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Los Angeles is the Chicago of west coast cities and could be in the Democrat Caucus in Congress, it is that corrupt.
"There is the good news and bad news regarding the proposed CRA gift of $4.6 million to a Class A office building at 1601 North Vine in Hollywood, located between Sunset and Hollywood Boulevards.
The good news is that for the second time, on August 17, the City Council deferred action on this $57 million project. The Community Redevelopment Agency is proposing a sweetheart deal to sell this prime piece of Hollywood real estate to Hal Katerskys Pacifica Ventures for $825,000. This is a $4.6 million (85%) discount from the October 2006 purchase price of $5.4 million, indirectly paid to Ullman Investments, the subject of an unfavorable 2000 audit by the Controller. The bad news is that the City Council did not flush this project. Rather, it will be back on its agenda for Wednesday, September 8.
For openers, based on the projected operating profit of almost $5 million, this development does not need financial assistance from the CRA. Rather, the CRA contribution is being used to increase the developers fees and returns, none of which are discussed in appropriate detail in the Council File (08-3458)."
Why is a government entity giving millions in gifts to private developers in the first place? Check the donation records for candidates and bonds and you will find Katersky or his associate’s important donors.).
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"There is the good news and bad news regarding the proposed CRA gift of $4.6 million to a Class A office building at 1601 North Vine in Hollywood, located between Sunset and Hollywood Boulevards.
The good news is that for the second time, on August 17, the City Council deferred action on this $57 million project. The Community Redevelopment Agency is proposing a sweetheart deal to sell this prime piece of Hollywood real estate to Hal Katerskys Pacifica Ventures for $825,000. This is a $4.6 million (85%) discount from the October 2006 purchase price of $5.4 million, indirectly paid to Ullman Investments, the subject of an unfavorable 2000 audit by the Controller. The bad news is that the City Council did not flush this project. Rather, it will be back on its agenda for Wednesday, September 8.
For openers, based on the projected operating profit of almost $5 million, this development does not need financial assistance from the CRA. Rather, the CRA contribution is being used to increase the developers fees and returns, none of which are discussed in appropriate detail in the Council File (08-3458)."
Why is a government entity giving millions in gifts to private developers in the first place? Check the donation records for candidates and bonds and you will find Katersky or his associate’s important donors.).
More...