Sunday, April 20, 2014
FAIRFIELD-SUISUN, CALIFORNIA
99 CENTS

Green Valley Executive Center loan goes before city panel

By
January 22, 2014 | 5 Comments

FAIRFIELD — A loan first made by the city redevelopment agency to help finance construction of the Green Valley Executive Center will end, $699,140 in proceeds would be distributed as property taxes and the owner could restructure multiple loans on the three-story office building under a proposal a city panel takes up Tuesday.

David White, deputy city manager, said about 15 to 20 percent of the $699,140 distributed as property taxes would go to Fairfield. The rest would go to other taxing agencies, including Solano County, the Fairfield-Suisun School District and the Solano Community College District.

If Green Valley Executive Center fails to complete the financial restructuring by June, it’s likely the property would enter foreclosure and the successor agency to city redevelopment would lose its entire investment, the city report said.

“That’s what’s at stake,” White said.

The Fairfield City Council, meeting as the successor to the redevelopment agency, takes up the recommendation involving the Business Center Drive property when it meets at 6 p.m.

The former redevelopment agency made a $699,140 loan to help finance the 45,000-square-foot office building constructed in 2006. The loan is in default and the city staff has been negotiating with the property owners over the past two years to resolve the matter, according to the report by White.

A June 2013 appraisal valued the building at $10.7 million but the property has about $13 million in loans – including an $8.2 million construction loan due this June. To obtain permanent financing and prevent foreclosure, the owner proposed the financial restructuring, White wrote in his report.

All creditors, including the successor to city redevelopment, would waive unpaid interest totaling more than $1.5 million. Fairfield is waiving about 10 to 15 percent of $721,858 in unpaid interest.

The executive center opened about when the real estate marked crashed in California. The site along Business Center Drive is now more than 90-percent occupied, White said.

“It’s a Class A property in Fairfield,” White said. “It’s a building that’s been an asset to the community and particularly the Cordelia area.”

If ending the loan agreement wins approval Tuesday, the matters goes to the seven-member oversight board – representing agencies including the city, Solano County, Fairfield-Suisun School District and the Solano College district – and state Department of Finance for approval.

The company representing the Green Valley Executive Center could not be reached Monday for comment.

City Council members meet at 6 p.m. in the council chamber at the Civic Center, 1000 Webster St.

Reach Ryan McCarthy at 427-6935 or rmccarthy@dailyrepublic.net.

LEAVE A COMMENT

Discussion | 5 comments

The Daily Republic does not necessarily condone the comments here, nor does it review every post. Read our full policy

  • The MisterJanuary 21, 2014 - 6:11 am

    Sounds like the people will be on the hook yet again for another failed "redevelopment" project. Who gets held accountable? It was, after all, the City Council in the guise of the Redevelopment Agency who put made the people of Fairfield ultimately responsible for this great debt. And now, people, you are. Don't you think that some or all of your City Council should suffer for their mistake? Or are you going to reward them and reelect them while your children and grandchildren pay your debts?

    Reply | Report abusive comment
  • B. ThiemerJanuary 21, 2014 - 11:59 am

    With the next round of redevelopment on its way, we should have a 'lessons learned' presentation on this bad deal so that similar mistakes are not made in the future. Otherwise, let's just file this in the "reasons not to have government do property management" file.

    Reply | Report abusive comment
  • NormJanuary 21, 2014 - 6:57 pm

    Fairfield's RDA is like a bad case of herpies.

    Reply | Report abusive comment
  • RDA is like BAD MEDICINE....What political hacks need.January 21, 2014 - 9:01 pm

    http://www.youtube.com/watch?v=4coXVx8noBA

    Reply | Report abusive comment
  • Pink Floyd-Empty spacesJanuary 21, 2014 - 9:13 pm

    http://www.youtube.com/watch?v=FnaNu4o91cI

    Reply | Report abusive comment
.

