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Thursday, Dec 1, 2022
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AROUND THE VALLEYS

SAN FERNANDO VALLEY Chatsworth California Resources Corp. has formed a joint venture with L.A.-based investment firm Colony Capital Inc. to fund further development of CRC’s Elk Hills oil field in Kern County. Colony has committed to provide at least $320 million for the project. The investment may be increased to $500 million upon the mutual agreement of CRC and Colony. This money will cover development of about 275 oil wells in Elk Hills over the next three years. Colony will fund 100 percent of the wells in exchange for a 90 percent working interest. When Colony achieves an agreed-upon return on its investment, CRC’s working interest will jump from 10 to 82.5 percent. Colony will also receive the ability to purchase up to 1.25 million shares of CRC common stock with a $40 strike price. The owner of a Chatsworth trucking school pleaded guilty to federal fraud charges for bilking the Department of Veterans Affairs out of more than $4 million. Emmit Marshall of Woodland Hills ran Chatsworth-based Alliance School of Trucking. His plea agreement states that between July 2011 and April 2015, he defrauded the VA by submitting fraudulent enrollment paperwork for veterans who never attended the school. Under the Post 9/11 GI Bill, the VA provided AST with tuition funds that would pay for veterans to complete tractor-trailer and driver development classes. Instead of using the money for educational programs, Marshall pocketed the cash. He pleaded guilty to five felony counts of wire fraud and faces a maximum sentence of 100 years in federal prison. His sentence hearing is scheduled in November. Northridge Northrop Grumman Corp. has received a $167 million contract from the U.S. Navy to produce Lot 8 of its advanced anti-radiation guided missile system. Produced at the Northridge facility of the Falls Church, Va.-based defense and aerospace firm, the missiles are a supersonic, air-launched weapon that can engage traditional and advanced land- and sea-launched threats. It is used on the Navy’s Hornet, Super Hornet and Growler aircraft and the Italian Air Force’s Tornado aircraft. The contract includes options for increased quantities for the Department of the Navy, missiles for the Italian Air Force and missiles for foreign military sales. The missile system had previously been made by Orbital ATK Inc., which Northrop acquired last year. Pacoima Pacoima Development Federal Credit Union has merged with Gain Federal Credit Union, based in Burbank. The merger comes after one of the Pacoima institution’s biggest borrowers filed for Chapter 11 bankruptcy protection and stopped making payments on a loan. “That was the last straw,” said Roberto Barragan, board secretary and founder of the credit union. Because the credit union has only $2.8 million in assets, it was unable to absorb the loss and keep operating. Gain, with $345 million in assets, is better equipped to do so. Barragan said the credit union has been looking to merge for two years, ever since its sponsorship by the Valley Economic Development Center ended. He added willingness to maintain the location at 13168 Van Nuys Blvd. in Pacoima was the most important factor the credit union looked for when searching for a merger partner. Gain will bring mobile banking and online lending to the credit union’s customers. Sun Valley AVX Corp. is laying off more than 100 employees from its Sun Valley plant starting later this year. The job cuts at the facility at 11144 Penrose St. are expected to begin Sept. 27 with 17 employees and will go through four phases, the last being on Dec. 20, 2020 with 35 employees. The company did not indicate a reason for the layoffs, which will total 103 employees, many of them assemblers and operators but also including engineers, managers and supervisors. Publicly traded AVX, a subsidiary of Japanese conglomerate Kyocera Corp., is a worldwide manufacturer, supplier and reseller of a broad line of electronic components, sensors and control devices. Tarzana Providence Tarzana Medical Center has signed a 10-year lease for one-third of the space at the nearby Tarzana Medical Atrium. Financial terms were not disclosed. The property, which is set to be completed in January at 5411 Etiwanda Ave., is a three-story, 90,000-square-foot building that sits on a 2-acre site adjacent to Providence Cedars-Sinai Tarzana Medical Center, which is also in the midst of construction. The hospital hasn’t decided how it will use its 30,000 square feet of leased space. Atrium management was able to confirm that the ground floor will accommodate an ambulatory surgery or dialysis center via the California Office of Statewide Health Planning and Development. SANTA CLARITA VALLEY Santa Clarita The city of Santa Clarita ranks third in Los Angeles County for growth in real estate and business property values, according to the 2019 tax assessment roll released by the Los Angeles County Assessor’s office. Santa Clarita came in with $2.5 billion in growth, behind Long Beach at $3.1 billion and Los Angeles at $41.7 billion. Data showed a record high roll value of $1.6 trillion in total property value in the county, a growth of 6.25 percent over the prior year of $94.4 billion.The 2019 roll comprises 2.57 million real estate parcels and business assessments throughout the county, including more than 1.8 million single-family homes, nearly 250,000 apartment complexes and 248,000 commercial and industrial properties. In Santa Clarita, the highest-valued activity involved mostly commercial construction and sale properties, according to data provided by the assessor. TRI-CITIES Burbank The Los Angeles Recreation and Parks Department signed a $535,000 contract earlier this month with Edmonton, Alberta-based Stantec Inc. to study aerial transit options in Griffith Park to reduce congestion and ease movement of tourists throughout the 4,200-acre site, one of the largest urban parks in the nation. In recent years, two private sector plans have emerged for aerial tramways within Griffith Park. Burbank-based Warner Bros. Entertainment Inc. has proposed a $100 million aerial tram to ferry tourists from a parking lot next to its backlot to the north side of the summit of Mount Lee, behind the iconic Hollywood sign. Former media executive Barry Diller and his wife, fashion designer Diane von Furstenberg, have put forward a $30 million plan for an aerial tram from the Los Angeles Zoo parking lot to the Hollywood sign. The Stantec study will have a direct bearing on the Warner Bros. project. Studio spokeswoman Jessica Zacholl said the studio is pausing its proposal to see what direction the city will take following the study. The UltraViolet streaming service for digitally purchased films and television shows shut down last week. UltraViolet was created by the Digital Entertainment Content Ecosystem LLC, a consortium of Hollywood studios, retailers, consumer electronics manufacturers, systems integrators and others. Among its members are Warner Bros. Entertainment and Testronic Labs, both in Burbank, and NBCUniversal, in Universal City. According to a story in Variety, which broke the news of the shutdown in January, UltraViolet was closing as a response to the evolution of the market for online entertainment. Glendale Pasadena development firm Adept will begin work by the end of this year to convert a 1980s office building in Glendale into condominiums. The adaptive re-use project will begin with the upper floors of the eight-story office structure at 520 N. Central Ave. turning into 53 residential units. Some 8,372 square feet of existing ground-floor retail space will remain. Also, Adept will create 45 more units and an amenity deck atop a parking structure at the back of the property at 521 N. Orange St. The Adept project marks the first residential project to be approved by the city of Glendale in more than three years.

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