PACSUN MAKES CHAPTER 11 FILING MALL NINE MONTHS BEHIND.Byline: JUDY O'ROURKE 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 much-anticipated shopping mall at Golden Valley Ranch is nine months behind schedule, and one of the project's three builders filed for Chapter11 bankruptcy protection Wednesday to speed the project along, company officials said. Master developer PacSun, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , which owns and controls the entire master planned Golden Valley community, said the move will not sideline the project. ``The filing has the ability to allow us to complete the necessary improvements and other facilities requested by the community in a timely fashion and should not affect that aspect of it,'' said Michael Tidus, an attorney for PacSun. ``This is really more of a filing that affects PacSun and its creditors.'' The complex would be the third largest shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into in the valley and the largest to serve the east side of town. It is a key piece of the Golden Valley Project, which includes nearly 500 homes in the canyons east of the Antelope Valley Freeway The Antelope Valley Freeway is a freeway in Los Angeles and Kern counties in southern California. It is signed as California State Highway 14 along its length. It connects Greater Los Angeles to the rapidly developing Antelope Valley. , south of the Fair Oaks Ranch Fair Oaks Ranch may be:
Prospective tenants at the Plaza of Golden Valley Ranch include Kohl's, Target, Lowe's, Circuit City, Panera Bread, Chili's restaurant, Ross, Petco, Sportmart, Bank of Santa Clarita and Jamba Juice. A groundbreaking for the 51-acre shopping center was held in December 2004. Construction was expected to begin in summer 2005, and the center was due to open in summer or fall of 2006. The grading is nearly complete and should be done within the next couple of months. PacSun was formed by two companies to develop this project. Forecasts predict the mall would generate $1.3million in sales tax sales tax, levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. revenues for Santa Clarita each year. City officials are keeping a watchful eye on the latest development, and spokeswoman Gail Ortiz said they are optimistic the project will proceed as planned. Los Angeles-based Pardee Homes, which is building the 1,600-home Fair Oaks community, signed an agreement to build homes in the development, and while the two companies are jointly grading the site, they are in litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . In a news release, PacSun said the construction delay results from Pardee's ``reluctance and unwillingness ... to move forward and resolve (issues) in a timely and fair manner.'' |
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