I wanted to make sure that residents know that the memorial for Councilmember Ron Swegles will be this Saturday the 3rd at 2:00 p.m. in the Orchard Pavilion at the Senior Center (550 E. Remington). In lieu of flowers, please make donations to Sunnyvale Community Services.
Ron was near and dear to many of Sunnyvale’s residents, so please spread the word.
A pretty brief night, at least as far as the audience was concerned. I hear that wasn’t the case for Monday’s Planning Commission meeting…
We had a couple of interviews for commission applicants before the meeting, followed by a closed session regarding the recent Town Center auction (no direction given, no action taken). Then we moved into the meeting, which started with no special orders, no presentations, and no announcements. Councilmember Lee was absent to perform his reserve duties, which left just five of us.
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At a courthouse auction Wednesday, Wells Fargo bank legally took possession of the Downtown property from the prior developer that was unable to complete the Project due to the 2008 financial crisis. The bank “credit bid” the $108 million that the bank was owed as part of its outstanding loan.
This is huge, and it’s great news for us, and it bears some explanation, because it’s complicated. The bank, receiver, and the City were previously going through a Receiver’s sale process, where the previous owner (RREEF + Peter Pau) just transferred the property over to a new development group approved by the City, with an updated development agreement. So we were all set for the transfer to happen, probably with a big announcement, back at the end of May.
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Gonna be a long evening for us, not so much for everyone else.
We start the evening with Board and Commission interviews>, followed by a closed Redevelopment Agency session regarding the Downtown. This almost certainly deals with Wednesday’s foreclosure auction, more on that to follow. Then we get into the meeting.
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The Santa Clara Weekly has a good article comparing the budgets of Santa Clara, Sunnyvale, and Palo Alto, and there are some interesting comments to be found therein. It’s going to be continued in next week’s issue.
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