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Irvine Co. Should Rescind Rate Hikes

June 27, 1993

* It is with deep concern that I have learned that the Irvine Co. is raising lease charges on commercial property by as much as 30%. In a time of economic recession and with business fleeing Southern California in part because of high property values, the Irvine Co. is not acting as if it is giving even a passing thought to Irvine's economic welfare.

Irvine desperately needs to attract more business and retain the business it does have. However, such a precipitous increase in commercial rates will discourage new business from coming to Irvine and encourage existing ones to leave.

Given the cooperative atmosphere that has existed between the Irvine Co. and the city, it was natural to expect more consideration for the city's economic health. Further, I believe that the increase in rates will mean lower overall income to the Irvine Co., as business gradually leaves. Its own interests, and the obligation to be a good neighbor, dictate the Irvine Co. consider rolling back their increases.

SONIA C. MARTIN

Irvine Finance Commissioner

Irvine

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