November 1, 2007

I received this e-mail from another concerned citizen, it seems that more and more folks are getting pretty fed up with the way the Gang in the Ivory Tower is conducting the business of our city.

Rellis here are a couple of more issues that are bugging me.

Surprising that no one is interested in how 84 units could be built for 57 million dollars, (writers note: he is talking about the plans for the Art Building project near Figueroa street) at that price it equates to almost $700,000 per unit. I'm pretty sure the project on Ventura Blvd and Park Row would be happy to sell the city all the units they want for 700K. They are having trouble giving them away for $350K/per unit. Oh by the way this being the first project in downtown with the new urbanism and form based code regulations, it is apparently exempt. It does not have to conform the same as others! How clever, they say, 20 million of the 57 million is a grant, (still taxpayer money), 13 units would sell for $1,000,000 (next to the train and freeway HA! HA!) That still leaves, $57 mil- minus $20 mil, minus $13 mil, $22 million to finance. At 5% interest = $92,000 per month or minimum of $1300 per unit. Plus HOA fees and taxes, insurance etc would be close to $1800.00 per unit. This does not sound like affordable to me.

Secondly the City is partnering with Steve Bennet (county supervisor) to possibly do a project on California Street directly in front of the Ivory Tower. They are saying they want to build low-cost housing for city employees. Does that mean that city employees that are receiving top salaries are now considered low income? But to subsidize their housing besides the salary, perks, and pensions??? Doesn't pass the smell test as far as I'm concerned.

The writer asked that I not use his/her name, so as I have always said, if you don't want your name used just say so.

Rellis Smith
res@venturastuff.com