Solano News

Bay Area makes growth plans

By Barry Eberling | From Page: A1

 
Supervisor candidates vary on Plan Bay Area

By Barry Eberling | From Page: A1 | Gallery

Earth Day means cleanup Day for Suisun City

By Susan Hiland | From Page: A1, 1 Comment | Gallery

 
Hop to it: Couple lights up home, yard for Easter

By Amy Maginnis-Honey | From Page: C1

Ranking the best Bay Area athletes

By Brad Stanhope | From Page: A2

 
The Edge hosts Easter egg hunt

By Adrienne Harris | From Page: A3

Alooma Temple keeps children in mind

By Adrienne Harris | From Page: A3 | Gallery

 
Fairfield author to speak at women’s expo

By Susan Hiland | From Page: A3

The resurrection has changed the lives of Christians

By Perry W. Polk | From Page: C3

 
Piano scholarship competition set in Vallejo

By Susan Hiland | From Page: A3

 
Understanding your health insurance

By Morgan Westfall | From Page: D4

 
Armijo graduate completes basic training

By Nick DeCicco | From Page: C4

Highway 12 paving to slow traffic east of Rio Vista

By Adrienne Harris | From Page: A5

 
Record Store Day a commercial hit

By Adrienne Harris | From Page: A5 | Gallery

Easter egg hunt brings out the smiles

By Susan Hiland | From Page: A5 | Gallery

 
Dutch Bros. joins Fairfield coffee corridor

By Barry Eberling | From Page: B7, 1 Comment | Gallery

City sets plan to dispose of property assets

By Brian Miller and Karl Dumas | From Page: B7

 
Fairfield police log: April 17, 2014

By Susan Hiland | From Page: A12

Suisun City police log: April 17, 2014

By Susan Hiland | From Page: A12

 
.

US / World

Counties tell Brown they need money for his law

By The Associated Press | From Page: A1

 
San Francisco probe leading to entrapment claims

By The Associated Press | From Page: A6

Exhibit recreates Warhol’s 1964 World’s Fair mural

By The Associated Press | From Page: A10

 
NASA’s space station Robonaut finally getting legs

By The Associated Press | From Page: A10 | Gallery

Ohio couple married 70 years die 15 hours apart

By The Associated Press | From Page: A11 | Gallery

 
Documents detail another delayed GM recall

By The Associated Press | From Page: A11

At barricades, Ukraine insurgents await Easter

By The Associated Press | From Page: A13

 
Official: 3 bodies retrieved from inside ferry

By The Associated Press | From Page: A13 | Gallery

13th body pulled from snow in Everest avalanche

By The Associated Press | From Page: A13

 
Costa Rican a celebrity after certified miracle

By The Associated Press | From Page: A14 | Gallery

.

Opinion

Government … for the government?

By Bill James | From Page: A8

 
Editorial Cartoons for April 20, 2014

By Daily Republic Syndicated Content | From Page: A8

Question of the week: Will Flight 370 be found?

By Daily Republic | From Page: A8

 
Neighborhood speeders don’t get it

By Letter to the Editor | From Page: A8

Why would a person do this?

By Letter to the Editor | From Page: A8, 1 Comment

 
Sound off for April 20, 2014

By Daily Republic | From Page: A8

 
Jeb Bush, love, and today’s GOP

By Ruben Navarrette | From Page: A9

Statistical frauds distort equal-pay debate

By Thomas Sowell | From Page: A9

 
Are government ‘carrots’ fair, worthwhile?

By Brian Thiemer | From Page: A9

 
.

Living

Today in History for April 20, 2014

By The Associated Press | From Page: A2

 
Community Calendar: April 20, 2014

By Susan Hiland | From Page: A2

Bill Nye says he underestimated debate’s impact

By The Associated Press | From Page: C3, 1 Comment

 
Book details lives of cloistered nuns

By The Associated Press | From Page: C3

Horoscopes for April 20, 2014

By Holiday Mathis | From Page: D4

 
Pete spends weekends at my house but he never invites me to his

By Kathy Mitchell and Marcy Sugar | From Page: D4

.

