For those who do not know, on a triple-net lease agreement, the tenant, (that means our members) pays the real estate taxes every year.   Recently, our center was sold to a new investor for a considerably higher value.  This new higher value equates to new higher tax that gets passed onto us.  So in addition to annual rent increases for the cost of living, we are now seeing a huge increase in real estate taxes.  With this in mind, we are eager to move into our new home that will be our own, in Glendora.

Last year the membership voted to move forward with the purchase of land in Glendora where we will build (and own) our new Association office.  This purchase was largely financed by a 1031 tax deferred exchange from a building we recently sold in Covina (an older Association building from a merger with East San Gabriel Board of REALTORS® in the 1990’S).  Now, we are in the process of planning the new facility.  To keep you informed as to our progress, the following outlines the work to date:

1. Building Task Force Selection:  Having completed the purchase of the site for our new home, the old Building Task Force, headed by Past President Carl Burnet, was disbanded.  In its place, we created a new task force now headed by Mark Peterson.  Mark, given the monumental task of going forward with a new plan, has risen to the occasion and is spending tireless hours on insuring our association will have a new home by June of 2009, Thanks Mark!
2. Feasibility study of rebuilding the existing structure:  The old building, previously a restaurant, does not meet our requirements for staff offices, meeting rooms and the Association store.  After reviewing our growing needs in these areas, it proved too costly and troublesome to convert the restaurant.
3. Architect Selection:  Several architects were interviewed as well as site visits made to select the best firm for the job of designing our new Association office.  What we found was a firm by the name of “Archint.”  We are working with Anthony George, who just recently completed the design and construction on another office building in Glendora.
4. Builder Selection:  Having completed several custom builds in Glendora and in the local communities, we have selected a fellow REALTOR® member and contractor.  Rick Peterson is familiar with the Glendora Planning and Building Departments as he has just recently completed a project in the city.
5. Site Plans:  Although we are still in pre-design stages, we feel that our plan is nearing completion.  With parking a priority, and the ability to grow at the new site, what has evolved is a two story office building placed near the rear and side of the site.  This building will be approximately 13,000 sq. ft.  With our immediate need for space of 10,100 sq. ft., we would lease out 2,900 sq. ft.
6. Membership Approval:  Going forward, we are also working on the financing and city approvals.   Upon completion of a comprehensive package that will allow for membership review,   we will bring forward the final plan to the membership for approvals.

Thank you to all that have worked on this project.  All of the Directors, especially Roger Wade and Carl Burnet, as Roger and Carl have been in the process of continual evaluation for sites and possible solutions moving forward with our new Association home.  It’s not an easy task we are embarking on, lots of decisions and many decision makers create an environment where personalities require patience and leadership skills.  I do know that having worked with your elected directors this past year on this project, that their vision is about what’s best for the Citrus Valley Association of REALTORS®.