Panel Gives OK to Northridge Meadows Funds
A new apartment complex may rise on the site of the Northridge Meadows building that pancaked in the 1994 quake, killing 16 residents in the largest concentration of deaths in the temblor.
A Los Angeles City Council subcommittee has approved a request, asking for $5.7 million in financial support, from a developer who wants to build new housing on the site of the now-razed building.
For the record:
12:00 a.m. May 16, 1996 For the Record
Los Angeles Times Thursday May 16, 1996 Valley Edition Metro Part B Page 3 No Desk 3 inches; 73 words Type of Material: Correction
Northridge Meadows site--Because of erroneous information provided by Los Angeles City Councilman Hal Bernson’s office, The Times on Wednesday incorrectly reported the status and funding source of a financing agreement between the Los Angeles City Housing Department and a developer to build a new apartment complex at the Northridge Meadows site. The Los Angeles City Council on Tuesday approved the $5.7-million financing agreement, which will be funded by the U.S. Department of Housing and Urban Development.
The full City Council must still consider the financing agreement, which was approved by the Housing and Community Redevelopment Committee last week. Whether the complex is ultimately built will be left up to officials of the Federal Emergency Management Agency, who would have to agree to provide the city with funds to back the developer.
If approved, the developer, JCB Properties LLC, would use the funds to build a complex of one- and two-bedroom apartments to be called “Ridgecroft Manor” with 158 units, including 63 set aside for low-income tenants.
“This is just another step in our two-year effort to rebuild the earthquake-devastated Valley,” said Los Angeles City Councilman Hal Bernson, whose district includes the Northridge Meadows site.
No other incident came to symbolize the pain, suffering and loss of life in the magnitude 6.7 temblor that devastated the San Fernando Valley in January 1994 as dramatically as did the collapse of Northridge Meadows.
The apartment complex was built in 1972 in accordance with building codes then in effect. If Ridgecroft Manor is erected, however, it will be built under stricter building codes enacted over the past two decades.
According to city documents, the developer purchased the site for $2.3 million through a foreclosure sale, and the proposed project is expected to cost $12.8 million.
Proposed financing sources for the project include a loan from the federal Housing and Urban Development Department, a $600,000 investment by the developer and the $5.7 million from the Los Angeles Housing Department--a $4.4-million reconstruction loan and a $1.3-million grant.
Francine Oschin, Bernson’s assistant chief of staff, said the City Council is expected to approve the financing measure within the next week.
Next, the issue goes to FEMA to decide whether to grant the loan request.
“We’re hoping to hear from FEMA in the next few weeks,” Oschin said. “We have certainly lobbied for these funds.”
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