LASD just collects eveidence, they dont solve crimes

How anybody could have any faith in the Sheriff's department is beyond me. What is even sadder is Lakewood taxpayers shell out 9 million a year for all this incompetence. They even have the gall to tell us that part of the 9 million is for the "benefit" of their crime lab and accompanying expertise. As was pointed out in an earlier story "CSI" is PURE fantasy. The actors in those shows actually care about solving crimes and solve 100% of them. If I didn't know better I would think CSI was paid for by the Sheriff's department as a PR campaign. but then again they are not smart enough to do that and don't need to bother anyway as they have most Lakwoodians believing they are "effective and efficient" crime fighters/deterrents. Here is an example of a case that will NOT be solved with DNA. Quite frankly if I know of anyone who has suffered from a serious crime I tell them to hire private labs and investigators. Forget relying on the Sheriff's department. All the train wrecks at LASD make metro rail trains look good. If you are a criminal what message is this sending? That you will likely get away with your crime (well unless you hurt a cop) then they spare no expense.

Update 4-24-09: PBS "Now" show did a really good expose on this issue called "Justice Delayed". Mostly dealt with LAPD but they also mentioned the problem with LASD. It really makes you realize the scope of the problem on a human scale. Basically billions has been spent on the problem with very little to show for it. I guess we need more criminalists than cops on the street as the cops on the street are not the ones that solve crimes. Just ask the CSI TV folks.

From the Los Angeles Times
Wider scope of backlog in L.A. County sheriff's DNA testing is revealed
815 sexual assault cases with untested DNA and no suspects have been tallied so far; statute has expired on 51 of them.
By Joel Rubin

January 28, 2009

DNA evidence has gone untested in more than 800 rape and sexual assault cases even though detectives from the Los Angeles County Sheriff's Department and other smaller agencies have no suspects in those crimes, authorities acknowledged Tuesday.

The number is far larger than officials had anticipated and revealed a breakdown in the way the Sheriff's Department went about testing genetic evidence until recent reforms were enacted. For months, sheriff's officials sought to downplay concerns over a massive backlog of untested DNA evidence by suggesting that the crimes had been resolved by other means.

Compounding the problem was the revelation that in 51 of the 815 cases tallied so far, the genetic evidence has sat untested in county storage freezers for more than a decade -- so long that state laws now prohibit officials from arresting anyone even if belated genetic testing were to definitively identify a suspect.

"You've got a bunch of evidence sitting there that is potentially a smoking gun," said L.A. County Supervisor Zev Yaroslavsky to a contrite Cmdr. Earl M. Shields, who oversees the department's Technical Services division. "It could be the silver bullet to getting a suspect in a sexual assault case, and it's just sitting there."

Shields reported the troubling figures as part of a presentation to county supervisors on the sheriff's ongoing attempt to work through a backlog of untested samples of semen, saliva, blood and other genetic evidence collected from victims after an alleged sexual attack. Currently 4,738 of the so-called sexual assault kits in county storage facilities remain untested -- about 20% of them from other police agencies in the county that rely on the sheriff's crime laboratory for DNA analysis.

Sheriff's officials have managed to gather information on only about two-thirds of the backlogged cases so far, meaning that the number of investigations without any suspects or those that have fallen out of statute is likely to rise.

Until late last year, the Sheriff's Department had followed a policy of testing DNA evidence only when investigators in the case requested it. After coming under pressure from advocacy groups and the Board of Supervisors about the growing backlog, Sheriff Lee Baca announced in November that the department's lab would test DNA evidence in all cases regardless of whether the analysis was requested.

At the time, the Sheriff's Department -- as well as the Los Angeles Police Department, which came under similar scrutiny -- tried to minimize the significance of the size of the backlog. Both agencies indicated that the vast majority of untested kits were from cases in which investigators had determined the genetic evidence was not needed.

