CHEROKEE RECOMMENDED TO BUY BERMITE PROPERTY.Byline: EUGENE TONG Staff Writer SANTA CLARITA Santa Clarita, city (1990 pop. 110,642), Los Angeles co., S Calif., suburb 30 mi (48 km) NW of downtown Los Angeles, on the Santa Clara River; inc. 1987. Situated in the Santa Clara valley and nearby canyons, Santa Clarita includes the former towns of Canyon Country, - The bankrupt owner of the Whittaker-Bermite property in the heart of the city recommends that North Carolina-based Cherokee Investments purchase and develop the contaminated contaminated, v 1. made radioactive by the addition of small quantities of radioactive material. 2. made contaminated by adding infective or radiographic materials. 3. an infective surface or object. grounds. Phoenix-based RFI (Radio Frequency Interference) High-frequency electromagnetic waves that emanate from electronic devices such as chips. RFI - Radio Frequency Interference Realty offered the recommendation during a U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. hearing in Arizona on Tuesday, when the winning bid for the 996-acre property south of Soledad Canyon Road would be selected, said Santa Clarita City Attorney Carl Newton, who was monitoring the proceedings. ``They were recommended by the debtor as a qualified bidder,'' he said. Asked how the city would react if Cherokee emerged as the winner, Newton said officials would look at it ``favorably.'' But a decision was postponed until May 30 after lead creditor Porta Bella Lenders LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control asked the court for more time to review the bids. ``The judge said when he was granting the continuance, he expected that to be the sale hearing date,'' Newton said. ``He has the power to enforce that.'' Three other developers are in the bidding war, including Irvine-based SunCal Cos. and newcomer SG Enterprises. Also known as Selvin Green, the New York-based investment group announced that it was increasing its $64 million bid by $10 million, Newton said. Both SunCal's and Cherokee's bids are complex deals involving cash and RFI's insurers. Before any development takes place, the winning party must undertake cleanup at the Whittaker-Bermite site, where more than five decades of rockets and explosives manufacturing and testing left heavy metals heavy metals, n.pl metallic compounds, such as aluminum, arsenic, cadmium, lead, mercury, and nickel. Exposure to these metals has been linked to immune, kidney, and neurotic disorders. and other contaminants in the soil. This includes perchlorate perchlorate: see chlorate. , a chemical that in large doses has been linked to thyroid problems and has migrated to local groundwater. The city in 1995 approved a development plan - Porta Bella - which called for Whittaker and, later, RFI to build a business park and nearly 3,000 homes. RFI bought the property in 1999 for $15 million, but spent more than $25 million to clean up the site before putting it back on the market in 2002. The company had said it was stymied by a City Council that refused to amend the old Porta Bella plan to suit its needs. RFI in 2004 filed for Chapter 11 bankruptcy protection. eugene.tong(at)dailynews.com (661) 257-5253 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion