SHERMAN OAKS : Terms Extended for Development Rights
The Jewish Federation Council on Wednesday got six more months to pay for development rights that would enable the nonprofit agency to build an 83-unit senior housing project over a city-owned parking lot in Sherman Oaks.
The extension, giving the group until Dec. 31, 1993, to pay for the development rights, was granted by the Los Angeles City Council, the owner of the parking lot at 14559 Dickens St.
For sale for $1.6 million are the air rights over the city garage, located just south of Ventura Boulevard in Councilman Zev Yaroslavsky’s district.
According to Yaroslavsky’s office, which has backed the sale, the federation has been unable to close the deal because of delays in obtaining U. S. Housing and Urban Development funds to help finance the project.
Under the original terms of the purchase agreement, the federation was to have finalized the deal in two years. The purchase agreement was signed in June, 1990.
The deal also requires the group to increase the parking spaces at the lot from 137 to 209.
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