CSUN/21″/1stjc/mark2nd By JULIE SABLE Staff Reporter A proposed $25 million upscale retail center on 20 acres of unused land on the campus of Cal State Northridge is drawing fire from local merchants who claim the development is an inappropriate use of state-owned land. The 220,000-square-foot University MarketCenter is slated for development on Devonshire Downs, a former fairgrounds site between Zelzah and Lindley avenues. The center is expected to provide 300 jobs and become a cornerstone for development of the remaining 45-acres of vacant land. University officials say the project will bring in about $1 million for the university in lease revenues and $1.25 million in local sales taxes. Those funds would then be used to provide on-site educational programs as well as job experience for students. “Education programs would be funded by this project, which calls for a combination of public and private partnerships,” said Frank Wein, facilities director of CSUN’s North Campus. During a public hearing last month, opponents voiced concerns over additional traffic that would be generated by the development concerns that Wein said have been addressed by widening four of six affected intersections and adding traffic lights. But opponents are not just worried about the increased traffic they’re worried about losing business. And because the state would be effectively subsidizing the development by providing the land, they say the new project will provide unfair competition. “Business owners are still feeling the effects of the devastating 1994 earthquake and many have not yet rebounded from the effect it had on Northridge,” said Dick Hardman, executive director of the Northridge Chamber of Commerce. “This project will be direct competition to an already struggling retail environment.” Instead of building new retail in an area where many store owners are struggling, chamber officials would prefer the university develop something that conforms more closely to its academic mission. “Let the laws of supply and demand dictate whether we need more retail,” said Northridge Pharmacy owner Barry Pascal. “If you go out and take a look at all of the vacant buildings and businesses in the area, you will have your answer.” Pascal would rather see the university develop a “farm team” for the entertainment industry by building production studios. “With backing from a big entertainment company, the university could build sound studios and computer labs for animation that would be used by the production studios and students as well,” Pascal said. According to a recently completed evironmental impact report, the center will not compete with other merchants in the area because the retail spaces would range from over 20,000 square feet to 40,000 square feet. Many of the existing retail and businesses in that area are in the 1,500-to2,500-square-foot range. “The demand for retail space for larger retailers cannot be met by other retail centers already in the area nor can the demand be satisfied by other proposed or pending projects in the community,” Wein said. Gerald Curry, past president of United Chambers of Commerce, an alliance of 23 Valley-area Chambers of Commerce, called the vacant area an eyesore. “Businesses should support reasonable development in general,” said Curry, a Canoga Park attorney. “The MarketCenter is an attractive project that is clearly well-designed and well-drafted.” The project calls for a long-term lease of the site to the project’s private developers, Cousins Market Centers Inc. and Hopkins Real Estate Group, both from Newport Beach. Los Angeles Councilman Hal Bernson, who represents Northridge, has not taken a formal position on the project but is concerned about the impact on neighboring merchants, said assistant chief of staff Francine Oschin. “The councilman wants to make sure that the community is protected and that the MarketCenter does not have an adverse effect on other businesses in the area,” she said. The public comment period ends April 14. University officials hope to win approval from the California State University Board of Trustees this summer, and approvals by the city of Los Angeles this fall. If the approvals are granted, construction could begin at the end of the year with completion in late 1998, Wein said.

bids/kanter/13 inches/1stjc/mark2nd By LARRY KANTER Staff Reporter Fueled with seed money from the city of Los Angeles, the organizers of 10 San Fernando Valley-based business improvement districts are engaged in intensive lobbying efforts to generate support among local business-people. Such districts, known as BIDs, are self-assessment zones in which business- and/or property-owners tax themselves to pay for local street improvements or marketing campaigns. In an era of over-burdened and cash-strapped city governments, BIDs have become a popular way to fund services that municipalities no longer are able to perform, such as street-cleaning and grafitti-removal. Ten Valley business districts have received between $65,000 and $75,000 from the city’s Community Development Department to hire consultants to study the feasibility of forming a BID. “We’re spending a lot of time with the community and property-owners, asking their opinions about what they think is best for business and how much they’re willing to pay for it,” said Donald Duckworth, a consultant whose Arcadia-based firm, Citygate Associates, is shepherding property-based BIDs in Studio City, Tarzana, Granada Hills and Canoga Park. Other districts are being formed in Northridge, Chatsworth, Reseda, Woodland Hills, Encino and Sherman Oaks. Throughout L.A. County, 10 BIDs are up and running and 20 more are in various stages of formation. BID organizers must get the support of more than 50 percent of the district’s tenants in order to receive approval from the City Council, which must sign off on all BIDs. Most Valley-based districts are likely to assess property-owners rather than small-business people many of whom operate with razor thin margins and often are reluctant to add to their tax burdens, consultants say. Property-owners, on the other hand, often have a longer term stake in their communities, which gives property-based BIDs a greater chance of survival, according to consultants. In addition, property-based BIDs have a five-year life span; business-based districts must be renewed by a majority vote every year. Few of the Valley BIDs are close to making that decision, however. Instead, consultants have been organizing a series of public meetings designed to educate people about what a BID is and what the districts can accomplish. “This is an opportunity for business-owners and local government to get creative,” said Jonathan Port, a consultant with Economic Research Associates in Westwood, which is working with nascent BIDs in Sherman Oaks and Encino. However, he added, “We’re still looking for increased involvement. No decisions have been made.” Valley business- and property-owners will be grappling with those decisions over the next few months. In fact, few of the Valley BIDs will be ready to make their pitch to the City Council for approval before the end of the summer, the consultants say.

lacter///valleyedit/april/1stjc/mike1st Hed — Too Many Voices The Valley is suffering from business group inflation. Simply put, there are just too many organizations all doing pretty much the same thing. We note with interest the revving up of the Economic Alliance of the San Fernando Valley, which was originally formed in the aftermath of the 1994 Northridge earthquake and whose organizers aim to raise $7.5 million by the end of the year. There is nothing wrong with the organization’s primary aim: Promote the Valley as a good place to do business. Nor can fault be found with the selection of veteran television executive Bill Allen as the group’s president and chief executive (even if the $180,000 salary seems a mite high). Our biggest question is, “Why finance and expand such an organization when the Valley already has several vital business groups, such as the Valley Industry and Commerce Association, the United Chambers of Commerce and the Valley Economic Development Center?” Having so many associations creates a splintering effect that ultimately dilutes the Valley’s business voice. The profusion of groups, of course, is not limited to the Valley. Indeed, it’s a phenomenon throughout all of Los Angeles. In most cities, business interests tend to be represented by a single body often the local chamber of commerce. But the Los Angeles Area Chamber of Commerce has had only limited effectiveness in reaching out to the city’s disparate business communities (which might help explain its limited effectiveness at the City Council). In lieu of the chamber or any other leading organization a host of business groups has been formed throughout the city. They include the Central City Association, the Economic Development Corp. of Los Angeles County, the Los Angeles Business Advisors and RLA not to mention business organizations geared to specific industries and ethnic groups. In fairness, L.A. is not like most American cities. Its sheer vastness creates diverse interests and agendas that are often difficult to embrace in a central organization. Even an issue like the proposed downtown sports arena will be of more interest to Central City members than to VICA. The splintering also is the result of a tendency by the major groups to skew their attention to downtown and the Westside not the Valley. In our story this month on the Economic Alliance, Allen takes to task the New Los Angeles Marketing Partnership. “I would defy you to find much information about the San Fernando Valley in NewLAMP’s marketing efforts,” Allen told reporter Daniel Taub. Point is well taken. And yet, we remain mystified as to why one of the existing Valley organizations could not take charge of the Economic Alliance’s marketing efforts. (We also wonder why $7.5 million is necessary to get the job done.) A coordinated business voice is not possible when there are so many voices seeking attention. As former L.A. Chamber President Ray Remy put it last year: “The combination of that many business groups creates the problem of competing for limited resources and competing for limited time from prominent business leaders.” In an era when consolidation and efficiency have become watchwords for doing business, it’s hard to understand why local business leaders including those in the Valley haven’t yet gotten the message.

Media/LSP/21″/mike1st/mark2nd By LISA STEEN PROCTOR Staff Reporter It’s airplane service for the privileged set and business is hot. With a new generation of jets being snapped up by corporate executives and anyone else who can afford the luxury of private jets, Media Aviation is undergoing a $20 million-plus upgrade at the Burbank-Glendale-Pasadena Airport. “The use of private airplanes will continue to go up,” said Robert Volk, the company’s chairman and CEO. “Particularly in the entertainment industry, businesses are becoming more international and high-profile people are concerned with security and avoiding contact with the general public.” Executives also turn to corporate jets to save the time it takes to fly commercial and the new generation of jets saves even more time than their predecessors, said Volk. Because the new jets can fly non-stop to destinations as far away as Tokyo or Paris, the jets save the three hours or so it typically takes to land, refuel and take off again, he said. As the largest “fixed base operator” at the airport, Media Aviation leases hangar space and provides fueling and tie-down services to corporate jet owners. The company provides space to about 70 percent of the more than $200 million worth of corporate aircraft based at the airport an airport that serves as a base for many entertainment industry titans. To prepare for the new generation of jets and to respond to increased demand in corporate jet usage, Media Aviation is tearing down many of its old hangars and replacing them with new upgraded hangars. Media Aviation is just one among a group of companies providing specialized services at the Burbank airport for corporate jets and those who fly them. The services range from specialized cleaning, such as T. Brennan Inc. Aircraft Cleaning, to managing the multi-million dollar aircraft, such as Jet Aviation Business Jets, one of Media Aviation’s tenants. To a company, they report an increase in business during the last year. “We’ve always had a fairly substantial number of corporate clients at Burbank,” said airport spokesman Victor Gill. “And we anticipate a significant increase in the number of corporate jets at the airport within the next 10 years.” Volk founded Media Aviation after he sold off another fixed base operator Martin Aviation (which had its primary facilities at Orange County’s John Wayne Airport) and retained the company’s Burbank facilities. Media Aviation generates revenues of $4.5 million most of it from companies that pay a monthly rent to have their jets housed in Media Aviation’s hangars. The company also provides fueling, tie-down and other services (including the use of conference rooms) to corporate travelers simply making a stop at the airport. Volk decided in 1996 to upgrade Media Aviation’s facilities to meet the demand expected from the new generation of jets. Volk turned to Wolff-DiNapoli, a Los Angeles-based real estate development and management firm, as a source of funding and a partner in the development venture. Much of Media Aviation’s upgrade involves constructing hangars high enough to accommodate the new generation of jets with their higher tails. In fact, it’s the first company in Southern California to build hangars that can accommodate the Gulfstream V’s 26-foot tail height, said Volk. The company is constructing hangars with doors 28 feet high and interior ceilings 32 feet high; the company’s tallest pre-existing hangar door is 25 feet high. To provide more privacy for clients, the company also is building single-tenant hangars with high-tech security systems, and decreasing its number of multiple-tenant hangars. The new hangars will not have more square footage (because of the limited land available); instead, the hangars will be built to accommodate more planes in the same amount of space. Old “barrel hangars” structures built during World War II, with roofs shaped like semi-circles will be torn down and replaced with flat-roofed, rectangular hangars. The sloped roof of the old configuration only allows usage of about 60 percent of the total hangar space because jets with higher tails can only be placed in the center space, said Volk. The new hangars will allow the use of all floor space. In addition, all hangar offices will be attached to the hangar from the outside, instead of being placed within, where they take up space that otherwise could be used by aircraft. But development plans involve more than just accommodating new types of jets. The company also plans to accommodate a greater number of jets as well to meet a climbing demand.

nwsmkrs/jb/18 inches/1stjc/mark2nd Advertising/Public Relations Kim Walter has been named vice president of operations for Van Nuy’s based AdOut. Walter previously worked as the advertising production manager of the Daily News of Los Angeles. In her new position, she will oversee a staff of 29 in the design and production of advertisments for newspapers. Entertainment Janice Meagher has been appointed senior vice president of marketing for Universal Studios Hollywood and Universal CityWalk. In her new position, Meagher will oversee advertising, promotions, broadcast development and publicity. She previously served as senior director for Pepsico’s Taco Bell Division. Stewart Sloke has been named vice president/production director of Glendale-based World Wide Wadio. Sloke previously worked at Waves Sound Recorders, where he was the primary engineer. In his new job, he will oversee the company’s staff of producers and sound designers. The company produces radio commercials for clients such as McDonald’s, Volvo and 20th Television. Bahman Naraghi has been named senior vice president of planning and operations for Universal Pictures. Naraghi will be responsible for all planning and development activities for the motion picture company, as well as strategic planning. He previously was senior director of corporate development for the Universal City-based company. Eric Hughes has been named vice president of production for Universal Pictures. In his new position, Hughes will be responsible for acquiring and developing movie projects. Prior to this assignment, he was creative executive of production for Turner Pictures. Glen Firstenberg has been appointed senior director of marketing for Universal Music & Video Distribution. In his new position, Firstenberg will oversee marketing and sales strategies with the labels and artist development representatives. Previously, he was Eastern regional sales director for Warner Audio Video Entertainment. High Technology Angela J. Johnson has been named vice president of investor relations and corporate communications at Spatializer Audio Laboratories Inc. of Woodland Hills. She has also been appointed an officer of the company and its subsidiaries as secretary. The company designs and licenses audio, data storage and other advanced technologies. Patrick A. Diamond has been hired as vice president of business development for Simi Valley-based HT Communications Inc. Diamond held a similar position with Frame Relay Technologies Inc. of Costa Mesa. He will be in charge of establishing partnerships with distributorships and industrial clients for the company,which develops ISDN technology. Real Estate Bob Reynolds has been named vice president of land acquisition for the AMCAL Group of Companies. Reynolds has previously worked for Monarch Homes, Nevada Griffin Homes, and the Antelope Valley Building Industry Association. AMCAL, based in Westlake Village, manages more than $100 million of real estate in Southern California and Arizona. Montgomery Watson Inc. has announced that Murli Tolaney will take over as chairman of the board and Robert B. Uhler as president. Tolaney is chief executive officer of the Pasadena-based company, which provides environmental engineering, construction and management. Uhler most recently served as CEO of the company’s industrial/federal operations. Travel/Tourism Steven King has been named director of group sales for the Universal City Hilton and Towers. King previously worked in a similar position at the Doubletree Hotel at Los Angeles International Airport. In his new job, King will be responsible for development and solicitation of advance group business from all markets.

LOMBARDO/for april issue/1stjc/mark2nd Burbank Airport A few observations are in order on your March story, “Burbank Airport terminal fight now headed for federal court.” A comment from John Ek of the Air Transport Association states that “what gets lost in this issue is that this is not the Burbank Airport. This is the Burbank-Glendale-Pasadena Airport.” Well Mr. Ek, ask any resident of Glendale or Pasadena what city they drive to when they are flying out of the so-called Burbank-Glendale-Pasadena Airport. Second, Richard Simon implies that while Burbank residents bear the cost (which we do) of our litigation against the Airport Authority, they (the airport) utilize their own revenues to fight us. He would have you believe it’s not tax dollars financing their legal costs. The last time I checked, FAA grant money, passenger facility charges, landing fees and the like, are all taxes in one form or another. They just happen to be spread out over a larger tax base. And, as an aside, over $1 million in eminent domain work was performed by a law firm which employed the son of a Glendale appointee to the Airport Authority. CHARLIE LOMBARDO Burbank

Women-Owned Firms In Los Angeles Growing Faster Than Economy Increases in top 50 metro areas nationwide By Karen Caplan Women-owned businesses are growing faster than the overall economy in Los Angeles-Long Beach, CA and in each of the top 50 metropolitan areas in the U.S., according to the National Foundation for Women Business Owners (NFWBO). The Foundation’s report is the first detailed, up-to-date study of women-owned enterprises in the nation’s leading cities. The report, “1996 Facts on Women-Owned Businesses: Trends in the Top 50 Metropolitan Areas,” shows that the number of women-owned businesses in the Los Angeles area nearly doubled over the past nine years, employment more than tripled, and sales increased nearly four-fold. As of 1996, Los Angeles’ 314,400 women-owned enterprises employ 681,500 people and generate more than $105 billion in sales. “This substantial growth in both sales and employment of women-owned businesses shows how significant they are to the economic health of their local communities,” noted Susan Peterson, NFWBO Chair. Peterson said, “Nationally, there are nearly 8 million women-owned businesses as of 1996, employing more than 18.5 million people and generating close to $2.3 trillion in sales.” Overall, the growth rates of women-owned firms are the highest in the “non-traditional” goods-producing sector, which includes construction, manufacturing and agribusiness. Los Angeles ranks second in number, size and employment for women-owned businesses. The top metropolitan areas for women-owned businesses ranked on a combination of number of firms, sales and employment in 1996 are: New York, NY; Los Angeles/Long Beach, CA; Chicago, IL; Philadelphia, PA-NJ; and Washington, DC-MD-VA-WV. Between 1987 and 1996, the cities with the fastest growth in women-owned businesses were: Portland, OR/Vancouver, WA; Seattle/Bellevue/Everett, WA; Phoenix-Mesa, AZ; Houston, TX; and Nashville, TN, as measured by the growth in the number, employment and sales among women-owned firms. Los Angeles ranks 22nd in growth rate over the past nine years. “As we increase in numbers and economic power, women-owned enterprises are beginning to resemble the profile of all U.S. businesses in size, age, creditworthiness and industry distribution,” observed Peterson, NFWBO Chair. ### Karen Caplan is President of the National Association of Women Business Owners, Los Angeles Chapter (NAWBO-LA). She also is President of Frieda’s, Inc., the nation’s leading marketer of specialty produce.

economy/dy/34″/mike1st/mark2nd DOUGLAS YOUNG Staff Reporter It’s a tale of two economies. Rising numbers of homeowners and small business owners in the San Fernando Valley are slipping into bankruptcy and foreclosure. Meanwhile, the Valley’s larger businesses and commercial landlords are actually faring better than those in other parts of L.A. Much of the two-tiered phenomenon is due to the fact that small businesses and homeowners have had more difficulty recovering from the 1994 Northridge earthquake, and their government aid has been exhausted, while larger businesses have used their greater resources to bounce back. But on a more profound level, the phenomenon reflects a basic shift in the Valley economy, according to Jack Kyser, chief economist at the Economic Development Corp. of L.A. County. That shift has been away from the defense and aerospace sectors and towards entertainment and high-tech sectors, he said. The larger Valley aerospace contractors have been downsizing for years, but many of the smaller subcontractors and job shops reliant on aerospace work have managed to hang on often surviving on unsustainable intermittent jobs and meager attempts to transition to commercial-sector work. Meanwhile, large entertainment companies have become the economic engines of the Valley, which largely explains the current strength of big business there. And those large companies will eventually spawn a new crop of ancillary businesses, just as the aerospace industry did in days gone by. But that new crop is just beginning to emerge and its early growth is still being eclipsed, statistically, by the disappearing aerospace-dependent small businesses. “I think that in the long range, the Valley will be a hotbed for small business, because you have the emergence of the entertainment and high-tech industries that draw on small business,” Kyser said. But for now, small operators are bearing the brunt of the Valley’s economic restructuring. “The economic shakeout is still continuing for individuals and small business owners in the Valley,” said David Hagen, a bankruptcy lawyer and partner at the law firm of Merritt & Hagen in Woodland Hills. “The Valley economy had a cold before the earthquake, and the earthquake caused that cold to linger a couple years longer.” The high level of small business and homeowner failures is reflected in the Valley’s relatively high rate of personal and business bankruptcy filings. About 28 percent of L.A. County Chapter 7 liquidation bankruptcy filings in February were in the Valley, even though the Valley only has 14 