In November, Shields told supervisors that he expected an inventory of the sheriff's backlog would uncover very few, if any, examples in which investigators had no leads on suspects and had not asked for DNA testing. "There should not be any [such] cases," he said. "We're hoping that that number will be zero."

On Tuesday he conceded under questioning from Yaroslavsky that "we were hoping the number would be much smaller." Without detailed information on each investigation, Shields was at a loss to explain why so many investigators had not asked for the evidence to be tested. He speculated they might have decided they "didn't have a valid, prosecutable case" because the accuser recanted or other fundamental problems arose.

"It was a judgment call on the part of the investigator," he said.

Sarah Tofte, a researcher with Human Rights Watch who has been pressing local law enforcement agencies around the country to address backlogs, questioned that logic. "Investigators may think that a victim's account lacks some veracity," she said, "but when someone reports to police that she's been raped, the default should always be, 'Let's test this kit and see what we find.' "

Unexamined evidence kits hold potentially crucial information. Through a complex scientific process, DNA analysts can extract a person's genetic code from the collected samples and compare it to those of known felons that are kept in federal and state databases. When the DNA sample collected at a crime scene or from a victim's body matches a DNA profile of someone in the database, it can offer prosecutors nearly irrefutable proof of the person's guilt. The evidence can also be used to confirm that someone has not falsely confessed to a crime or link someone to other unsolved cases.

LAPD Deputy Chief Charlie Beck declined to reveal how many cases for which LAPD detectives have no suspects and have not pursued DNA testing. A recent inventory of the LAPD's untested kits has been completed, but the results are not yet final, he said.

Like the LAPD, the Sheriff's Department has struggled to devise a financially feasible plan to eliminate its DNA backlog. Both agencies are currently increasing the number of in-house lab analysts to handle the constant influx of new cases, while also plotting out ways to outsource the backlogged cases to private labs. Each kit costs about $1,000 to process.

Shields told L.A. County supervisors that he would soon present Baca with a proposed plan and said it would take "years" to clear the backlog. In an interview, he declined to provide specifics.

Time is a major factor: More than 100 sheriff's cases are within six months of reaching the state's 10-year statute of limitations, Shields reported.

joel.rubin@latimes.com
http://www.latimes.com/news/nationworld/nation/la-me-dna-missed28-2009jan28,0,6848082.story

Lakewood Accountability Action Group™ LAAG | www.LAAG.us | Lakewood, CA
A California Non Profit Association | Demanding action and accountability from local government™

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Suspect impersonating Sherriffs?

This is a bad start to the new year, just yesterday there was a horrible home invasion robbery. And today was the state of the city address. (No doubt there were a number of Sheriff's over there for a free lunch as opposed to patrolling) Hopefully this offender is not a repeat offender. This story as written below also does not make sense as they noted that he presented himself as a police officer (Sheriff maybe?) but then below they note "He was wearing a gray sweat shirt with red writing and black sweat pants with white stripes down the sides." How do you pull off being an officer dressed like that. Something is not right here. Also lets hope that this is not a real cop. Finally there is not much hope of catching this guy if we leave it up to "CSI" Lakewood Sheriffs.

Fake Cop Rapes, Kidnaps Girl, 14, In Lakewood

Sheriff's deputies Tuesday asked for the public's help in finding a man dressed up as a police officer before raping and kidnapping a 14-year-old girl in Lakewood.

The man shined a flashlight at two girls and presented himself as a police officer as he got out of a sport utility vehicle Friday at about 8:45 p.m. in the 12000 block of Gradwell Street, near Hawaiian Gardens, according to Los Angeles County sheriff's Lt. Al Garcia.

The suspect then punched one girl, who fell to the ground, as the man grabbed the other girl, forcing her into his vehicle, Garcia said.

He drove north on Claretta Avenue, then raped the girl before dropping her off near where he first grabbed her, Garcia said.

The man was described as white, 20 to 30 years old, bald, about 5 feet 10 inches tall and weighing 200 pounds. He was wearing a gray sweat shirt with red writing and black sweat pants with white stripes down the sides.

