City to Seek Back Rent From Equestrian Center
The city Board of Recreation and Parks Commissioners voted Monday to seek from Gibraltar Savings nearly $1 million in back rent for the Los Angeles Equestrian Center.
But the five-member panel agreed to negotiate with Gibraltar on the debt, noting that forcing immediate repayment might hinder a Burbank developer’s proposal to purchase the center.
The board said Gibraltar inherited the debt when it foreclosed on the facility’s previous operator, Equestrian Centers of America, in April, 1988. Since the takeover, Gibraltar has kept current its rent payments to the city, which owns the 70acre center site in Griffith Park.
Del Rey Properties, a Burbank development company, is seeking to buy the equestrian complex from Gibraltar. The park board is scheduled to consider the Del Rey proposal at its next meeting on Feb. 26.
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