Equestrian Center Rent Cut to Be Considered
The Los Angeles Board of Recreation and Parks Commissioners agreed Monday to consider a proposal by the owners of the financially troubled Los Angeles Equestrian Center in Burbank to drop the rent of the center from about $30,000 a month to a flat fee of $50,000 for 1990.
The board agreed to consider the proposal after Dean W. Harrison, general counsel for Gibraltar Savings, which operates the equestrian center, told the panel that additional cutbacks in services at the center would be necessary if Gibraltar does not get some rent relief.
Last month, Gibraltar laid off 40 employees when it closed the polo school and scaled back operations at its restaurant indefinitely. Harrison declined to say what other services might be cut.
The equestrian center has been run by Gibraltar, the center’s largest creditor, since April, 1988, when the savings and loan foreclosed on J. Albert Garcia, the facility’s previous operator.
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