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S C PROPERTY OWNER FILED SUIT - 08/27/13 23:36 S.S.

THE  FORMER  OWNER  OF  A  DOWNTOWN  SANTA  CRUZ  PROPERTY  IS  NOW  SUING  THE  CITY  OF  SANTA  CRUZFORMER  DEVELOPERS  OF  THE  STILL  VACANT  PACIFIC  AVENUE  LOT,  AND  A  LOCAL  BANK.    1547  PACIFIC  AVENUE  HAS  BEEN  VACANT  SINCE  THE  1989  LOMA  PRIETA  EARTHQUAKE.    RON  LAU  SAYS  THAT  BACK  IN  2005  HE  WAS  PROMISED  (AS  PART  OF  HIS  AGREEMENT TO  SELL THE  PROPERTY TO  THE  DEVELOPER)  THAT  EITHER  HE  WOULD  OWN  2  CONDOS  IN  THE  PROPOSED  NEW  BUILDING;   OR  HE  WOULD  BE  PAID  700  THOUSAND  DOLLARS  IF  THE  BUILDING WAS  NEVER  BUILT. 

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