[Editor’s Note: Here is the presentation the former School Board and City Council candidate intends to give at tonight’s 7 o’clock public workshop in the Dan Patacchia Room at City Hall regarding the future of Downtown’s Parcel B, by the Culver Hotel.]
My name is Robert Zirgulis, and I am a real estate consultant.
I have talked to a number of developers about Parcel B, and I would like to give you some of their feedback and make a recommendation.
However, I’d first like to talk about economic reality vs. a utopian ideal of having a mini-Central Park on Parcel B.
Last night at the City Council meeting, we were given a sobering outlook at the fiscal stability of Culver City. In 2009-2010, we had an operating deficit of $3.8 million!
Do you know how we managed to balance the budget last year?
We took money out of the Reserve General Fund!
Unfortunately, the five-year forecast projects operating deficits of over $30 million, which will completely deplete the Reserve Fund, essentially making Culver City bankrupt unless we can get extra revenue.
One way to solve the city’s financial problem is to have a viable, sustainable development on Parcel B that will generate sales tax revenue in the millions.
I’m not suggesting we put up an ugly big box monstrosity on Parcel B.
Rather, what I am recommending is that we have a beautiful architecturally pleasing and environmentally friendly green retail complex on Parcel B that will not only be the centerpiece of Downtown but generate continuing sales tax revenues that will help the city in this financial crisis. We need to make this a win-win-win situation for the citizens, city and the developer.
We already have a plethora of restaurants in Downtown and a dearth of quality retail establishments. We need to have a developer who can bring new retail businesses that will be sustainable and draw shoppers and people to our Downtown district.
We should not put up unrealistic restrictions and roadblocks that will turn off prospective developers. Rather, we should encourage them to come up with creative and exciting designs that achieve a critical mass that works and makes Parcel B the crown jewel of Culver City.
Mr. Zirgulis may be contacted at zirgulisr@yahoo.com
