Lockheed expects to receive $700 million in sale of 325-acre operation in Burbank.Lockheed expects to receive $700 million in sale of 325-acre operation in Burbank Lockheed Corp. is expecting to realize about $700 million from the sale of its 325-acre Burbank location, Vincent Marafino, chief financial and administrative officer, said in the company's first quarter report to shareholders. He noted, however, that the figure is dependent on environmental cleanup The process of removing solid, liquid, and hazardous wastes, except for unexploded ordnance, resulting from the joint operation of US forces to a condition that approaches the one existing prior to operation as determined by the environmental baseline survey, if one was conducted. costs and taxes associated with sales of the property. Furthermore, the board of directors has yet to decide how those funds will be utilized, Marafino said. Lockheed put its Burbank property up for sale after announcing that it is moving it manufacturing facilities from there to Marietta, Ga. The move means the company will abandon all but about 50 acres of the 325-acre site. Those 50 acres will be home to half a dozen Lockheed buildings housing the company's Advanced Development Co., formerly known as Skunk skunk, name for several related New World mammals of the weasel family, characterized by their conspicuous black and white markings and use of a strong, highly offensive odor for defense. Works. The remaining 275 acres have attracted a flurry of inquiries from parties interested in buying, said Dick Hileman, corporate real estate director at Lockheed. Burbank-area realtors have claimed that the Lockheed property is some of the most valuable in the state. Its value is largely due to the fact that the property is bounded by Burbank Airport and the Golden State Freeway The Golden State Freeway is a north-south freeway running through Kern County and Los Angeles County, California. Originally built as U.S. Highway 99, it was re-signed as Interstate 5 in 1964. . There are also plans to run a rail line adjacent to the property. The city of Burbank has accelerated its plans to complete a masterplan for developing the acreage. Mayor Tom Flavin flavin: see coenzyme. flavin Any of a class of organic compounds, pale yellow biological pigments that fluoresce green. They occur in compounds essential to life as coenzymes in metabolism. said that on May 29 the City Council will consider placing a development moratorium on the property until the masterplan is completed. Flavin said the masterplan will essentially rezone re·zone tr.v. re·zoned, re·zon·ing, re·zones To change the zoning classification of (a neighborhood or property, for example). re the property from manufacturing use to commercial and retail uses. Such a move would escalate the sale value of the property, he acknowledged, and allow the city to net higher tax revenues. Flavin and city staff members met with Lockheed Chairman Daniel Tellep on Friday to discuss the future of the property. Flavin told the Business Journal that he would ask Tellep to consider donating a portion of the land to the city for development as a public recreation area. It is not an unreasonable request, the mayor said, when you take into consideration that the Lockheed site constitutes almost 3 percent of the city. Media reports have indicated that Burbank council members are also willing to entertain an offer to purchase some property for a discounted price, if Lockheed is opposed to an outright donation. Hileman said Lockheed would bring its own development ideas for the property into the meeting with Flavin. Though Lockheed has no intention to develop any portion of the property, Hileman said, it will use development plans as a marketing tool for selling the property at a higher price. A large chunk of the Lockheed property is being pursued by Burbank Airport officials for construction of a new terminal that meets Federal Aviation Administration Federal Aviation Administration (FAA), component of the U.S. Department of Transportation that sets standards for the air-worthiness of all civilian aircraft, inspects and licenses them, and regulates civilian and military air traffic through its air traffic control design standards Design standards Specifications of materials, physical measurements, processes, performance of products, and characteristics of services rendered. Design standards may be established by individual manufacturers, trade associations, and national or . The present terminal is too close to runways, 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. the FAA, which ordered airport officials to reposition the terminal at a distance that bring the airport into compliance. Airport spokesman Victor Gill said the airport is interested in acquiring 110 acres from Lockheed to build a new $200 million to $250 million, 18-gate terminal. The existing terminal -- which has 11 gates -- would be razed raze also rase tr.v. razed also rased, raz·ing also ras·ing, raz·es also ras·es 1. To level to the ground; demolish. See Synonyms at ruin. 2. To scrape or shave off. 3. and the property used for other airport purposes, Gill said. The airport is also considering the purchase of 70 acres east of its parking areas which are running at or near capacity. Flavin said the city's masterplan will take the airport's needs into consideration. However, the mayor questioned whether the airport actually needed 110 acres for a new terminal. Flavin said it's possible only 60 acres could be required. Hileman said Lockheed is expecting to have the property vacated and sold off by the end of 1994. He pointed out that the company's departure from the property will be gradual, and toxic cleanup of 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. soil will have to be completed prior to sales. Hileman said the company has been working with the federal Environmental Protection Agency Environmental Protection Agency (EPA), independent agency of the U.S. government, with headquarters in Washington, D.C. It was established in 1970 to reduce and control air and water pollution, noise pollution, and radiation and to ensure the safe handling and for years to clean up groundwater contamination at the property. While that process may continue well into the future, Hileman said any soil contamination Soil contamination is the presence of man-made chemicals or other alteration in the natural soil environment. This type of contamination typically arises from the rupture of underground storage tanks, application of pesticides, percolation of contaminated surface water to will have to be cleaned up prior to selling the property. There are no estimates on the cost of the cleanup, Hileman said. |
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