Magna Entertainment Corp., owner of Santa Anita Park race track, which is in bankruptcy reorganization hearings, filed a plan that would cancel its 2005 agreement with Rick Caruso to develop the 830,000 square feet Shops at Santa Anita on the race track's south parking lot. Caruso filed an objection to the move in bankruptcy court, citing "substantial economic harm" to Santa Anita Associates, LLC, the legal entity that was going to develop the project. Santa Anita LLC has so far invested over $25 million to the project's development. Caruso is committed to developing the project in Arcadia. If the contract is indeed terminated between the parties, Magna would have to start from scratch with new plans, new environmental impact reports, and new hearings to propose another development.
Arcadia teachers and students unite for Measure A, the renewal of a parcel tax that helps provide stable school funding for Arcadias, on March 7 ballot. Previously approved in 2012, Measure A would authorize a "qualified special tax of $288 per parcel of taxable real estate property," an increase of $60 over the 2012 proposal. Citizen homeowners age 65 and over would be able to exempt their primary residence from the tax.
Arcadia's parcel tax, Measure A, is validated. It gives schools $17 million over the next 5 years. Residents, with a few exceptions (seniors and those who receive Social Security), will have to pay an additional $228/year to help offset the fiscal deficit the Arcadia Unified School District faces. This Measure A was on the March 13 ballot.
Developer Rick Caruso said he is in the process of finalizing a new deal with Santa Anita Park's owners to build an outdoor mall at the race track's south parking lot. MI Developments (MID) (owner of track), voided a 2005 joint-venture development agreement with Caruso Affiliated in April 2010 for the proposed 825,000 square feet The Shops at Santa Anita, as part of MID's bankruptcy reorganization. MID and Caruso have been renegotiating since, and the development will be similar with some minor variations.
Westfield Santa Anita mall, Santa Anita Park race track, and other businesses cope with power outages and wind damage. Westfield Santa Anita mall was unable to open due to a widespread power outage although power was restored to the center's east end by 4:30 PM yesterday. Santa Anita Park was closed yesterday due to a power outage. The race track also sustained wind-related damage to the roof in its stable area and also had several uprooted trees. Huge, old trees were blown down in Arcadia.
Arcadia's election picks up steam. At last Wednesday's candidate forum, Measure A, which could repeal the Utility Users Tax (UUT) and the Saving Arcadia Ballot Initiative (rational development standards on new construction), dominated the questions from the audience at Arcadia Public Library. Includes photos and statements from each candidate.
Santa Anita Park is looking to renovate the Chandelier Room, which is part of Turf Club. It would be gutted and turned into a "night club." The Chandelier Room has been around since the race track opened on Christmas Day, 1934 (probably not true, according to Sandy Snider). Its giant chandeliers were imported from Versailles in France.
Frank Stronach, chairman of MI Developments, is scheduled to address the California Horse Racing Board to address a number of issues, including a potential new racetrack surface for Santa Anita Park and the recent cancellation of its lease with the charitable Oak Tree Racing Association. Dennis Mills, MI Development's CEO and vice chairman has said Santa Anita Park might replace its synthetic track soon, which could jeopardize hosting Oak Tree's meet there.
Measure A would increase sales tax by .75% to bring local Arcadia sales tax rate to 10.25%. It will be placed on a June 4 mail-in ballot. If passed, Measure A would yield about $8.6 million annually, which would be dedicated to keeping city services at the levels residents have come to appreciate.
Last year it seemed Santa Anita Park might be sold in a bankruptcy auction, but it appears owner Frank Stronach will keep an interest in the track. Under a deal arranged by Stronach's bankrupt Magna Entertainment Corp. (MEC) and its creditors in a Delaware bankruptcy court, ownership of the track would be transferred to MI Development, a real estate holding company controlled by Stronach. If a judge accepts the plan, Stronach would also retain ownership of Golden Gate Fields in the Bay Area, and Gulfstream Park in Florida. Also, it sets up developer Rick Caruso to proceed with building the Shops at Santa Anita mall that is proposed for the track's parking lot.
Santa Anita Park race track attendance is on the upswing. It drew 40,810 on Friday, its biggest opening day turnout since 2011. On-track attendance was up 33% over last year, partly because of the free infield admission program, which drew more than 10,000 people. Total wagering, including bets placed from all over the country, rose nearly 30% to more than $17 million. On-site betting was more than $3.4 million. The City of Arcadia gets 1/3 of 1% of all on-site wagering.
Arcadia City Council rejected a proposed draft resolution last week that several argued would give city-designated homeowner associations (HOA) too much power. During a study session, the Council discussed amending and consolidating the five HOAs' development standards, design guidelines and design review procedures into one cohesive document. Some argued the draft would give the associations' Architectural Review Boards (ARB)--which have architectural design review authority over the association area--too much control over the size of homes, setbacks and other issues. ARBs should look favorably on someone's dream home plans "unless it was so garish and outlandish that it might negatively affect property values," said Councilman Bob Harbicht. Opposition from Kevin Tomkins and Laurie Thompson.
A parcel tax in Arcadia appears to pass. Voters appear to have narrowly approved a parcel tax measure that will raise $3.4 million for the Arcadia Unified School District each year for the next five years, according to preliminary results. If the outcome is finalized, property owners would pay $228 per parcel per year in an effort to stave off additional cuts in the classroom. Measure A, which required a two-thirds vote to pass, was approved by 67.61% of those who voted in the district's boundaries. The vote should be finalized tomorrow.
Measure A appears to be failing, newcomers likely to join council. Voters on Tuesday shot down Measure A (repeal of Utility Users Tax) and appear to be electing Peter Amundson and April Verlato for Arcadia City Council. Measure A did not pass. 64 percent of votes were cast against the measure, which needed a simple majority to pass. Amundson and Verlato will be sworn in April 26.
Frank Stronach, chairman of MI Developments, the owner of Santa Anita Park, says he is optimistic his company can work out a new deal with developer Rick Caruso to build an outdoor mall at Santa Anita Park, even though he voided a 2005 joint-venture agreement with Caruso in April to build the Shops at Santa Anita mall in the race track's parking lot.
Measure A passes in semi-official election returns, according to latest figures from Arcadia Unified School District. Measure A, the education parcel tax had 6,199 yes votes and 2,970 no votes. Out of 28,616 registered voters, only one-third came out to vote on this measure.