He was driving a white, four-door older sport utility vehicle with tinted rear windows.

Investigators asked anyone with information on the case to call the Special Victims Bureau at (866) 247-5877.

Lakewood Accountability Action Group™ LAAG | www.LAAG.us | Lakewood, CA
A California Non Profit Association | Demanding action and accountability from local government™

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Another home invasion robbery

If more than a few of these occur we are going to be concerned. We also suspect many of these are not reported in the media. This is a story we did last year on another one. We will see if this shows up on the new crime reports page This home invasion is near Norwalk Blvd and Del Amo.

From wire services
Posted: 01/27/2009 06:44:16 AM PST

LAKEWOOD - Four armed bandits staged a home invasion robbery in Lakewood today, reportedly taking some $5,000 in cash and several other items.

The robbery occurred in the 20800 block of Belshire Avenue near 207th Street about 1:30 a.m., said Lt. Minh Dinh of the Los Angeles County Sheriff Department's Lakewood Station.

Armed with handguns, the four bandits tied up the home's occupants before fleeing with four I-phones, $5,000 in cash, some wallets and keys, and other miscellaneous items, deputies told an On Scene Video camera crew at the robbery scene.

Dinh said the holdup was under investigation and that detectives were interviewing the victims.

Lakewood Accountability Action Group™ LAAG | www.LAAG.us | Lakewood, CA
A California Non Profit Association | Demanding action and accountability from local government™

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I guess its not a fluke

Hmmm. Is there a deeper message here about fireworks? I guess the last post on the absence of fireworks from the Nov. 4, 2008 election day "celebration" was not a fluke. Either way we like it here at LAAG. Maybe the City Council will take notice.

January 18, 2009
In break with last 7 inaugurals, no fireworks planned

By RICHARD LEIBY
The Washington Post

WASHINGTON -- For the first time in 28 years, there will be no fireworks on the Mall during inaugural festivities.

"We never discussed having fireworks as part of the events. It just didn't come up," Linda Douglass, a spokeswoman for the incoming president's inaugural committee, said last week.

In repeated public announcements, the committee has promised that Barack Obama's inauguration will be "the most open and accessible inauguration in American history." But the lack of fireworks represents a departure from one of the most accessible traditions that accompany the celebration of a new presidency. A fireworks display has been a feature of the past seven consecutive inaugurations, starting with Ronald Reagan's in 1981.

***[snip]***

Free public events on the weekend before Reagan's second inauguration included all-day concerts, according to published reports. The parade itself was canceled because of bitter cold, but a fireworks display went on as scheduled.

Some participants in past inaugurations say the lack of fireworks this year undermines a populist message. [LAAG editor: what message here will be "enhanced" with fireworks?]

"The symbolism is all wrong not to do it," said Craig Shirley, who worked on Reagan's second inauguration and has written two books on the former president. "There's no preferred seating for fireworks." [LAAG editor: Actually Craig you really don't get it...the symbolism is perfect: "Change" from the past; the environmentally conscious President etc.]


Lakewood Accountability Action Group™ LAAG | www.LAAG.us | Lakewood, CA
A California Non Profit Association | Demanding action and accountability from local government™

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Pain at the Mall likely to last all of 2009

As can be seen from the article blow these are going to be trying times for shopping malls. 2009 will be the true test of just how strong your towns mall is and it will depend greatly on which mall has the highest percentage of stores that go bankrupt. MACERICH CO (NYSE: MAC) the owner of Cerritos, Lakewood, and Stonewood (Downey) malls was trading at over $75.00 a share in May 2008 and now hovers around $15.00 a share, up from $10.00 in the 2008 Christmas season. The problem for Lakewood is that they already have loads of cheaper retail space for lease in other parts of the city OUTSIDE the mall. This has been the case for a number of years as the city has focused all its muscle on the mall, abandoning other areas of the city. Now it will take a Herculean effort just to keep the mall fully leased, especially with Long Beach competing for what's left of surviving retailers. Forget about leasing the other areas of the city (which may become retail wastelands). And "economists" say no recovery until 2010. It already feels like March (with so much bad news coming so fast) and its still January. This is going to be a long and painful year. Oh and don't forget about California's budget (yes the MSM "main stream media" reminds you about it now and again). I am officially designating the California Legislature a "Weapon of Mass Destruction" (WMD) This WMD is on Washingtons radar..this time arround. If the budget mess is not fixed by February 1, 2009, the Governator and all legislators should be fired. Then we hold a special election March 1, and no one that has run or been in office up there in Sacramento in the last 5 years should be eligible to run. I'll bet we would get some results then. Bush has his legacy. What will Arnie's be?

