Congress has cut federal funding for public media — a $3.4 million loss for LAist. We count on readers like you to protect our nonprofit newsroom. Become a monthly member and sustain local journalism.
This is an archival story that predates current editorial management.
This archival content was written, edited, and published prior to LAist's acquisition by its current owner, Southern California Public Radio ("SCPR"). Content, such as language choice and subject matter, in archival articles therefore may not align with SCPR's current editorial standards. To learn more about those standards and why we make this distinction, please click here.
Bills Without Borders: The Cost of Closing a Bookstore in Pico Rivera
Photo by brewbooks via Flickr
()
Borders bookstores are closing up all over, including several in the SoCal region, with more shut-downs just announced. In Pico Rivera, the Borders at the city's Towne Center is one of the first-round stores to get the ol' bankruptcy boot, but, as the Whittier Daily News reports, the bill for bringing books for sale to the community is still unpaid.Based on agreements drawn in 2002, the lease on the 18,100-square-foot retail site is the obligation of the city, who already "spent $1.6 million in federal grant money" to get the store in the shopping plaza in the first place. No matter when or why Borders takes off, the contract between Pico Rivera and the shopping center owner, Phoenix-based Vestar Development Co., stipulates the city must "pay the company $33,932.91 a month for 72 months until a new tenant comes in."
Borders is considered one of the "anchor" stores in the plaza, and was brought in through a joint effort by the city and the Redevelopment Agency, "to enhance educational and cultural opportunities," not to mention bring in sales tax revenue, which it did; According to Assistant City Manager Jeff Prang the Borders "generated about $35,000 a year in sales tax revenue," reports the Daily News. Pico Rivera touted themselves as one of the few predominantly Latino communities in the region to have their own big-chain book retailer.
Pico Rivera Councilman Gregory Salcido says the city has money from the original grant left to cover the expense, however he expects a private negotiation with Vestar to take place to determine a more appropriate monthly payment on a vacant spot. Pico Rivera says they aren't aware how much the monthly rent has been for Borders in the spot, and Vestar isn't talking. The city agreed to subsidize the rent "by $10,833.33 a month for 15 years," and city officials believe that is the only amount they should have to continue to pay once Borders moves out for good.
Specific reasons for why Pico Rivera's Borders was among the over 200 picked to shut down during Borders' Chapter 11 bankruptcy, however stores that got the as are considered "under-performing" locations. Most of the Borders locations, including Pico Rivera, and the handful in liquidation in the Los Angeles area, are expected to shut their doors in April or May.
As Editor-in-Chief of our newsroom, I’m extremely proud of the work our top-notch journalists are doing here at LAist. We’re doing more hard-hitting watchdog journalism than ever before — powerful reporting on the economy, elections, climate and the homelessness crisis that is making a difference in your lives. At the same time, it’s never been more difficult to maintain a paywall-free, independent news source that informs, inspires, and engages everyone.
Simply put, we cannot do this essential work without your help. Federal funding for public media has been clawed back by Congress and that means LAist has lost $3.4 million in federal funding over the next two years. So we’re asking for your help. LAist has been there for you and we’re asking you to be here for us.
We rely on donations from readers like you to stay independent, which keeps our nonprofit newsroom strong and accountable to you.
No matter where you stand on the political spectrum, press freedom is at the core of keeping our nation free and fair. And as the landscape of free press changes, LAist will remain a voice you know and trust, but the amount of reader support we receive will help determine how strong of a newsroom we are going forward to cover the important news from our community.
Please take action today to support your trusted source for local news with a donation that makes sense for your budget.
Thank you for your generous support and believing in independent news.
Chip in now to fund your local journalism
(
LAist
)
Trending on LAist
-
If approved, the more than 62-acre project would include 50 housing lots and a marina less than a mile from Jackie and Shadow's famous nest overlooking the lake. -
The U.S. Supreme Court lifted limits on immigration sweeps in Southern California, overturning a lower court ruling that prohibited agents from stopping people based on their appearance.
-
Censorship has long been controversial. But lately, the issue of who does and doesn’t have the right to restrict kids’ access to books has been heating up across the country in the so-called culture wars.
-
With less to prove than LA, the city is becoming a center of impressive culinary creativity.
-
Nearly 470 sections of guardrailing were stolen in the last fiscal year in L.A. and Ventura counties.
-
Monarch butterflies are on a path to extinction, but there is a way to support them — and maybe see them in your own yard — by planting milkweed.
Best of LAist