Marina Place’s Income Questioned
On Thursday, June 28, Westside Digest quoted Culver City Chief Administrative Officer Dale Jones that a near $1-million-dollar deficit in 1991-92 will be made up in 1993-94 with taxes collected from Marina Place, which, he said, is “expected to bring in $15 million in revenue to the city over 10 years.”
Surely Mr. Jones is as familiar with the Certified Final Supplemental Environmental Impact Report and the Development Agreement for Marina Place as I am, and is aware that both the amount of revenue to the city and the date when it is likely to begin have been revised away from the numbers stated.
Combining the 42 months to begin construction with the 36 months of construction and the anticipated delays for litigation brings Marina Place’s completion date into the year 2000! Since litigation was a fact before the negotiation of this agreement, a second suit was filed after, and a third will begin shortly, the expected five-year extension is a very realistic estimate. Further, no fees are due to the city until 30 days after both department stores and 60% of the other gross leasable floor space are occupied and open.
It is not possible to come up with a specific dollar figure for income to Culver City since the Fiscal Analysis of the Project in the EIR for Marina Place and alternatives contains at least 50 revised schedules and 18 paragraphs of commentary spread over many pages. But the “Proposed Project Schedule of Net Annual Income Accruing to Culver City” gives the grand total of $11,806,292, not $15 million.
DELL CHUMLEY
Venice
Editor’s note: Chumley and other Venice residents have sued Culver City in an effort to block the construction of the Marina Place shopping mall.
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