NOTES ON GRAND AVE PROJECT:

"Figueroa Plaza, a two-tower property totaling 615,000 square feet at 201 and 221 N Figueroa St. Beacon acquired the two buildings for $133.1 million or $216.38 per square foot in 2004 from Northridge
Capital LLC. [NOTE: I (ZD) WAS TOLD, "You may want to look at the Council agenda tomorrow,item 29, CFI 07-1009 on Figueroa Plaza purchase. Also on Special Agenda #53, CFI 07-1009-S1" -- relating to this. (Purchase/Selling price changes/sweetheart deals, I would imagine. Will have to check.]

Zuma Dogg,

Here are two reports, one from the Joint Powers Authority for Grand Avenue.

Please see that on pdf page 4, the ownership is
mentioned for the deal. MacFarlane Urban Realty Co.
LLC is listed. Also, CALPERS, the state pension money owns a good part.

Now look at the agenda for LACERS, the city employee
pension plan. MacFarlane Urban Real Estate Fund II is mentioned here.

SEE LACERS AGENDA DECEMBER 4, 2006 (ZD has copy if you need it emailed.)

JOINT POWERS AUTHORITY MEMO:

GRAND AVE 11/06: "and must determine there are no other funds available for the community in which public improvements are to be funded."

"IMPOSES CERTAIN FINANCIAL AND IMPROVEMENT OBLIGATIONS ON THE DEVELOPER" (WERE THEY MADE? HOW CAN YOU MOVE AHEAD WITH HANDING OUT THE MONEY, IF THEY WEREN'T MADE?)

HOW can you make the most complicated deal in U.S. real estate development history (Grand Ave Project=State/County/City) -- with all the requirements and obligations to be made by the developer per the agreement -- and you can simply decide to chuck it all for a museum? (We supposed to get affordable housing and a park.)

IF YOU NEED TO SEE THE ENTIRE ORIGINAL GRAND AVE PROJECT "JOINT POWERS AUTHORITY" MEMO from Eli's desk, contact ZumaDogg@Gmail.com. Maybe we can work something out. ENTIRE BLUEPRINT FOR GRAND AVE PROJECT

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