Mall owner seeks $60-$75M in public funding for parking structure  A pair of Santa Clarita City Council members balked Thursday at a proposal shared in a letter from the Dallas-based developer leading the redesign of the mall property.  Two council members who have seen the letter said Centennial is asking for between $60 million and $75 million from the city for a 1,500-space parking structure to support its first phase of development.  That phase also is expected to include 300 senior housing units, a Costco and gas station and a 70-room hotel, among other items, according to sources familiar with the talks.  Centennial, which bought the Valencia Town Center property for $200 million, has been giving statements of support for Santa Clarita’s efforts to create a framework for the property’s redevelopment since shortly after its purchase in September 2023.  City of Santa Clarita staff worked for more than a year in outreach and planning to create the Town Center Specific Plan. It’s intended to guide a developer into turning the 111-acre parcel of prime real estate into what the city envisions: a mixed-use development that’s a regional shopping destination like the Irvine Spectrum Center.   The Signal shared details last month that were leaked on social media, then quickly deleted, which renewed talk of the property’s future.  Representatives from Centennial’s corporate headquarters declined to confirm or discuss any of the proposed plans in a statement Thursday.  “While it’s too soon to announce definitive redevelopment plans for Valencia Town Center today, those plans and discussions are well underway,” according to Michael Platt, executive vice president of mixed-use development for Centennial. “We are working side-by-side with the city of Santa Clarita officials to maintain the essence of what Valencia Town Center has always been to the Santa Clarita community and to build upon that to create a transformative and modern mixed-use campus that attracts locals and visitors alike.”  But the reaction to the price tag gave more than one council member pause.  Councilman Jason Gibbs said it’s “very early” at this point, saying the letter is really the first communication about Centennial’s goals for the property since the city’s approval of the Town Center Specific Plan.  “What the owner is looking to do is to revitalize one of our most critical economic epicenters in Santa Clarita — which the city has fully supported, and is looking forward to seeing what they bring to the table regarding their funding discussion for a parking structure,” Gibbs said in a phone interview Thursday. “I don’t mind having these discussions, but the numbers are definitely concerning.”  He said his job as a council member was to look at the proposal in its entirety to see if there was a potential for offsets or see if a partnership opportunity is possible.  “I’d like to see what staff can discuss with them on different options, but I do have a concern of simply fronting that amount of city capital into a project that is very specific to one area,” Gibbs said, adding he would need to know how that might impact the city’s budget and its ability to meet its other goals.   He acknowledged the city’s recent multimillion-dollar cost for the Vista Canyon bridge, which was initially going to be developer-funded, until the developer was forced to default on a $24 million loan. The developer attributed the default in large part to changing market demands.  Gibbs also said he considered that a slightly different situation than the mall, though, because the bridge provided much needed infrastructure to the area.  Councilman Bill Miranda said he saw the letter about 90 minutes prior to a phone interview Thursday and considered such a cost, which from his business experience could ultimately mean much more, to be a “nonstarter.”  Centennial’s request brought a couple of concerns, he said, primarily that it was alarming to be a part of the first communication the city officially had from the developer on its plans for the property.  “When I say it’s a nonstarter, you’re a major mall corporation, Centennial, and you just spent a year and almost a half telling us how great you are, and what great things you build,” Miranda said in the interview Thursday. “And we’re waiting to see something happen, and all of a sudden the first thing that happens is, ‘Oh, by the way, we need, you know, millions and millions of dollars to help get this thing going.’”  Even under a subsidized plan, Miranda said, referring to common developer incentives where tax breaks are given to offset building costs, “It would take 30 years, maybe more, maybe,” to get that back, he said.   He also said a partnership would have been a different discussion, but he was characterizing the letter, which was not made immediately available by the city, as a request for funds.   He also acknowledged that it was early in the process, though.   “Yes, we want a Costco, and yes, we want more shopping and yes, we want a conference center, and yes, we want more shopping and a town center that’s people-friendly and children-friendly to visit,” he said, but added there are a lot of things the city could do with that much money.  “It’s a blank sheet,” he said, referring to the project, “and they could design anything they want to, as long as they meet our specific plan requirements.”  The post Council members balk at initial mall ask  appeared first on Santa Clarita Valley Signal.