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San Fernando Officials In A Tizzy After Developer Bounces Check

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Nothing like a bounced check from a developer. Here's the story: A check for $50,000 written by Enrique Fainchtein, who is proposing a $135 million-$150 million mixed-use project in San Fernando was returned for insufficient funds. According to the San Fernando Valley Sun, the $50,000 check represented a down payment by the developer, who was forking over 75 percent of the $215,000 environmental impact report bill. More problems arose when City Administrator Jose Pulido failed to tell the City Council about the bad check. And then, damn, it, Fainchtein's company, Wilshire Ventures Corp., was suspended by the California Secretary of State. Via the Sun: "The city has entered into an exclusive negotiation agreement with Wilshire Ventures to build four projects on five city-owned public parking lots in the area bounded by Truman Street, S. Brand Boulevard, Pico Street and San Fernando Mission Boulevard." While Councilman Steve Veres tries to determine if the exclusive negotiation agreement between the city and Fainchtein is valid, there are many more alleged improprieties, too, according to the story. And to top things off, Fainchtein is being sued by his own lawyers.
· Veres Exposes Developer's Financial Instability; City Council Kept in Dark [San Fernando Valley Sun]