Usually, I debate myself for 15-20 minutes on what will be the top story in any given Daily Brief. Not so today as the local institution that built this valley announces it has filed for bankruptcy protection.
News
- Newhall Land/Landsource File for bankruptcy protection, company will continue functioning: Landsource Communities, Newhall Land’s parent company, filed for Chapter 11 bankruptcy protection on Sunday after months of speculation and news that the company was trying to restructure some $1.24 billion in debt it owed, including debt on the Newhall Ranch property. In a media release sent out Sunday evening, Newhall Land VP of Communications Marlee Lauffer said that Landsource had secured a $135 million revolving credit line from Barclay’s Capital, funds that would ensure that there “will be no interruption in day-to-day operations.” Recall that when the Landsource/Newhall Land deal took place in early 2007, the 15,000 acre Newhall Ranch property was valued at $2.6 billion, but “dropped considerably in value since the housing market woes,” according to RTT News. Newhall Land says it has weathered such problems before and that it will continue to “plan the remainder of Valencia and its future Newhall Ranch project with the utmost integrity and commitment to the community.” Lots of press coverage on this one. Press Release, AP Story, Reuters, RTT News
- Bus ridership increases as pump prices near $4.50 in SCV: Since January, Santa Clarita Transit has seen a 15% increase in ridership on its commuter bus lines and a 5% increase on its local transit buses, according to The Signal’s Katie Geyer. Ridership is at an all time high, says Transit chief Jeff O’Keefe, who notes that he’s receiving more calls every month from riders who want Santa Clarita Transit to expand bus service. There’s some good information in the article on how SCT is funded and how bus fares figure into the services’ operating budget. O’Keefe also told the Signal that fuel price increases are paid by the contractor, Veolia Transportation but that the city has a “$584,000 budget overrun due to fuel costs.” It costs between $500 and $730 to fill up a bus. Link
- NY Times on California water crisis: The Old Gray Lady took interest in our governor’s recent drought proclamation and found that development in many communities in California is being curtailed, scaled back, and even denied in light of the state’s water woes. For instance, in Riverside County recently, a judge “stopped a 1,500 home development project, citing, among other things, a failure to provide substantial evidence of adequate water supply.” The water troubles have many worried about California’s long-term economic development as the population of the Golden State increases to 45 million by 2020. The Times story also touches on Newhall Ranch, which has been called the largest development in the history of California. Developers have been able to sidestep water supply issues by purchasing water privately and not using the state’s water even as opponents claim there’s not enough water for the 21,000 home project. NY Times
- Small business/retail struggling in SCV:There’s no market statistics on retail vacancies in Tammy Marashlian’s report on small businesses in the SCV in Today’s Signal, but the report does mention the challenges many small business owners are facing: increased costs on things like gas, food and housing force many consumers to spend less on retail items while simultaneously, rents and taxes seem to be going up for many small business owners. Marshlian talked to a few business owners in Granary Square who say their taxes have gone up since the property was sold and business, as a result, is tough. I know Blockbuster recently vacated their space there. Anyway, in this month’s chamber newsletter, CEO Larry Mankin said retail vacancy rates had doubled in recent months from 1.5 to 3 percent, a number which he says any other community in America would “celebrate.” All this is happening as more retail space opens in Santa Clarita, including the Bridgeport Marketplace and the Valencia Town Center expansion, which should open in the fall of 2009.
- Signal brief on tomorrow’s Council meeting: City beat reporter Katie Geyer offers some context on the city’s forthcoming budget discussions, a preview of the proposed switch of transit operators, and info about the Redevelopment agency, which hopes to invest public money in a “state administered investment program.” Link
- Fresh numbers on foreclosures in the SCV: Blogger Linda Slocum notes that no SCV community is within the top 15 zip codes for foreclosures in Los Angeles County, but Canyon Country continues to be hard hit by the foreclosure/credit crunch. “The lower priced homes make up the largest number of foreclosures throughout the Santa Clarita area, so Canyon Country has been hit pretty hard compared to the rest of Santa Clarita,” she writes, showing a total of 91 foreclosures in CC in May of 2008. Link
- LA Times does four part A-1 Commuting special: Yesterday, the paper featured an interesting story on five or six commuters who were caught in a photo snapshot on an LA Freeway on a recent Friday morning at precisely 7:30 am. Today’s story focuses on how developers and local government officials have “sidestepped laws meant to limit [development’s] effects on traffic.” There’s also a cool Google maps application, which shows the average time spent commuting by city. Not sure how to interpret this data, which is based off 2000 and 2006 censuses (censi?), but Santa Clarita’s average time spent commuting is around 32.5 minutes.
- Italian faire delights some: Kind of refreshing to see something truly ethnic in the SCV; the Italian “Feat of the Blessed Mother Mary” took place this weekend at Westfield Town Center. “The sights and sounds of Italy came to life Saturday with an entire day of food, music and play,” Parmial Rohit reports at The Signal.
- Man arrested for hitting dog with shovel: The 30 year old Saugus resident was seen by a neighbor using a “shovel to beat the head of his dog.” He’s being charged with felony animal cruelty. The dog was injured but survived. Link
Misc:
- Where do you stand on so-called “plastic bag” tax? I think it’s a reasonable idea that would force consumers to change environmentally destructive and damaging habits, but I realize I’m probably in the minority here. Cameron Smyth, our Assemblyman, says $0.25 per bag would “hurt California’s working families” in a pretty persuasive op/ed in Sunday’s Signal.
- Let west side development run amok, also Ken Pulskamp is evil: That’s what I’m getting from a bizarre LTE in Sunday’s Signal. Dorothy Agins, who says she moved here to escape the SFV (but is now running into traffic thanks to people like me), says the city ought to do what it can to encourage continuing commercial development of the west side. Projects like the Avenue, she says, belong over there, not here. “Let the Monteverde land rapers develop the Patty Mack property on the west side of the freeway if they have to!” she shouts. As for Ken Pulskamp, who continues to get beat up every week in the paper and on local blogs, Agins says he “has too much power and because he is not an elected official, he is not concerned about the will of the people.” You know, I hear that alot, that Pulskamp doesn’t care about what the public thinks. Well, what’s he got to go on anyway? It’s not like we do polls here. The only polling we do is on City Council Election day, and in the most recent one, the candidate with the weakest anti-growth street-cred won first place. Link
- And a refreshing change of topic in growth debate: LTE writer Phill Meske of Castaic has a refreshingly different take on the urban/suburban/rural debate that perpetually frames everything we talk about in Santa Clarita. He says we ought to give people more reasons to come here but less reasons to stay. “Slow growth proponents should consider an alternative besides ‘just say no.’ How about “build something else besides houses?” Other cities have outlet malls. Not us. Others have large theaters with professional level acting and music. Not us. You don’t want houses built up and down the 126? Fine. Build resorts. Sell timeshares. Give people more reasons to come and spend their money and then go home.” Good ideas Phill. I think an Indian Casino would fit the bill nicely, would it not? Link
- Finally, a completely non-SCV related YouTube video: Weezer has created what the LA Times calls a “You Tube anthem.” The new music video incorporates several YouTube celebrities who have been mocked, laughed at, and enjoyed over the last few years. For geeks like me who can recognize just about everything in the video, it’s a masterpiece. Link