This is the press release from Bernard Parks' office:

PARKS TO KICK-OFF DEMOLITION AT MARLTON SQUARE

City’s Most Long-Awaited Development Project Moves Forward

WHAT: Councilmember Bernard C. Parks will join Congresswoman Maxine Waters and city
officials to kick-off the demolition of city-owned buildings in the Marlton Square shopping
center (formerly Santa Barbara Plaza) at a press conference on Thursday morning.
Redevelopment of the run-down shopping center was first proposed by Mayor Tom
Bradley in 1984, but has been plagued by numerous problems – most recently the 2004
default of the previous developer – Capitol Vision Equities (CVE) – and the bankruptcy of
the CVE’s lender, USA Capital, in 2006.

Unable to move forward with a new developer while the majority of parcels were stuck in
limbo during bankruptcy litigation, Parks spent the past five years expending significant
time, effort and political capital securing funding for the Community Redevelopment
Agency of Los Angeles (CRA/LA) to purchase nearly all of the remaining properties,
ensuring the City would be in the strongest possible negotiating position, once the
bankruptcy was resolved. A settlement agreement was reached on December 29th,
2010.

In recent months, the CRA has been approached by numerous interested developers,
and the demolition of the derelict buildings will be the first step toward moving forward
with a new developer and new plan for the 20-acre site.

WHEN: Thursday, August 4 — 10 AM

WHO: Councilmember Bernard C. Parks
Congresswoman Maxine Waters
Christine Essel – CEO, Community Redevelopment Agency of Los Angeles (CRALA)
Kenneth Fearn – Chair, Board of Commissioners, CRALA
Douglas Guthrie – General Manager, Los Angeles Housing Department
Richard Benbow – General Manager, Community Development Department
Joyce Perkins – Chair, Crenshaw Community Advisory Council
WHERE: 3772 W Martin Luther King Jr Blvd
Los Angeles, CA 90008 - Enter Parking Lot on Marlton Ave

***ACTUAL DEMOLITION PLANNED AT EVENT