BOARD MEETING DATE: January 21, 2000
AGENDA NO. 26

REPORT: 

Finance Committee

SYNOPSIS: 

The Finance Committee met Tuesday, December 14, 1999 and discussed the issue detailed in the Committee report.

RECOMMENDED ACTION:

Receive and file.

Norma J. Glover, Chair
Finance Committee

Attendance: Present were Committee members Norma Glover and Leonard Paulitz. Absent were Committee members Michael Antonovich and William Burke.

Discussion Item:
Leasing Market Update: John Archibald, with the firm of Grubb & Ellis, provided an update to the committee regarding the marketing of the Diamond Bar facility which includes listings in Co Star Broker Service (a nationwide service), American Industrial/Office Multiple (circulated to over 1,000 area brokers) and the Multiple Listing Service. In addition, Mr. Archibald answered committee questions concerning the new office space on Copley Drive being completed for the Travelers and All State Insurance companies. Both companies are offering space for lease totaling between 80,000 to 100,000 at about $1.90/sq.ft.

Progress Report and Signage Issues related to Leasing Space at Diamond Bar Facility:  
Sylvia Oroz, Business Services Manager, provided a detailed presentation to the Committee regarding: space reconfigurations and the clearing of the ground floor south building; signage and tenant address identification for mail; security; and current parking space limitations and tenant parking issues. Approximately 13,000 sq. ft. on the ground level south building is being offered at $1.75/sq.ft. and is expected to be available by April 2000.

Other Business: None

Public Comment: None

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