- 2 -
Maguire/Thomas Partners Library Square, Ltd. (Library Square) and
Maguire/Thomas Partners Fifth & Grand, Ltd. (Fifth & Grand):
Year Adjustments
Library Square Fifth & Grand
1989 $1,468,471 --
1990 863,015 --
1991 1,973,438 $2,854,831
1992 1,783,227 561,975
1993 1,616,793 --
1994 1,474,134 561,975
1995 1,331,648 561,975
1996 1,212,751 561,975
Library Square built and operates Library Tower, a 73-story
building in Los Angeles, California. Fifth & Grand built and
operates Grand Place Tower, a 55-story building in Los Angeles.
Both of these buildings were built pursuant to a development
agreement reached in 1985 between Maguire/Thomas Partners, Ltd.
(MTP) and the Community Redevelopment Agency (CRA) of the City of
Los Angeles. To develop the Library Tower building, MTP paid CRA
$33,192,567 for certain land and development rights. To develop
the Grand Place Tower building, MTP paid CRA $17,700,000 for
development rights. MTP obtained the right to develop the
property at greater density (i.e., to build larger buildings)
than would have otherwise been permitted. Library Square and
Fifth & Grand are the successors-in-interest to the rights and
obligations of MTP under that agreement.
After concessions, the issues for decision are:
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011