Takeover Plan Backed for Equestrian Center
Los Angeles Recreation and Park officials have recommended that a Burbank-based development company be allowed to take over the Los Angeles Equestrian Center from its financially beleaguered operator.
The developer, Del Rey Properties, agreed to pay $500,000 of the more than $800,000 in back rent owed by Gibraltar Savings to the city of Los Angeles, which owns the 70-acre center in Griffith Park.
Gibraltar executives have blamed the center’s previous operator for the debt to the city. Under the recommended arrangement, Del Rey Properties would pay $3.6 million for the rights to operate the center. The firm would pay $3.1 million to Gibraltar and $500,000 to the city. Gibraltar would then repay the remaining back rent.
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