourselves,'' Ovrom said. ``Until they know what we're going to buy, we might buy all of it . . . It's highly probable that we would buy at least some of it.'' If there is land left over after the city makes its decision, the airport authority will then have to offer it up to a third party. If it is sold, the land can never be used for a terminal. Airport officials said they believe it will take months, or years, to find a buyer and negotiations can continue until then. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion