Phil Stokes
By Torre Peña
As the new president of the Mission-West Valley Land Corporation, Phil Stokes is determined to keep developers honest while representing the interests of the West Valley-Mission College District. Elected by fellow trustees, he takes over the one-year position that rotates among the board members.
The land corporation, incorporated in 1985, leases land near the Mission College campus to developers. The land agreements provide a steady stream of funds to the district.
Stokes, first elected as a West Valley-Mission College District trustee in 1983, has been involved with negotiation committees since the land was first leased.
"We declared 56 acres surplus back then," said Stokes. "We agreed that we would not sell the land when beginning this process."
The board initially leased the land to Interland Corporation, which returned a portion of the land before beginning construction of a 20-screen AMC theater and retail center. Another long-term lease in a partnership with Sobrato Development Companies and S3, a high-tech firm, accounts for 26 acres of land. The land is being used for the buildings that serve as S3's corporate headquarters.
Last year the land corporation generated between $1 and $2 million. This year, Stokes expects the lease agreements to haul in about $2 million.
Revenue generated by the land corporation provided the impetus for the groundbreaking of a new student center at Mission College, according to Mark Perlberger, executive director of the land corporation. The money may also be used to augment the deferred maintenance fund at West Valley College.
"It's about as close to an endowment as the colleges get," said Perlberger.
The remaining 6.3 acres of undeveloped land owned by the district is currently out to bid.
"We expect to lease it this year," said Perlberger. "The market is very hot."
And that would mean more revenue for the district.
Stokes is focused on striking a fair deal with developers. He said the district gave too much to the developers in the Sobrato negotiations.
Stokes added that the role of land corporation president is too vague at this time, and the board will be meeting to discuss the roles and responsibilities of the president. The entire board of trustees is responsible for decisions concerning the land corporation.
This article appeared in the Saratoga News, March 12, 1997.
©1997 Metro Publishing, Inc. All rights reserved.