MGM to Make Movie Distribution Deals
Metro-Goldwyn-Mayer is expected to announce on Wednesday new agreements to distribute movies made by other producers, the New York Times reported. Under the agreements, MGM will distribute movies made by the Weinstein Co.; Bauer Martinez Entertainment, a producer of little-known fare like “Modigliani”; and Lakeshore Entertainment, which recently had hits with “Underworld: Evolution” and “The Exorcism of Emily Rose.” MGM, owned by a consortium of media companies and private equity investors, is holding a news conference on Wednesday to discuss its plans and is portraying the new relationships as a reinvigoration of MGM.
Homeowners Expect Prices to Keep Rising
Americans remain optimistic that home values will keep rising in the next few years, but some are concerned that they won’t be able to keep up with their mortgage payments, according to a Los Angeles Times/Bloomberg poll. More than one-quarter of those who have adjustable-rate mortgages say they aren’t sure they’ll be able to make their monthly payments if their interest rate goes up. Homeowners’ views in the new nationwide poll show widespread faith in the real estate market, despite signs that prices and sales are cooling. In the poll, nearly half of homeowners expected the price of their primary residence to rise 5 percent to 15 percent over the next three years; 25 percent expected appreciation of percent or more in that period.
Land Scarce for Factories, Warehouses
With the nation’s tightest industrial real estate market, Southern California faces a looming problem of meager space for expanding factories and warehouses, the Los Angeles County Economic Development Corp. said in a report released Tuesday. L.A> County and the four surrounding counties saw 252 major business expansions last year, down 27.5 percent compared to a year earlier. The study defines a major expansion as a lease or building permit of at least $1 million or 20,000 square feet. Lack of undeveloped land represents a prime cause of this drop, the Daily Breeze reported. With a 2 percent industrial vacancy rate in the fourth quarter, L.A. County had the tightest market in the five-county region that includes Orange, Riverside, San Bernardino and Ventura counties.
Runoff in L.A. School Board Race
Monica Garcia finished far ahead of other candidates in Tuesday’s special election for an open seat on the Los Angeles school board but did not tally enough votes to take the spot outright. Garcia, who earned 47 percent of the votes, was endorsed by Mayor Antonio Villaraigosa. She has indicated an openness to a mayoral takeover of the school district, the Los Angeles Times reported. Christopher Arellano, who was backed vigorously by the powerful teachers union for which he works, placed a distant second with 19 percent of the votes. Because no candidate received more than half of the votes, a runoff will be held in June between Garcia and Arellano.
Railroads Sue to Stop AQMD Rules
Two railroads filed a federal lawsuit on Tuesday to block new rules adopted in February by the South Coast Air Quality Management District to help reduce polluting emissions from idling trains. Union Pacific Railroad Co., BNSF Railway Co. and the Association of American Railroads argue they already have reached an agreement for statewide pollution controls with the California Air Resources Board. The district’s new regulations, they said, amount to local interference with federally controlled rail operations and violate the Federal Clean Air Act, the Long Beach Press-Telegram reported. The South Coast AQMD’s governing board adopted the latest set of controls after determining the prior set was not stringent enough.
Poll Shows Support for Two Ballot Measures
A Westfield poll shows strong support for the mall company’s two proposed ballot measures, but also shows erosion of opposition to the rival Shops at Santa Anita. Westfield, owners of the Westfield Santa Anita mall, is gathering signatures for two initiatives it hopes to put on the November ballot. The first would mandate free parking at large retail projects. The second would ban large billboards. Both are targeted at developer Rick Caruso, who wants to build a mall on the parking lot of the Santa Anita racetrack. Westfield has battled Caruso for a year, hoping to stop the mall developer from siphoning away shoppers and merchants. If the Caruso project wins approval, Westfield will launch a petition drive to block it, the Pasadena Star-News reported.
