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With the bankrupt Town Center Mall slowly losing its tenants, keeping the parking structure in good repair is somewhat of a challenge. A recent engineering study by the city of Sunnyvale recommends that immediate repairs be made to the mall's parking structure.
For now, however, Sunnyvale residents don't have to fear parking there. Marvin Rose, director of public works for the city, says the structure is not in any immediate danger of collapsing.
Rose says that the cost to refurbish the structure could be as high as $8 million and would only add about five years to the life of the structure. "This does not seem to be a cost-effective solution. We now think it's necessary to look at options that may potentially result in either closing or demolishing the structure," said Rose.
The city owns two-thirds of the structure and the mall owns one-third. But because the owners of the mall have filed for bankruptcy, one-third of the parking structure's assets are essentially tied up in court. Robert Paternoster, the city's director of community development, says that all parties, including the bankruptcy court judge, have to agree on the future of the structure. Though the city has not made any decisions, Paternoster says that in the short run all of the structure, or a portion of it, could be paved over for surface parking.
"In the long run, we would have to see what interests the new owners of the mall would have in that property," Paternoster said. But he says the parking structure should have no effect on the mall's bankruptcy proceedings.
The mall is in court-ordered receivership, but it is still operational. Though the owners of the mall have declared bankruptcy, the receiver, James Barren, is taking care of the mall through the bankruptcy process.
Barren says he is trying to keep the mall safe, maintain regular hours and keep the lighting in good condition-basically, keep the mall functional. "The mall is in good shape and we meet all of our safety code regulations," said Barren.
As the weeks go by, more and more businesses are leaving the mall. In the last month, four more businesses have closed, including McDonald's, Champs Sports, and the San Francisco Music Box Co. But 62 stores are still open and running.
According to Barren, the Forum Group, a business based in Atlanta, has signed an agreement to buy the mall. If the Forum Group meets all of the contingencies the purchase of the mall will close by Jul. 31, 2003.
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