[Pool at Terranea via La Citta Vita]
The Daily Breeze is reporting that Lowe Enterprises, developer of the Terranea Resort, is requesting a delay of $135,000 payment in legal and consulting fees owed to Rancho Palos Verdes. The developers want to wait until the city finalizes that rebate agreement, but the request for delay in payment isn't going over well with city officials, who have previously talked about their concerns about funding this project. Via the Breeze: "The delay has raised suspicions that the developer - Long Point Development, a subsidiary of Los Angeles-based Lowe Enterprises -will not participate in the much-debated deal, in which the city would refund up to $8.2 million of hotel tax revenue to help the resort survive during a difficult economy." But a senior vice president for development at Terranea Resort tells the paper: "Absolutely, yes, it is our intent to enter into the program." And as we all know the primary lender for the project is troubled deeply Chicago-based Corus Bank, which is backing nine-area condo or hotel developments, according to its most recent quarterly earning report. According to the Breeze, Lowe still requires more funding from Corus for the project to go ahead with the rebate program.
· Terranea resort requests delay in payment of fees [Daily Breeze]