Metro Attaches Legal Strings To Purchase Of Vacant Land
Written by 991KBU on August 24, 2018
Malibu is about to take possession of three properties … purchased for 42 point 5 million dollars … all three were ripe for commercial development and are off the market.
But some of the details have yet to be approved by the city council.
Metro … the L-A County transportation agency … is furnishing 3 and a half million dollars to the pool of money that the city has scraped together to buy the three parcels.
And the money from Metro comes with strings attached.
Two of the lots will have legal requirements attached … and they will run with the land forever.
The covenants will lock in a requirement … that the city to build a shared use park and ride facility at the two lots … or use them for other some sort of other approved transportation purposes.
This will be on two of the three lots … the Christmas Tree lot at Point Dume … and the Triangle Lot at the corner of P C H and Webb Way.
The third lot being purchased … the site of the annual Chili Cookoff … will not have the park and ride lot requirement.
The 3 1/2 million dollars from Metro had been intended to widen Pacific Coast Highway in eastern Malibu … to move parked cars away from Traffic lanes and make the roads safer for pedestrians and bicyclists.
That project is now on a longer hold.
The city council has to vote on the revised deal on Monday.
The city hopes to close escrow will close on September 6, 2018, at which time the City will take possession of all three vacant properties.
