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LOS ANGELES-Gov. Gray Davis says even in a best-case scenario, the shortfall will likely be at least $8 billion. The deficit, maybe as much as $14 billion, could lead to widespread cancellation of projects, including highway and earthquake retrofitting.
LOS ANGELES-School officials vote to buy a now-empty hotel, where movie stars once danced and Robert F. Kennedy was later shot. The LA Unified School District wants to use the parcel to build sorely needed classrooms.
MONTCLAIR, CA-Carboline Co., which makes commercial coatings and adhesives, signs 10-year lease valued at $1.5 million. The St. Louis-based firm will use the building for its West Coast manufacturing and distribution operations.
LOS ANGELES-More than 1,000 top commercial real estate professionals are expected to attend the annual 'Real Estate 2002' conference Jan. 16 at Century Plaza Hotel. A half-dozen panels also are planned for the daylong event.
REDLANDS, CA-Silagi Development & Management acquires the 180,000-sf park from Guardian of New York. Deal reflects steady demand from small and mid-size buyers, even as large institutions remain on the sidelines.
TORRANCE, CA-Mar Canyon Gersten LLC pays $9.5 million for the 235,000-sf industrial project and plans to convert it to class A space. The deal is another sign that the market is rebounding from a sluggish third quarter.
ORANGE COUNTY, CA-Transit agency approves initial 20-mile segment that will link Irvine, Santa Ana and Costa Mesa. Construction of the $2-billion project could begin within two years.
LANCASTER, CA-Rexhall Industries, one of the nation's largest manufacturers of motor homes, says it could soon rehire most or all of the 200 workers it was forced to lay off after last month's East Coast terrorist attacks. Sales have jumped in recent days as consumer confidence returns and interest rates drop.
ORANGE COUNTY, CA-The increase over the past nine months is ahead of inflation, a new report says, but not as large as rent hikes in neighboring LA and San Diego. Rents plunge 13% in San Jose and 8% in San Francisco.
BEVERLY HILLS, CA-A Superior Court judge issues temporary injunction, but plaintiffs must raise $16.2-million bond before additional arguments can be held.