FRIDAY, MARCH 16, 2012
Volume 11 Issue 109
Santa Monica Daily Press
SMC BRINGS BACK MEN’S SOCCER SEE PAGE 3
We have you covered
THE PAY UP ISSUE
Developers facing new fee to fund transit projects BY ASHLEY ARCHIBALD Daily Press Staff Writer
CITY HALL The Planning Commission voted unanimously Wednesday to move forward a new fee that planners estimate could raise $60 million for transportation projects over
the next 20 years. It’s one of the highest such fees anywhere in Los Angeles County outside of the coastal corridor, which includes Playa Vista, Marina del Rey and communities near LAX, said Jeff Tumlin, a consultant with the transportation planning firm Nelson\Nygaard
Consulting Associates. The transportation mitigation impact fee, as it’s called in City Hall, would help pay for transportation improvements to make sure traffic, road conditions and other infrastructure doesn’t worsen as more development comes to the city.
It would apply to most new building — including single family homes — and would vary based on what kind of development is approved and where in city limits it occurs. Those two factors influence the total SEE FEE PAGE 9
City Hall’s pension costs to increase Bad investment return means cities will pitch in more for retirement BY ASHLEY ARCHIBALD Daily Press Staff Writer
CITY HALL The organization that manages the majority of public pensions in California announced Wednesday that employers would have to kick in more money to cover employee retirement costs because of bad investment returns and falling inflation. The California Public Employees Retirement System board approved a reduction in its discount rate from 7.75 percent to 7.5 percent, a move which means state and local governments will have to make up the difference for their employees. It’s the first time the rate has dropped in a decade, and it will cost California $167 million per year, not counting impacts to local government, said CalPERS spokesperson Amy Norris. Employer contributions for miscellaneous employees, which compose the majority of Santa Monica’s public workforce, will go up between 1 and 2 percent by the 2013-14 fiscal year. Contributions for police and fire will increase between 2 and 3 percent. In a worst case scenario, that could equate to $2.8 million from the general fund, said Gigi Decavalles-Hughes, City Hall’s finance SEE PENSION PAGE 8
MAKING A STATEMENT
Daniel Archuleta daniela@smdp.com Members of Moveon.org protest bank lending tactics outside of Bank of America on Thursday. The gathering was part of a nationwide effort.
Rain storm on the way to Southern California SUDHIN THANAWALA Associated Press
SAN FRANCISCO A late winter storm that brought heavy rain and winds to Central and Northern California is expected to
arrive in the Los Angeles area late tonight. The upper-level, low-pressure system bringing the second storm was expected to deepen across California and bring widespread rain and mountain snow to the south end of the state.
Gary Limjap (310) 586-0339 In today’s real estate climate ...
Experience counts! garylimjap@gmail.com www.garylimjap.com
Up to 16 inches of snow was expected in Southern California mountains above 6,000 feet, and even the Santa Monica Mountains rising above the Malibu coast could see a SEE RAIN PAGE 10
BACK OR UNFILED
TAXES? ALL FORMS • ALL TYPES • ALL STATES SAMUEL B. MOSES, CPA
(310) 395-9922
100 Wilshire Blvd., Suite 1800Santa Monica 90401