EL SEGUNDO HERALD December 3, 2020 Page 9
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rush home with take-out meals. Eating on
a public street or at a city park is allowed.
Councilman Lance Giroux urged residents to
keep supporting the local food-and-beverage
businesses through the next three weeks,
and possibly longer. At least one business,
the El Segundo Beach Cafe, has closed its
doors since the dining ban was reinstated.
On November 23, the cafe, which featured
ocean views along with a breakfast and
lunch menu, announced that it was closing.
The owners, who alerted customers on the
cafe’s Facebook page, did not give a reason
for their decision to close the restaurant at
the end of Grand Avenue.
Los Angeles County threw a lifeline to small,
struggling food and beverage businesses with
25 or fewer employees, announcing grants
of up to $30,000 available for a short time.
The financial assistance through the “Keep
LA County Dining” program is available
to businesses with five or fewer locations.
Corporate-owned franchises are not eligible.
The application period starts Thursday and
ends at midnight Sunday. The grant money
is limited. Information can be found at the
web site keeplacountydining.lacda.org or by
contacting the El Segundo Chamber of Commerce
or the city manager’s office.
The council on Tuesday also agreed to
modify the development agreement for The
Plaza El Segundo and The Point at the
owner’s request. The change will permit
up to 40 percent of the leased space to be
occupied by businesses that don’t collect
sales taxes. Representatives of Federal Realty
Investment Trust, which owns the retail
properties, said they need more flexibility to
lease vacant stores and pads to professional
businesses in the current retail environment.
Online sales and the COVID-19 stay-at-home
orders have shifted consumer buying habits,
and several retailers at the centers on Pacific
Coast Highway and Rosecrans Avenue have
declared bankruptcy in 2020.
In a unanimous vote, the council decided to
move forward on a “unique” pension-funding
opportunity recommended by members Nicol
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and Pimentel. With interest rates at historic low
levels. El Segundo owes the CalPERS state
retirement system $151 million in unfunded
liabilities and is paying seven percent interest
on the debt. The city paid $11 million this
year to service the pension-system debt, and
that figure could rise to $17 million by the
end of the decade.
By issuing pension obligation bonds carrying
an interest of four percent or less, El
Segundo stands to save up to $55 million
over 20 years in interest payments, the
council learned. Another benefit of prepaying
the $151.3 million debt is the city will
level its annual payment to CalPERS. The
council approved the report detailing the pros
and cons of selling municipal bonds to pay
down its unfunded liability for police, fire,
and other employees’ future pensions. The
proceeds from the bond sale - which could
cover between 95 and 100 percent of the
city’s debt to CalPERS - does not include
medical benefits, and if CalPERS investment
portfolio falls short of earnings expectations,
member cities and local governments would
need to make up the difference.
The process of getting a credit rating and
issuing the pension obligation bonds could
take up to seven months to complete, the
council was told. If the city saved $55 million
by prepping its unfunded obligations,
that amount would equal one year’s worth
of city-funded services in the General Fund.
Councilman Nicol and Mayor Pro Tem
Pimentel, as part of the city’s Ad Hoc Pension
Committee, both support financing El
Segundo’s CalPERS debt with municipal
bonds. Several South Bay cities, including
Manhattan Beach and Inglewood, have either
issued pension obligation bonds or are considering
it because interest rates have fallen
below four percent this year.
Nicol said the pension-funding opportunity
is one of the most important issues to come
before the council in this tumultuous year.
The council approved the report and could
revisit the pension obligation bonds proposal
at the December 15 meeting. •
“People are the core of every business. Businesses are based on relationships,
and relationships are based on people. I would go to an average restaurant
run by amazing people over an outstanding restaurant run by awful people.”
– Marcus Lemonis
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