Bait and switch - Page 3

The draft financing plan for Lennar's southeast development keeps getting sweeter for the troubled company
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19, the Redevelopment Agency approved the addition of Kimco Developers and MACTEC Development Corporation as Lennar BVHP's retail and infrastructure partners, and Scala Real Estate Partners, Hillwood Development, and Estein Associates USA Ltd. as Lennar BVHP's equity partners.

Cohen also hopes that the 49ers' intentions towards San Francisco will be resolved by November 2009, when Lennar hopes to enter into an agreement with the football team. The 49ers continue to pursue plans to relocate to Santa Clara, and have not signaled any desire to remain here.

To date, Lennar's draft financing plan includes an agreement that the developer will contribute $100 million in cash toward construction of a new 49ers stadium, and that the city will enter a long-term $1 ground lease with the 49ers for a 17.4-acre Hunters Point Shipyard site.

Meanwhile, disgruntled community advocates claim that since January, when Feinstein, House Speaker Nancy Pelosi and Mayor Gavin Newsom announced $82 million in federal funding for the cleanup of the Hunters Point Shipyard site, those funds have gone primarily to cleaning up the potential 49ers site.