Foreclosure at the Mall
The Recession's Latest Victim Might Just Be That Shopping Center Down the Road
By SCOTT MAYEROWITZ
ABC NEWS Business Unit
http://abcnews.go.com/print?id=6544358

Dec. 30, 2008—

Forget those 50-percent-off signs. This winter you are likely to see a new sign at your local mall: "Going Out of Business." And that means big trouble for mall owners already struggling to survive.

The nation's shopping center owners are facing a recessionary double whammy: consumers who are spending less and real estate investors who are holding back money used to finance their operations.

And some analysts say that, in the next two months, those forces will collide, sending some mall owners into bankruptcy. Don't expect your local mall to necessarily close its doors -- although some of the 3,500 across the country might -- but it could very likely be owned by somebody else by the spring.

"They have significant problems by and large," said George Whalin, president and CEO of Retail Management Consultants.

In just six to eight weeks, Whalin said, "there are going to be a significant number of retailers that will go bankrupt. There's no doubt about that. ... We've just never seen anything as bad as this."

Michael P. Niemira, chief economist at the International Council of Shopping Centers, said the industry has "really been battered by every part" of this recession.

First, housing stores saw problems. Then apparel. Now every store, including the once-immune luxury retailer.

"Clearly, there are lots of problems in the retail industry and they range from the weakness in consumer demand to the debt issues that some companies are facing," Niemira said.

Back in August, Niemira predicted that sales would grow as much as 1.7 percent this holiday season. Now, he estimates a decline of 1.5 percent to 2 percent. Sales during the final week of shopping were down 1.8 percent from last year. That makes this year "the weakest holiday season since at least 1970," Niemira said in a statement this morning.

He said stores are doing everything from slashing prices to laying off workers to try to stay afloat. Retailers, he said, account for 9 percent of the nation's jobs but represent 25 percent of the recent employment declines.

Stores Go Bankrupt

Big chains, including Linens 'N Things, Circuit City, Whitehall Jewelers, Mervyn's and Steve and Barry's have already filed for bankruptcy. Other big retailers, including Talbots, Fashion Bug, Ann Taylor, J. Crew and Liz Claiborne have either announced store closings or scaled back or delayed expansion plans.

Retailers may close 73,000 stores in the first half of 2009, according to the shopping center council.

None of that is good news for mall owners who rely on those retailers for rent, which they use to pay off the massive loans to build or buy the malls in the first place. As mall owners try to refinance existing loans, they find themselves struggling to get investors to give them money and -- like many homeowners -- they find their real estate is worth less than it was just a few years ago.

Whalin said the first major blow to malls came in August 2005, when Macy's bought out rival May Department Stores. In one giant move, retailers, such as Marshall Field's, Filene's, Hecht's, Foley's, Robinsons-May and Kaufmann's all fell under the Macy's flag.

A mall that once had Macy's anchoring one end and Filene's at the other suddenly had two Macy's. The company quickly moved to close its redundant stores and the malls lost large tenants.

"The value of their real estate has diminished for a variety of reasons, certainly not the least of which was Macy's gobbling all the regional department stores and essentially closing some of those stores and struggling with others," Whalin said.

But it's not just big chains that are shutting their doors as we fall deeper into a recession.

