HOLIDAY PARTY

Asking Santa
      

Telling Santa
     

Singing Carols
     

Gift Bags

REHABBING DOWNTOWN AND HOLLYWOOD

Creative real estate development was discussed by Tom Gilmore, of Tom Gilmore and Associates, who spoke at a recent luncheon on enhancing the value of older buildings in downtown LA and Hollywood.

Shown extending congratulations onthis informative presentation are President John Stern (I.), Mr. Gilmore(C), and Vice President Ed Casey.

   Four distinctive case histories of innovative financing techniques were discussed at a recent sold-out luncheon.
   The speakers, Saybrook Capital, LLC founders Jonathan Y. Thomas and Jon Schotz were arranged by Sharon Kaplan.
   These public / private partnerships are relatively new to Los Angeles, the first being the successful redevelopment of Pershing Square and are the perfect mix for recent projects.
   Other case histories reviewed were Disney California Adventure, Staples Center, Playa Vista and the Hollywood & Highland TrizecHahn project.
   Innovations such as the combination of special property tax, merchant and city contributions have been successful.
   Sales tax and some administrative taxes or hotel tax in some cases relieves the city of obligations. Various elements comprise financial packaging and all of the transactions have unique features.
   TrizecHahn wanted to raise money from the city and also negotiated with the CRA. The parking garage was the anchor tenant, a first of its kind for the city, which issued parking revenue bonds with security from the project.
   The Premier Theater for the Academy Awards was a very important piece of the project. These were site specific revenues which helped to get the city on board.
   Over five million people’ visit Hollywood each year so this new project, conceived by David Malmuth would give them the ultimate Hollywood destination.