percent of the county’s population, according to the Central District of California Bankruptcy Court. About 24 percent of L.A. County Chapter 13 personal bankruptcy filings in February were in the Valley, also far more than its portion of the county’s population. Hagen blamed the Northridge earthquake for the Valley’s disproportionate bankruptcy woes. He said the earthquake produced an initial round of bankruptcies, as businesses and homeowners struggled to make costly repairs to their properties after the quake struck. Since then, many who survived thanks to infusions of federal and local aid have again run into problems, as government funds stopped flowing over the past year. “The earthquake money has run through the system, so a lot of people who were hurt in the earthquake and got money (that helped them get by) are starting to hurt again,” he said. Similar to bankruptcy filings, the proportion of Valley mortgage foreclosures is larger than L.A. County as a whole, based on population. In January, there were 531 home mortgage foreclosures per 1 million residents in the Valley, compared with only 313 foreclosures per 1 million residents in L.A. County as a whole, according to Experian, a real estate research firm. Some of the foreclosures could be due to the preponderance of condominiums in the Valley and the major damage suffered by many of those units in the Northridge quake, said John Marquis, an executive vice president at TransWorld Bank in Sherman Oaks. “The earthquake had a major effect on condos because many were underinsured, and the folks didn’t have the financial wherewithal to fix them up. The owners’ associations were deciding what to do, and in many cases, they’ve decided to walk away from their units,” he said. He added that the foreclosure phenomenon began shortly after the earthquake and continues today. Meanwhile, Valley hotel room and occupancy rates both lag slightly about 2 percent behind L.A. County, according to Bruce Baltin, a senior vice president at PKF Consulting. “The Valley gets a strong business demand (for hotel rooms), but it doesn’t have a strong tourist demand,” said Baltin, adding that the Valley’s only major tourist draw is Universal Studios. “A lot of the hotels in (other parts of) L.A. are in areas that get a strong mix of tourist and commercial business.” While the Valley’s small business and homeowner sectors are underperforming the rest of L.A. County, the region’s industrial and office tenants appear to be bouncing back more strongly than their counterparts elsewhere in the county. Within that commercial realm, the Valley’s sizable industrial sector has been a major force pulling the region out of the economic doldrums. According to Department of Water and Power statistics, the Valley currently has about 44 percent of all industrial electric accounts in the City of L.A., disproportionately large compared with its 36 percent share of the population. Within that base, the first-quarter vacancy rate for industrial space stood at 6.7 percent, outpacing the 6.9 percent rate for downtown and central L.A., 7.1 percent for the Mid-Cities area and 6.9 percent for the South Bay, according to Grubb & Ellis Co. Industrial tenants are being attracted to the Valley by reasonable rents, low land prices and a relative abundance of large tracts of industrially zoned land, said Ron Feder, managing principal at Lee & Associates of Sherman Oaks. Feder said land prices of $9 to $12 per square foot in some parts of the Valley (compared with $20 on the Westside), coupled with strong demand for new space, have spurred new industrial development in Sylmar, Pacoima, Van Nuys, Chatsworth, Northridge and Calabasas. In the office sector, the Valley also continues to outpace the rest of L.A. County in the strength of its recovery. The Valley’s overall office vacancy rate of 11.9 percent is the best of any regional submarket in L.A. County, according to Grubb & Ellis. By comparison, the second strongest market L.A.’s Westside posted a first-quarter vacancy rate of 14.3 percent, while central L.A. posted a rate of 18.4 percent and the South Bay came in at 20.9 percent. The strong recovery of the Valley’s office market owes largely to the booming entertainment industry in Burbank, Glendale and Universal City, some of which has spilled over into the Central and West Valley, said Jeff Woolf, president at Lee & Associates. “The entertainment business is the occupancy juggernaut that drives down vacancy rates and drives up occupancy rates in the Valley,” said Woolf. He added that the explosive growth of businesses in the East Valley where the office vacancy rate is 5.3 percent has been the biggest factor leading recovery in the Valley office market. Woolf also noted that suburban office markets in general, with their newer facilities and closer proximity to executives’ homes, have also fared better nationwide in recent years than more-traditional downtown central business districts.

