City Buys 3 Commercial Plots – Now What?
Written by 991KBU on April 24, 2018
Congratulations, Malibu, you just bought 29.24 acres of prime commercial land in the heart of the city … and at Point Dume.
The Malibu City Council last night approved paying the market rate for three prime parcels of vacant land in Malibu … zoned commercial.
City ttorney Christi Hogin says this builds up a land bank .. of sorts
NEWSCART 77521 HOGIN LAND QQQ OPEN SPACE CANE BE PRESERVED
“In addition to Bluffs Park and the Crummer property we are getting … and the property we are getting at La Paz … and the property at Trancas Field that we recently acquired. … we’ve been putting together a good reserve of properties so that we can start making a master plan of where we might be putting some amenities and where open space can be preserved.”
The land was sold by the charity trust set up by Jerold Perenchio … the one-time owner of the Univision television network who at one time was the biggest land baron in Malibu since Mae Rindge.
Perenchio has died …. but his surviving trust drove a hard bargain with the city … and fair market price was charged … says council member Lou La Monte.
NEWSCART 77522 LA MONTE LAND QQQ CHARITY – ALL OF IT.
They had a a fiduciary responsibility to raise as much money as possible … because all that money is going to be donated to charity.
“All of it.”
Malibu now owns several lots in the the Civic Center … as well as prime flat land at Point Dume and at Trancas Field.
Are we going to get parks …. or keep it all as open space.
The next city council election is this fall … two seats open … and watch for this to be a major issue.
