stores, office space and an auto dealership.
City officials said Lockheed has agreed to indemnify Burbank on a
12-acre piece of B-1.
On Dec. 21, the City Council approved an auto dealership on the land.
Riverside auto retailer Marshall Chesrown, owner of CAG Investments LLC,
has a deal to purchase the 12 acres from Zelman for $13 million. He plans
to open a Chrysler-Plymouth-Dodge-Jeep dealership.
Burbank agreed to a 50-50 split of sales tax revenue from the
dealership for 10 years or $9 million, whichever comes first.
Chesrown initially agreed to provide Burbank with the indemnification.
On Tuesday, the council unanimously agreed to shift that responsibility
to Lockheed. Now based in Bethesda, Md., Lockheed performed several
large-scale cleanups on B-1 before the property was sold to Zelman in
March for $69 million.
Lockheed has spent $265 million on soil and ground water cleanup at
its former Burbank properties, chiefly at B-1 and the 130-acre former