Entertainment

Flea of Red Hot Chili Peppers has book deal

By The Associated Press | From Page: C2

 
Tartt, Goodwin finalists for Carnegie medals

By The Associated Press | From Page: C2

New book on fracking illuminates pros, cons

By The Associated Press | From Page: C2

 
PUBLISHERS WEEKLY BEST-SELLERS

By The Associated Press | From Page: C2

TVGrid

By Daily Republic Syndicated Content | From Page: B11

 
.

Sports

A’s score 3 in 9th, rally past Astros 4-3

By The Associated Press | From Page: B1 | Gallery

 
Warriors beat Clippers 109-105 in playoff opener

By The Associated Press | From Page: B1 | Gallery

 
Kings, Sharks look to put Game 1 in past

By The Associated Press | From Page: B1 | Gallery

Stults, Padres hand Giants third straight loss

By The Associated Press | From Page: B1

 
Hawks take 1-0 lead by rolling past Pacers 101-93

By The Associated Press | From Page: B2

Calathes suspension a reminder of supplement risk

By The Associated Press | From Page: B2

 
Raptors GM Ujiri uses profanity about Brooklyn

By The Associated Press | From Page: B2

Williams scores 24 as Nets beat Raptors 94-87

By The Associated Press | From Page: B2 | Gallery

 
Durant leads Thunder past Grizzlies 100-86

By The Associated Press | From Page: B2

Federer beats injured Djokovic to reach final

By The Associated Press | From Page: B3 | Gallery

 
Indians set two new school records for track

By Daily Republic staff | From Page: B4

Wie shoots 67, wins LPGA LOTTE Championship

By The Associated Press | From Page: B4

 
Travis Bowl Highlights

By Daily Republic | From Page: B4

Rapids, Earthquakes play to scoreless tie

By The Associated Press | From Page: B4

 
Stars Recreation bowling results

By Daily Republic | From Page: B4

Jimenez leads Langer by 1 shot in Greater Gwinnett

By The Associated Press | From Page: B4

 
Donald shoots 66, takes lead at RBC Heritage

By The Associated Press | From Page: B4

Big names among prospective Buffalo Bills buyers

By The Associated Press | From Page: B4

 
Award-winning archery champ shoots with his teeth

By The Associated Press | From Page: B6 | Gallery

Survivors keep busy as Boston Marathon approaches

By The Associated Press | From Page: B6

 
.

Business

US delays review of contentious Keystone pipeline

By The Associated Press | From Page: B7

 
Why high oil prices are actually good for airlines

By The Associated Press | From Page: B7

Subscription sample boxes shake up beauty routines

By The Associated Press | From Page: B8

 
Girls from modest families get lift in technology

By The Associated Press | From Page: B12

Haunted house part of San Antonio apartment lofts

By The Associated Press | From Page: B13

 
Recalls this week: lanterns, exercise devices

By The Associated Press | From Page: B13

Review: Siri-like Cortana fills Windows phone gap

By The Associated Press | From Page: B14

 
.

Obituaries

Anne Irene Elizabeth Fulgoni

By Nancy Green | From Page: A4

 
Margaret Elizabeth Silva

By Susan Hiland | From Page: A4

Lloyd G. Hoffmeister

By Nancy Green | From Page: A4

 
Ramon Isidro

By Adrienne Harris | From Page: A4

Rogelio Tinoco-Zamudio

By Susan Hiland | From Page: A4

 
James Leroy Barbour

By Nancy Green | From Page: A4

William Paul Wehrly

By Nancy Green | From Page: A4

 
Sealwyn Shirley Brucefield Shepherd Malkiewicz

By Nancy Green | From Page: A4

.

Comics