Biggest Municipal Land Deal
Written by 991KBU on April 23, 2018
The Malibu city council is asked to decide on its biggest purchase ever … tonight at 6:30.
Should the city buy three prime vacant lots … zoned commercial … at the civic center and Point Dume.
Malibu’s city council is preparing to buy three large pieces of land … tThe estate of Jerry Perenchio is poised to sell the land for 42 point 5 million dollars.
Half of that money would go to pay for the land now used by the Chili Cook-off… almost 10 acres of almost flat land at the corner of Stuart Ranch Road at Civic Center Way.
The triangular lot at the corner of P C H at Webb Way … now covered with construction equipment for the sewer project … is included.
And the third parcel … the largest undeveloped plot on Point Dume … the flat land where Perenchio had graciously allowed Malibu High School boosters to sell Christmas Trees.
The 18 and a half acres on Point Dume … like the other two parcels … is zoned for commercial development.
Sale prices … as estimated at fair market value … are just above 18 million dollars on Point Dume … just above 3 million for the small traffic island at Webb at P C H … and 21 million dollars for the largest parcel … the Chili Cookoff site … near City Hall.
About half of the 42 point 5 million dollars would be borrowed … against future revenues … in a mortgage-like instrument that does not require a public bond vote.