At the beginning of 2006, just 7.3 percent of retail spaces -- from malls to strip malls to stand-alone stores -- were empty, according to the National Association of Realtors. That figure now hovers just below 10 percent and for next year, the group forecasts a 12.4 percent vacancy rate.

And after a disappointing Christmas shopping season, those numbers could climb ever higher.

The amount of money spent at the nation's retailers from Nov. 1 through Christmas Eve was down 5.5 percent to 8 percent compared with last year, according to MasterCard SpendingPulse, which tracks retail sales for all forms of payment, including check, cash and credit card.

Falling Rents

Lawrence Yun, chief economist for the National Association of Realtors, said that in the coming year he anticipates a 7 percent drop in retail rents as a larger supply of vacant stores comes on the market.

"The property owners will be competing, trying to draw the tenants by offering much lower rents," Yun said. "A combination of a rising vacancy rate and falling rents will naturally mean that the property prices will be coming down."

Some big chains are already asking for leases to be renegotiated and others are likely to when their leases expire in the next year or two, Whalin added.

But that's only half of the picture.

Most malls are owned through large real estate investment trusts or REITs. The two biggest are Simon Property Group and General Growth Properties.

These real estate companies -- and especially General Growth -- are now being hurt by the credit crunch.

In 2004, General Growth spent $12 billion to acquire mall owner Rouse. The deal including assuming $5.4 billion in Rouse debt.

To pay for the deal, the company borrowed heavily. But then the credit markets froze and now General Growth -- which owns more than 200 shopping centers -- has roughly $27 billion in debt and no way to refinance.

Just last week, the company got a reprieve on a debt-payment deadline. The forbearance gives it a bit of breathing room and keeps the company out of bankruptcy, for now. Many analysts are watching Jan. 30 and Feb. 12 -- dates when the company might be forced to make two large debt payments.

Mounting Debt

To help raise cash, General Growth -- the country's second largest mall owner -- announced in October it would try to sell its retail properties in Las Vegas, which include the Fashion Show Mall, Grand Canal Shoppes at the Venetian, and the Shoppes at the Palazzo.

"I don't see that they're through the woods here yet," Whalin said. "A lot of smaller mall companies are suffering in the same way."

Niemira said General Growth is "the poster child" for the credit troubles facing the industry.

"Those owners that took on too much debt have ultimately paid the price. At this point it's not clear how that will all play out," he said, noting that "the stock prices of some of these firms have really taken a huge hit."

Just a year ago, shares of General Growth traded at 38.73. They closed Monday at 1.21 -- that's a fall of nearly 97 percent this year.

But don't expect the malls themselves to close. Both Whalin and Niemira said the properties are profitable; it's just that some mall owners have too much debt to ride out the recession.

"The regional mall is here to stay as part of the retail environment," Whalin said. "It isn't going to go away anytime soon."

Lakewood Accountability Action Group™ LAAG | www.LAAG.us | Lakewood, CA
A California Non Profit Association | Demanding action and accountability from local government™

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We can't keep up with all the bankruptcies

The owner of the Black Angus Steakhouse chain filed for Chapter 11 bankruptcy protection Thursday. Another tenant in the "prized" Lakewood Restaurant Row. It looks like its going to be carnage at the Mall in the next 6 months. Lakewood may end up looking like Bellflower before this is over. The owner, Los Altos-based Pecus ARG Holding Inc. owes between $100 million and $500 million and has assets between $100 million and $500 million, according to the filing. There are 69 restaurants in seven states, mainly on the West Coast. Black Angus Steakhouse chain employs about 3,600 people.Today, Each of the locations has approximately 75 employees and serves an average of 3,000 customers per week. ARG previously filed for Chapter 11 bankruptcy protection in 2004. Revenue has dropped from about $244 million in 2006 to $181 million in 2008.

No word yet on which Black Angus Steakhouse restaurant locations may close, if any. Normally this is determined on which locations are "poor or underperforming" So stay tuned.

