Foothill office plans in flux

Foothill Transit is involved in private talks to possibly move its corporate headquarters on Barranca Avenue to the Washington Mutual Bank building in West Covina.

This could jeopardize plans to move the headquarters to Glendora, where Foothill would have built a new building.

The West Covina bank building, at 100 S. Vincent Ave., apparently became a option when the transit agency's real estate experts learned of its availability, officials said.

Last week, board members met in closed session to discuss two locations: Washington Mutual Bank's building and a piece of property at 151 N. Vista Bonita Ave., Glendora.

This is a change in direction. Since last year, Foothill has considered the Glendora property.

Glendora officials heavily courted the agency, stating that it was welcome in town. In November, the board approved a $780,000 payment for the 1-acre site on North Vista Bonita Avenue. But no agreements were signed.

Now the decision apparently has boiled down to whether the agency chooses to build a new headquarters or move to an existing building.

"Foothill Transit needs to explore all its options, and cost is one of the things we look at,' said Felicia Friesema, the agency's spokeswoman. "We cannot close the doors on opportunities that might be available to the agency.'

Foothill is paying $30,180 per month to rent office space in the Wells Fargo bank building along Barranca Avenue in West Covina.

Foothill Transit serves more than 15 million people annually in the San Gabriel and Pomona valleys. It is the second-largest fixed- route system in Los Angeles County, operating about 300 buses on 32 routes covering 327 square miles.

Glendora officials say they are still in the running.

"Last I knew, we are still on their list,' said Eric Ziegler, Glendora's city manager. "They are re-evaluating this alternative. They have not said that they are not interested in Glendora.'

But downtown Glendora merchants have worries.

"We are very concerned about parking,' said Fred Sparling, the owner of Classic Auto Gallery at 146 N. Glendora Ave. "They were going to take out 122 parking spaces to put in the building. They need to keep our businesses in mind.'

West Covina officials said their city tells Foothill of vacant properties as they become available.

"We have been trying to find a place for them,' said Chris Freeland, an assistant to the West Covina city manager. "We are encouraging them to stay.'

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.