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[LAR] ALERT*Stop $87 MILLION in Tax-Free Financing to Jumpstart Construction on Wetlands Floodplain!

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  • Marcia Hanscom
    ALERT*Stop $87 MILLION in Tax-Free Financing to Jumpstart Construction on Wetlands Floodplain! Los Angeles City AGAIN bending overbackwards to SACRIFICE
    Message 1 of 1 , Dec 2, 1998
      ALERT*Stop $87 MILLION in Tax-Free Financing to Jumpstart Construction on
      Wetlands Floodplain! Los Angeles City AGAIN bending overbackwards to SACRIFICE
      Ballona Wetlands...a FLOODPLAIN offering Best OPPORTUNITY for Coastal Wetlands
      Restoration in So. CA, According to Dr. Joy Zedler, Member, Committee of
      Characterization of Wetlands, National Reseach Council, National Academy of
      Sciences

      Your Voice & Presence Needed!!! *************

      What: News Conference proceeding Los Angeles City Council
      When: 9:00 am - Tuesday, December 8, 1998
      Where: in front of City Hall East - 200 N. Main Street
      (ACTIVISTS WHOULD ARRIVE EARLY - at 8:30 am - all day parking available for
      between $2 and $3 on Los Angeles Street, between 2nd & 3rd -- bring walking
      shoes) BRING SIGNS €€
      Hearing begins at 10 am sharp - Room 300 - PLEASE come an dbe prepared to speak
      *against* approval of inducement of these bonds (placing Playa Vista request on
      approval list for California Debt Limit Allocation Committee)

      Why: $87 million in Tax-free financing to jumpstart construction for this project that
      will be built in a WETLANDS FLOODPLAIN is unacceptable. The developers can NOT
      get financing for this project on the open market for a legitimate reason. Banks will
      not lend because there are TWO federal lawsuits still in the court system. The City
      should not lend either. At this point there is NO guarantor for these bonds secured.
      The City would be left holding the bag if the developer fails on financing payments.
      Only last year the developer for this project nearly declared bankruptcy, had in excess
      of $200 million in debts and had to sell majority interest in the project on a short sale
      due to many months of non-payment on mortgage loans.

      If this is SUCH a good deal, why are investment banks who OWN the project land and
      development firm not willing to put up the financing????????

      Also €€€ Public Process on this Approval has Been TOTALLY undermined. A publicly
      noticed hearing to comply with the federal tax laws is scheduled for Wednesday,
      December 9 at 10:30 am - Rom 315 - same City Hall East. This hearing is AFTER the
      City Council is scheduled to vote. This complies with City Attorney's approval,
      perhaps this is the statute the City Attorney had in mind... Alice in Wonderland,
      Chapter 12 - Logical Nonsense: The Works of Lewis Carroll..."No, no!" said the Queen,
      "Sentence first - verdict afterwards!"

      Who: Environmental & Citizen Groups Who Oppose the City Giving Favors to
      Developers of Playa Vista/Ballona Wetlands -- Developers Who Now Include Wall
      Street Heavies Morgan Stanley and Goldman Sachs, as well as DreamWorks SKG, led
      by Hollywood moguls, Steve Spielberg, David Geffen & Jeffrey Katzenberg, as well as
      investors that include Microsoft Billionaires Bill Gates and Paul Allen.

      For more information, call (310) 457-0300. Talking points and fact sheets will be
      available to those showing up at 8:30 am for the 9 am news conference.
      ------------------------------------------------------------------------
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