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    QW Bay Developer DDR Sends Letter to Councilmembers, Presenting Its Project Status from Firm's Perspective

    We post letter verbatim

    (August 20, 2001) -- QW Bay developer Developers Diversified Realty, Inc. (DDR) has sent a letter to LB City Councilmembers, presenting the status of its project from the firm's perspective.

    We post the letter in the public interest on a link below.

    The letter, dated August 14 and signed by DDR's Western States Director of Operations Rod Chisessi, states in pertinent part that DDR "is pleased and continuing to make progress on the leasing program for the project. We currently have 17 executed tenant leases for the project. Another group of key tenancies is under negotiations and their leases are also close to completion. That will put us at approximately 47% pre-leased and well on our way to meeting our financial underwriting requirements."

    The letter also indicates DDR is "continuing our search for a new operator of a large screen format theater,whether it be operated under the IMAX brand or one of the other brands operating large format theaters. If such an operator is found, the large screen theater would be located in Building A-1 as it has always been contemplated on our plans."

    DDR's letter says the firm "is pleased with the leasing progress for Queensway Bay and believe we are well on our way to meeting our easing and financial plan requirements and breaking ground on the project within the time period provide [sic] for under our Disposition and Development Agreement with the City of Long Beach. We are also well along in processing construction plans for permits for many of the project buildings. In short, we are moving forward with the project and making good progress."

    Earlier this year, the City Council (Grabinski dissenting) voted to extend certain performance deadlines in an amended Disposition and Development Agreement with DDR.

    DDR's August 14 letter, sent to all Councilmembers, is a public record. and was provided to at our request by the office of Councilmember Jackie Kell. We have posted the document in pdf form below (excluding the writer's direct dial phone number and without an attached Press-Telegram article, which is a matter of record and parts of which the letter disputed).

    To view the letter, simply click (while on line) on DDR Aug. 14, 2001 letter to Councilmembers.

    At the Council's August 14, 2001 meeting, Councilmembers voted unanimously to request a report from the City Manager on the total amount of City investment in all of QW Bay (i.e. including areas beyond the 18-acre DDR retail and entertainment complex, extending to the Convention Center, Rainbow Harbor and the Aquarium). The request for a City Manager report on QW Bay was agendized by Councilman Grabinski.

    Speaking from the podium at the Council meeting, City Auditor Gary Burroughs offered what he noted was an admittedly approximate estimate, verbally putting the QW Bay figure (including the Convention Center, Rainbow Harbor and the Aquarium) at roughly $350 million dollars.

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