LAYOFFS: The weak economy and a credit...

LAYOFFS: The weak economy and a credit crunch is forcing the Irvine Co. to delay projects and lay off workers (D1). But company officials hope that they will be able to forge ahead with Irvine’s first new community in five years. . . . Westpark II, approved by the city last week, is planned to include 2,600 homes and condominiums priced from the low $100,000s to the high $200,000s. There are still plenty of buyers at that price range, so bankers are willing to make construction loans, Irvine Co. spokesman Larry Thomas said.