It appears the City of Industry’s purchase of Upper Tonner Canyon, at the price tag of $41.7 million, may not pass muster. The Los Angeles County oversight committee says it needs to be sold to the highest bidder. Check out the Whittier Daily News article.
On Thursday (September 8th), we anticipate the City of Industry to unanimously approve the purchase and sale agreement for the transfer of the Tres Hermanos property. The land was originally purchased by the City’s Redevelopment Agency more than 30 years ago. With Redevelopment Agencies now dissolved by state mandate, the City had to come up with a new plan. It will spend $41M of its own money to buy the 2,450 acres of land back from itself. The property sits … Read More
The City of Industry is re-evaluating its relationship with its Chamber of Commerce based on a report of “shoddy fiscal practices” put out by the State Controller’s Office. The report outlines 14 recommendations that need to be addressed. Next up is the Zerep Management and its vague invoices–all of which were approved by the City Council. View the San Gabriel Valley Tribune article.
It appears the City of Industry may not be able to afford the Tres Hermanos Property (Upper Tonner Canyon). The most recent appraisal puts the land between $75-$125 Million. The original purchase price in 1978 was $12M. The developer (South Coast Communities) proposes open space, 1881 units, and 38 acres of commercial/mixed use. View the article here.
Hmmm… what to do with the 2,500 acre Tres Hermanos property owned by the City of Industry’s now disbanded Redevelopment Agency? Apparently there are a few plans: 7,500 new residents or a 1,000 acre solar farm. This summer things will be quite interesting as the groundwork for a decision gets laid. Hills For Everyone’s Executive Director Claire Schlotterbeck says neither option is very appealing. View the San Gabriel Valley Tribune article.