BURBANK : Extension OKd for Wal-Mart Talks
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The recent death of Wal-Mart retail chain store founder Sam Walton and complex dealings with Lockheed Corp., which owns the land where a proposed $111-million shopping center would be located, has prompted the Burbank City Council to approve a 60-day extension in negotiations.
Officials said a Feb. 3 agreement approved by the council, acting as the city’s Redevelopment Agency, had stipulated that Wal-Mart and Lockheed would be given 90 days to reach an agreement allowing the retailer to buy the 89.5-acre Lockheed parcel.
But Wal-Mart officials asked for an extension because of the April 5 death of Walton, citing complex negotiations with Lockheed. Wal-Mart executives also told the council that they needed more time to complete market, financial and economic feasibility studies on the project.
Wal-Mart has proposed an open-air center that would have a minimum of 750,000 square feet and could expand to 1 million square feet.
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