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December 19, 2008
Forest City gets more time to show Fresno the goods
Fresno Bee
by Bill McEwen
Not that long ago, Forest City Enterprises was the sexiest new name in Fresno.
The Ohio-based developer brought a record of success, urban expertise and financial clout to town.
Most of all, Forest City had the star power that appeared important in rebuilding downtown Fresno and capitalizing on taxpayer investment in the downtown stadium.
Mayor Alan Autry loved Forest City and the City Council loved Forest City. Soon the media were producing stories about the amazing transformation that might occur south of the stadium and chasing Fresno's attempts to land an anchor tenant such as Bass Pro Shops or IKEA to spur retail development.
Now, not quite five years later, the national economy is in free fall, Forest City is no longer flush with money and the company's good name is just as likely to elicit yawns -- or anger -- as excitement in Fresno.
But fear not, Fresnonians — Forest City is pressing on, with the help of its government backers and, if it gets lucky, more public subsidies.
But the City Council -- at least the one that listened to Smartt's report -- still sort of loves Forest City. On Tuesday, it wisely extended the firm's exclusive negotiating agreement for the South Stadium Project for another six months into mid-2009.
...What does six months buy Forest City and Fresno taxpayers?
Time for Forest City to pursue state and federal money to close an estimated $100 million financing hole in the $300 million project.
Posted by eric at December 19, 2008 1:29 PM