Local News in Brief : Buy-Back Bill OKd for Monterey Hills
The state Senate on Tuesday passed a bill that would authorize the Los Angeles Community Redevelopment Agency to buy back more than $10 million worth of damaged property in the sinking Monterey Hills Development complex.
A less detailed version of the bill, authored by Assemblyman Richard Polanco (D-Los Angeles), passed the Assembly earlier this year. The amended bill is expected to go back to the Assembly for a concurrence vote next week.
Polanco said he intended to force the city redevelopment agency to assist property owners whose condominiums and townhouses are tilting and cracking on improperly compacted landfill. The CRA, formed and accorded its powers by state legislation, coordinated the development of the 1,600-unit project in the late 1970s.
Under the terms of the bill, the CRA must establish a plan to purchase the houses from homeowners at fair-market value. In return, homeowners who accept the buyback option would drop out of lawsuits filed against the agency.
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