| Placer to sue former planner
Placer County supervisors voted Tuesday to sue former county Planning Commissioner Michelle Ollar-Burris and a group of her clients, alleging violations of state planning law. County Counsel Tony LaBouff said the lawsuit, which may be filed as soon as today, will include allegations that Ollar-Burris committed fraud, violated her fiduciary obligations as a planning commissioner and engaged in unfair business practices. Ollar-Burris, an Auburn real estate broker, was removed from the Placer County Planning Commission in June after a Sacramento Bee story detailed real estate transactions that appeared designed to subvert California's Subdivision Map Act. .
Kennedy Wilson Auctions and Sells 41 Properties in Northern California
BEVERLY HILLS, Calif., Nov. 8 /PRNewswire-FirstCall/ -- Kennedy Wilson Auction Group, a division of the national real estate services and investment firm Kennedy Wilson, conducted inventory closeout auctions for two Northern California developers. Serita, a gated community in Pinole, situated near the bay waters and Laguna Oaks, nestled in the heart of Elk Grove. The seven two-story homes in Serita featured 3 bedrooms and two and one- half baths, ranging up to 2,458 square feet. Three of the homes included an additional 1 bedroom/1 bath attached carriage unit, and all units were sold on Saturday, November 3, 2007 at the Hilton Garden Inn, Emeryville, CA. All homes sold within 30 minutes. Laguna Oaks, the second closeout auction, was held the next day at the Sheraton Grand Hotel in Sacramento, CA, and the excitement continued when all 34 1, 2 and 3 bedroom condominiums went to bidders in over 60 minutes.
CA Retirement fund to buy 275 million stake in Silver Lake Partners
An announcement may come as soon as today, said the person, who declined to be named because the talks are secret. The stake is worth about $275 million, valuing Menlo Park, California-based Silver Lake at $2.75 billion, the New York Times reported earlier today, citing unidentified people briefed on the deal. Calpers, which covers the benefits of more than 1.5 million Californian state and local government employees, has more than 400 private equity investments. Sacramento, California-based Calpers plans to reduce that number by concentrating assets in fewer fund managers. The California Public Employees' Retirement System (CalPERS) provides pension fund, healthcare and other retirement services for approximately 1.5 million California public employees. As of October 2007, it owns $254.8 billion worth of stock, bonds, funds, private equity and real estate.
Junction store's future still unclear
Nearly a year after Albertsons closed its doors at The Junction shopping center, there's no word on what grocery store will take its place. Albertsons representatives said last summer they had sold the store to Raley's, a West Sacramento-based chain of supermarkets in northern California, Nevada and New Mexico. Raley's holds the lease to the still-vacant East Sonora store. Company spokeswoman Nicole Townsend said that, as a private business, Raley's doesn't comment on its real estate plans. Junction merchants have heard rumors that discount grocer Cost Less Food Company would move into the store once an agreement between the company, Raley's and The Junction's owners was worked out. Don Way, president of Cost Less Food Company, said Friday that a Cost Less will not be coming to The Junction.
Sacramento finds itself in yet another budget hole
Five years on from recalling a governor because of a $20 billion deficit, California is once again $14 billion in the red and in debt to boot.
In 2003, it was the telecom crash that got the blame for ending the fire hose of taxes that had been flowing for a few years into Sacramento.
In 2008, the real estate slowdown is getting the blame.
But the real culprit is Sacramentos refusal to deal with its spending.
As recently as the 2000-2001 fiscal year, Californias general fund expenditures stood at $99.4 billion. That was nearly double expenditures just a decade before, but stay with us.
In the current fiscal year, according to the State Senate Committee on Budget and Fiscal Review, general fund expenditures will total $142 billion, a 43 percent increase in five years.
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