COLLEGE DISTRICT GETS OFFER ON SITE.Byline: Robert Monroe Staff Writer In the latest installment of a decade-old saga, the Los Angeles Community College District The Los Angeles Community College District (LACCD) is the community college district serving Los Angeles, California and some of its neighboring cities. In addition to typical college aged students, the LACCD also serves adults of all ages. board will consider a new purchase offer on the building the district intended to make its headquarters but never occupied. CVE (Common Vulnerabilities and Exposures) A list of information security exposures and vulnerabilities sponsored by US-CERT and maintained by the MITRE Corporation. Development made a bid of $7.25 million on the property at 4050 Wilshire Blvd. with the intention of possibly converting it into a multiple-family complex, company officials said Wednesday. Though it was the highest of four bids received by the district, it's still less than the $12 million the district paid in 1990 and less than the $8 million another company had offered earlier this year. That deal between the district and C.J. Burg Investments fell through in May because the two parties could not agree on terms of the sale. The vacant building, called the district's ``white elephant White Elephant Any investment that nobody wants because it is unprofitable. Notes: The term 'White Elephant' is derived from Thailand, where an Albino (white) elephant was given to unfavored people by the ruler. ,'' has been emblematic em·blem·at·ic or em·blem·at·i·cal adj. Of, relating to, or serving as an emblem; symbolic. [French emblématique, from Medieval Latin embl of the decisions the district made earlier in the decade that took it to the brink of financial disaster. Officials said they hope this bid finally closes this chapter of district history. ``We need to liquidate To pay and settle the amount of a debt; to convert assets to cash; to aggregate the assets of an insolvent enterprise and calculate its liabilities in order to settle with the debtors and the creditors and apportion the remaining assets, if any, among the stockholders or owners of the that building and get on with things,'' said district Chancellor Marshall Drummond Dr. Marshall (Mark) Drummond was the Chancellor of the California Community Colleges system from January 2004 through July of 2007. He left the system office to return to the Los Angeles Community College District as its chancellor, a post he previously held for six and a half . The district bought the building without having the funds needed to prepare it for occupancy. It opted to lease the space that houses its current headquarters, at 770 Wilshire Blvd., for 12 years. A state audit released in December 1998 estimated that the district will end up paying nearly $60 million for the property it bought, if it makes its scheduled loan payments. Drummond said proceeds from this sale could be used to retire part of the district's debt. District trustee Georgia Mercer mer·cer n. Chiefly British A dealer in textiles, especially silks. [Middle English, from Old French mercier, trader, from merz, merchandise, from Latin merx echoed Drummond's desire to see the property sold off, saying she felt deceived by potential buyers of the past who didn't have the funds to make genuine offers. ``People make these offers and you find out they're full of hot air,'' Mercer said. CVE Development's bid was the highest of several unsealed Monday, said district Controller Jeanette Gordon. The board will consider the offer when it meets Jan. 19. Lefeba Gougis Jr., president of the downtown-based CVE, said the company will explore the feasibility of the conversion if the board approves the bid. |
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