Lakewood Accountability Action Group™ LAAG | www.LAAG.us | Lakewood, CA
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Circuit City bites the Dust

Another store gone from Lakewood Center. No surprise really as Circuit City has been dying slowly for years. They like all the weak and marginal compnies will be killed off in this 2-3 recession. Oh well no big deal as all Circuit City's business was being eaten up by Best Buy which we also have in the mall just a few hundred yards away from the Circuit City location. No idea what will happen to the rather isolated Circuit City building in the Lakewood Mall parking lot (it never was a good location). I suspect it will be better to demolish it due to its odd location. And heaven knows in the next 6 months there will be plenty of vacancies in the Mall to fill up due to the dismal Christmas season and deepening recession.

After failing to secure financing from creditors and lenders, bankrupt electronics vendor Circuit City reported that it will liquidate. This will throw more than 30,000 employees onto the street, adding to the rising number of U.S. job losses, which last year hit their highest level since World War II. Circuit City had 567 stores in the United States.

Circuit City said it will provide more details in the near term about the liquidation of its stores and Firedog services. Surely a bankruptcy will be filed shortly.

Lakewood Accountability Action Group™ LAAG | www.LAAG.us | Lakewood, CA
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Some businesses open while others close

Apparently Macy's is closing 11 stores. Fortunately not the one in Lakewood Center. The only one closing in CA is i downtown LA.

Albertsons announced plans Friday to close one of its two stores in the city. The store at 3400 E. South St., is scheduled to close on Feb. 19. This store has been open since 1998.

Workers are working feverishly on the old Bakers Square at South and Bellflower to renovate it into a new Denny's. It will open in February. LAAG got the city to speed up the permit approval. In this economy

Lakewood Center claims that the Costco in Lakewood Center will open in February and will not be delayed to March.

The Mervyns that is closing will become a Forever 21 store as reported earlier.

No word on the Sonic Drive In location. We heard it could open at Woodruff and Harvey Way which was the site of a former Arco gas station. More on that as we learn it.

The Fresh & Easy Market celebrated its one year anniversary at South and Woodruff. We did not think it would last this long. Perhaps the new Farm Direct Market opening (5927 South St.) on the NE corner of South and Woodruff will give it some competition. We see lots of work going on there but no opening date is known. This is not a chain store. The Jones Bicycles store was the last retail store that we can recall in the space. It closed a number of years ago and the store remained vacant ever since.

The old Vons parking lot at South and Bellflower is getting completely repaved with new planters and sprinkler systems. Hopefully this will make it more palatable to prospective tenants, which the site has needed badly for years. The city has taken years to pressure the landowners to fix up the site.

Lakewood Accountability Action Group™ LAAG | www.LAAG.us | Lakewood, CA
A California Non Profit Association | Demanding action and accountability from local government™

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CrimeReports.com..first impressions

Leave it to the City of Lakewood to make sure its citizens are the last to know about new developments that really affect them. We noticed over on www.LBReport.com that LBPD unveiled a third party crime stats website that looks pretty good so far. It is called CrimeReports.com. Users can log in to receive customized crime reports and set up an auto emailed report telling them crimes that have been reported with a certain distance from their selected address. Clearly it took some real private sector brains and capital to put this together using raw data supplied by a number of local agencies, including LASD and LBPD. LAAG has been requesting this type of site from the city for some time. It looks like this was a joint effort by multiple cities and agencies but for some unknown reason Lakewood did not want to tell its residents about the service. Nothing on Lakewood's website as of today nor any emails from the city on this new site. Of course we saw no mention of the site on the LASD.org site either which is not really surprising as the LASD.org site wins the prize for the poorest design, poorest user friendly navigation and poorest up to date information of any law enforcement agency of that size (8,000 officers and counting). Given that this CrimeReports.com site was given information by most if not all LASD contract cities, you would have thought that they would have wanted to get the word out. The CrimeReports.com site appears to have data all the way back to July 1, 2008, however we are still trying to determine when the site went live for Lakewood residents to use.

