Monrovia Nursery Charitable Foundation

[Bill]

Wow! this foundation's endowment will be started with $2.5M in funds plus one half of one percent from every future home resale within the Rosedale project... maybe we will get that new library yet!

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(from the City's website)

Charitable Foundation Formed

As part of the voter-approved Development Agreement for the former Monrovia Nursery, the Monrovia Nursery Company agreed to establish the City of Azusa/Monrovia Nursery Company Foundation. Endowed with an initial contribution of $2.5 million, the Foundation will provide ongoing financial support for the Azusa public library and numerous community groups and events. The Foundation’s board of directors, headed by Miles Rosedale and members of the Azusa community, will oversee and work closely with the City of Azusa in the management and use of these funds.

The Foundation will also benefit from future resales of new homes within the Rosedale community. Azusa Land Partners, LLC, developer of the former nursery, will place a covenant on all new homes built to assure the donation of one-half of one percent of the proceeds from every resale within the master planned community to the Foundation.

[Spartacus]

I disagree with homeowners having to give a portion of their sale proceeds to this.It sounds nice but what ends up happening is you are paying peoples salaries of the foundation. This is a bad idea.

[Bill]

I suppose the foundations will just "run themselves" then without staff?? Of course some money will go to staff.

This foundation (kick-started with $2.5M of developer's money) is the kind of thinking our city needs to continue with in order to spur new projects like a library.

Where else do you suggest we get the money? The State? Bake sales?

[Spartacus]

Dear Bill , Don't get me wrong, some foundations are fine. Let me explain my reasons. I'm sure you remember Nicole Brown Simpson ( O.J. Simpson's ex ) who was murdered in 1994. Her sister Denice Brown started a foundation for abused women soon after the trial of O.J. Denice heads the foundation and draws a large salary. She lives in a upscale home and drives a new Benz which is all paid for by the foundation. When people mention these ideas, two words come to my mind; RIP-OFF. I remember going to a coffee at our lodge for Diane Chagnon when she was running for Mayor. Assemblyman Ed Chavez was her guest. He told us that if Diane ever needed anything for Azusa, all she had to do is call him and he would help. This is a good time to call and ask for help on the funds for the library.

[Bill]

I don't know Spartacus, it sounds pretty good to me. Let's see, a guaranteed $2.5M in cash to start an endowment along with guaranteed recurring revenue from future home sales vs. a politician's offer. I think I will take the former rather than the latter.

I appreciate Azusa's ability to "handle" developers. We basically said, "So, you want build lots of new homes in our city? OK, this is what you're going to do. We want $2.5M in development fees plus a cut of the recurring sales AND we want to dictate to you exactly what the new community is going to look like - right down to the size of the bike trails, types of trees used, and look of the houses. Oh yeah, and build us a new fire department, school and several parks while you're at it."

I hear you on corrupt foundations...right now I'm hopeful it won't happen in our case... but I (and I suspect you) will be watching them.

[Spartacus]

Remember Bill , the developers will build it; but the residents are going to foot the bill ( no pun intended). That is where the " Mello- Roos" tax comes in. If you sell your house for lets say $ 6000,000 , you would have to pay $ 3,000 to the foundation out of your proceeds. This sucks. I wonder how the homeowners are going to feel about this. Buyer beware.