valley econowatch/dy/mike1st/mark2nd After bottoming out last October, Valley home prices appear to be inching their way back in this month’s issue of Valley Econowatch. However, that upward movement will be kept in check for the foreseeable future by a steady stream of foreclosed homes still coming onto the market, according to Valley real estate experts. The nascent turnaround is reflected in Econowatch’s repeat home sales price index over the last three months. The index is compiled by Experian, which calculates the prices that homes sell for compared with what they would have sold for in the benchmark year of 1990, when the index equaled 100. The most recent repeat home sales index of 73.6, for January, means a home that sold for $100,000 on Jan. 1, 1990 would sell for $73,600 in the present market. After declining for much of the past year, the repeat home sales index appears to have bottomed out last September at a 68.9. Since that time, the index has been inching back up. Much of the boost in the index is coming from home sales in the $200,000-and-under range, according to Mel Wilson, owner of residential real estate brokerage Mel Wilson & Associates of Northridge. “We’ve been getting multiple offers on properties below the $200,000 range in the last five months. Below $200,000 is where it’s happening,” Wilson said. As an example he cited the case of a $110,000 bank-owned house that he sold less than two weeks ago. Two offers were made on the property within three days of it coming on the market, both below the asking price. When the two prospective buyers found out they were bidding against each other, both raised their offers to the asking price. “The (houses) that are in good condition and less than $200,000 are probably staying on the market less than 30 days now,” said Wilson. By comparison, the same homes would have stayed on the market closer to 90 days a year ago, he added. Wilson said brisk activity in the $200,000-and-under range could also breathe some life into the $250,000-to-$500,000 home range later this year, as trade-up buyers sell their cheaper homes and move up to more expensive units. He predicted the Valley home price index will continue to inch its way up in 1997, gaining as much as 5 percent for the year. But the larger number of bank-owned properties still coming onto the market should keep the index from breaking the 5 percent barrier, Wilson added. “Over 20 percent of our sales are still foreclosure properties, and that’s dragging down prices. According to the big institutions, there’s still lot of material in the foreclosures loop that’s not on the market yet,” he said. Douglas Young

schmidt/jb/8 inches/1stjc/mark2nd For Nancy Schmidt, charity work is a family tradition. Growing up in Panorama City, Schmidt recalls how her mother remained involved in the Panorama City Women’s Club and her grandmother volunteered time for the Business and Professional Women’s Association. “I grew up knowing that charity work was just part of life,” said Schmidt, a vice president and manager of American Pacific State Bank in Sherman Oaks. “It was natural for me to stay involved with my community, and my entire family continues to be involved.” Schmidt, a 48-year-old Chatsworth resident, carried on the tradition by starting the San Fernando Valley Charitable Foundation. Her efforts led to her winning the 1997 Fernando Award, which honors Valley residents who demonstrate community leadership. About 200 people attended a black-tie reception and dinner in her honor March 13. Schmidt, a former school teacher, has been president and chief executive officer of the Valley charitable foundation since 1991. The charity raises about $40,000 each year to benefit numerous community organizations from AIDs charities to homeless shelters, she said. “She has a lot of energy, and really was the perfect choice for this award,” said Lee Kanon Alpert, president of Fernando Award Inc. “Routinely she goes above and beyond, and that’s what this award is all about.” A Chatsworth resident, Schmidt has also been president of the Universal City-North Hollywood and Sherman Oaks chambers of commerce. In addition, she has served as a board member for the North Hollywood Medical Center, the San Fernando Valley Economic Alliance, and the Valley Industry Commerce Association. “I was honored to get this award,” Schmidt said. “But, this is just something I do. Some people golf in their spare time, and I spend my time raising money for charities.” Joe Bel Bruno