Here are things we like from what we can see so far:

* alerts can be set up and emailed to you;
* it is multi jurisdictional so that you can see crime occurring just over the city border and how your city fares compared to other cities and neighborhoods;
* it seems to be fairly up to date showing crime occurring in the current day; this will likely vary depending on when the LASD releases crime data and when the site owner updates the map; this is likely an automated schedule;
* it is Google maps based so its user friendly;
* it includes registered sex offender information and a fairly good selection of crimes;
* users can drill down by crime, location and time;

Limitations or areas requiring further study or refinement:

* Not clear on how many total days the crime info is kept in the system in a viewable way;
* Not clear how to get printable reports (as opposed to mapped reports);
* Not clear how information gets into this site or its accuracy;
* Clearly this is reported or officer observed crimes but does not report all call data where a report was not generated;
* Not clear what crimes are not on the report, such as quality of life issues i.e. noise complaints, fireworks, parking issues;
* Not clear how far back the data goes or how long it will be available on the site;
* Not clear what this is costing Lakewood taxpayers or if it is included in the LASD $9 million a year contract cost to Lakewood. From the CrimeReports.com website they report the following monthly fees:

For Universities $49/month
Up to 50K citizens $99/month
Over 50K citizens $199/month (likely Lakewood so $2400 per year)

"Custom pricing applies to agencies serving contract jurisdictions. Please contact us for additional information"

If all this costs is 2400 a year its a good deal as that is about what one day of vacation time costs the city for one LASD deputy!!

Once we work with the site in more detail we will report further. Once you have used the site please give LAAG your feed back on this crime site at updates@LAAG.us

Lakewood Accountability Action Group™ LAAG | www.LAAG.us | Lakewood, CA
A California Non Profit Association | Demanding action and accountability from local government™

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Waiting for the next shoe to drop

Well isn't this just great. First residential real estate. Now its commercial real estates turn. Right after Christmas and the January blow outs I suspect there will be much bloodletting by the retail sector. Costco opening in February 2009 could not have picked a worse time to open. Poor holiday sales (when some make over 50% of their yearly income) will not bode well for renewing that costly lease at the mall. This could be bad for Lakewood which relies heavily upon what small retail sector we have. And most of Lakewood's "retail eggs" are concentrated in the Mall "basket". And you know the saying. Never put all your eggs in one basket (in case it drops). But there is plenty of grief to go around. Cerritos must really be hurting as it relied very heavily on Cerritos Auto Square revenue to furnish lavish city projects (which it still has to maintain). Oh well as the cities like to say about tax revenue..."easy come easy go..."

Real-estate developers reportedly seeking U.S. relief

Dec. 22, 2008

NEW YORK (MarketWatch) -- Developers of large commercial real-estate projects are seeking access to government investment funds as at least $160 billion of debt comes due for refinancing next year and lenders are thin on the ground for the embattled industry, the Wall Street Journal reported Monday. The paper said that developers of projects like malls, hotels and office complexes are seeking access to the recently announced Treasury plan to provide $200 billion of credit relief to borrowers on auto and student loans and credit-card debt. Some of the developers have also reportedly suggested a separate program aimed solely at projects in commercial real estate. The Journal's report quoted a letter that a dozen developers recently sent to Treasury Secretary Hank Paulson, in which they say: "Right now, we believe there is insufficient systemic capacity to refinance expiring, performing commercial real-estate loans. For many borrowers, [credit] simply is not available." The report said that delinquencies on commercial mortgages jumped to 0.96% in November, up from a 0.62% rate in September.

http://www.marketwatch.com/news/story/commercial-real-estate-may-next/story.aspx?guid={B8584A95-BB8F-4DB4-A3B3-C9B183F10C92}&dist=TNMostRead

Lakewood Accountability Action Group™ LAAG | www.LAAG.us | Lakewood, CA
A California Non Profit Association | Demanding action and accountability from local government™

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