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Council grants exclusive negotiation for Valley Plaza redevelopment project
Summary
The council authorized an exclusive right to negotiate for a large Valley Plaza redevelopment that would replace an earthquake-damaged shopping center with a mixed-use project; members said no city funds are committed now.
The City Council authorized an exclusive right to negotiate with the developer proposing a large-scale redevelopment of the Valley Plaza Shopping Center, a commercial site severely damaged in the Northridge earthquake. The motion passed by voice vote (recorded 14 ayes).
Developer Jerry Snyder told the council the plan envisions a 900,000-square-foot development including a 4,000-seat theater, retail, restaurants, bookstores and two office buildings; he said about 55 acres of the 69-acre site would remain as preserved open space. City staff told the council the site is a fully commercial 50-acre (transcript alternately described 50 and 69 acres) parcel with no residential property and that no city general-fund or CRA funds are currently committed to the project during the exclusive negotiation period.
Why it matters: Council members described the authority as an important step to spur redevelopment in the San Fernando Valley, generate jobs and tax revenues, and help rebuild a center affected by earthquake damage. Members also pressed for clarity on living-wage expectations and potential future public funding.
Key details and votes
Don Spivak of the Community Redevelopment Agency told the council the project is expected to generate substantial tax revenue and more than 1,000 new jobs; Terry Sauer of the City Administrative Office and staff said no city funds are committed now and the exclusive-right-to-negotiate step does not obligate the city to provide general-fund support. Council approved the exclusive negotiation by recorded voice vote of 14 ayes.
Council concerns and next steps
Councilmembers stressed that when public subsidy is later requested, the council will review questions about living wages, land acquisition and any bond or eminent-domain use. Councilmember Janice Goldberg asked whether the jobs would be living-wage positions; staff said the agency had not yet adopted a living-wage requirement but is reviewing comments related to a living-wage policy and would bring a proposal back in the future. The item advances the project into a negotiation phase; details about any future public funding would return to council for approval.
