CITY MULLS FORGIVING BONDS OWED WAIVING $6M IN PAYMENTS, PENALTIES WOULD MAKE LAND MORE MARKETABLE.Byline: Jim Skeen Staff Writer PALMDALE - City officials are considering forgiving more than $6 million in penalties and interest on defaulted bond payments on 23 vacant acres in the Trade and Commerce Center in order to assist development. City officials said they are trying to make the land costs reasonable on a site at the northeast corner of Fifth Street West and Technology Drive that has been proposed for a commercial complex that would include a movie theater and a hotel. ``We want to get the cost down to where it's an investment grade,'' said Danny Roberts Danny Roberts (born July 19, 1977 in Atlanta, Georgia) is best known for appearing on in 2000. He started a relationship with Paul Dill, who was a captain in the US Army at the time, stationed in Vicenza, Italy. Because of the U.S. , Palmdale's assistant executive director of redevelopment. Accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. since 1991, delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. bond and county property tax payments total about $12.1 million on the six parcels. Including the existing debt, the land would cost about $12 a square foot, although on the open market it is worth only about $6.3 million, or $6.19 per square foot. Even if the city waives the $6 million in bond interest and penalties, property owners Palmdale T and C Partners LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a subsidiary of the original bond underwriters, would still be responsible for paying $4 million in costs related to the bonds and another $2 million in county property taxes and penalties. The site is where Sierra Development Group, a Palmdale-based company headed by local developer Dan Otter, is seeking to build a 20-screen movie theater, a hotel, restaurants and stores. The development is to be conducted in phases with the movie theater being the first project. Harkins Theatres, an Arizona-based chain, is proposed as the tenant. Sierra Development Group wants the property free and clear of all delinquent county taxes and assessments. The delinquent tax and assessment issue revolves around bonds sold in 1989 and 1990 to finance $63.9 million worth of improvements, such as roads and utility lines, for the commercial area bounded by Avenue P, Division Street, Palmdale Boulevard and 10th Street West. Much of the land remains vacant. The bonds were secured by land in the assessment districts. In the mid- mid- pref. Middle: midbrain. 1990s, as the region's real estate market slumped, land owners began missing bond payments, and foreclosure foreclosure Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. proceedings began on dozens of parcels. Foreclosure sales foreclosure sale n. the actual forced sale of real property at a public auction (often on the court house steps following public notice posted at the court house and published in a local newspaper) after foreclosure on that property as security under a mortgage or have been unsuccessful because of the debt owed on the properties. The city is working with Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County to try to find ways to lower the land costs to attract development. The area is visible from the freeway and is passed by many vehicles a day, making it prime real estate, city officials said. Jim Skeen, (661) 267-5743 james.skeen(at)dailynews.com |
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