Editor's Note: On Friday, the City Council will once again consider approval of the Community Redevelopment Agency's plan to sell the property at 1601 N. Vine St. tn Hollywood to Hal Katersky's Pacifica Ventures for $4.65 million less than it paid him for it four years ago. The deal has sparked such heated controversy that the Council has repeatedly delayed action. In this open letter, to the Council attorney and community activist Richard MacNaughton http://www.blogger.com/post-create.g?blogID=5567642553940370181reports that a critical document showing the property was worth far less than the CRA paid for it in 2006 and calls for a criminal investigation.
[Pictured: Los Angeles City Council President Eric Garcetti seems to like to take a bite out of every piece of the pie, regarding housing and real estate in L.A. City. I think he thinks it's his entitlement as the son of a power father and UBER-wealthy mother.]
Garcetti better watch accusing public comments speakers of "libel" when criminal accusations are being leveled against Los Angeles City Council President ERIC GARCETTI during public comment. Here's MORE calls for CRIMINAL INVESTIGATIONS into Eric Garcetti's CD 13, in addition to other FBI inquiries into his district.
Demand for a Criminal Investigation of the CRA Deal for 1601 N. Vine St.
The CRA/LA and CD 13 Councilman Eric Garcetti have concealed from this council, the May 23, 2006 Pacific Real Estate Consultants' appraisal which the CRA/LA had obtained on May 23, 2006, showing an appraisal value of only $4,070,000.00, which is $1.38 M less than the Ellis Appraisal.
Presumably, all councilmembers, except CD 13 Councilman Eric Garcetti, relied on the material representation that there was only one appraisal and it was for $5,450,000.00.
Presumably, no councilmembers, other than CD 13' Councilman Eric Garcetti, would have voted to pay $5.4 M for a piece of property which the CRA/LA's own appraisal said was worth only $4.0 M.
As councilmembers know, there had been serious questions about the propriety of the sale/purchase and the appraisal for the Ullman "Capitol Records" parking lot. Thus, it appears that CRA/LA and CD 13 Councilman Eric Garcetti falsely represented to the Council in 2006 who was the real seller of 1601 N. Vine to CRA/LA.
ALSO: Los Angeles City News for Thursday, October 21, 2010 - Oh no...EXPLOSIVE Memo on CURRENT CASE on L.A. City Corruption Emailed To ZD -- AND HE DON'T WANNA SEE IT! (Capishe!)