COLLEGE DISTRICT TO SELL HIGH-RISE.Byline: Sharline Chiang Daily News Staff Writer Ending a nearly 10-year controversy, the 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. Community College Board has accepted an $8 million offer for its ``white elephant'' building downtown, $4 million less than the district originally paid, officials said Thursday Thursday: see week. . Despite the hefty heft·y adj. heft·i·er, heft·i·est 1. Of considerable weight; heavy. 2. Rugged and powerful. See Synonyms at heavy. 3. loss, board President Elizabeth Elizabeth, sister of King Louis XVI of France Elizabeth, 1764–94, sister of King Louis XVI of France, known as Madame Elizabeth. Deeply loyal to her brother, she remained in France during the French Revolution, suffered imprisonment, and was Garfield said the offer is by far the highest bid the district has received in years. Up until last year the average offers, due to a lagging Lagging Strategy used by a firm to stall payments, normally in response to exchange rate projections. real estate market, ranged between $2 million and $3 million, she said. ``We feel good,'' Garfield said. ``They're very interested. They're very anxious to move into the building. We're reaping the benefits of a market that has turned around. It's good we held on to the building.'' At its regular board meeting Wednesday, trustees directed district administrators to enter into escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. with C.J. Burg Investments of Los Angeles to sell the vacant high-rise at 4050 Wilshire Blvd. The district bought the building for $12.5 million in 1990 with the intention of using it for its headquarters. But due to lack of funding to cover the cost of preparing the building for occupancy, the district opted to enter into a 12-year lease for another high-rise at 770 Wilshire Blvd. The other building has remained vacant and unused. Since then the board has been criticized for the costly decision. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a special state audit on the district's finances released in December, the district took out a $30 million loan to cover the purchase price and renovations for the 4050 Wilshire Blvd. property. According to the state report, if the district makes loan payments as scheduled, it will have made about $40.7 million in principal and interest payments by year 2018, making the building's total costs $59.3 million. In the recent race for four board seats, most candidates vowed that, if elected, they would get rid of the building. The board entered into escrow with another buyer that offered about $5.9 million last year, but several months ago the deal fell through. Garfield said that buyer was unable to get a city permit to allow it to use the building for purposes other than offices. She said Burg Investments intends to use the ninth floor, the building's top floor, for its headquarters and lease the other floors. |
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