Mission Viejo : Saddleback Trustees Vote to Lease 23 Acres
The Saddleback College Board of Trustees has narrowly voted to lease 23 acres of district-owned land for construction and rental of a 400-unit apartment complex.
The trustees Monday night agreed, 4 to 3, to lease for 55 years some property along Marguerite Parkway in Mission Viejo to Regis Homes Corp. of Newport Beach. The firm, which will build and manage the apartment complex, will pay the college district a yearly amount. The agreement calls for the college district to receive $1 million on May 15, 1986.
In 1987, the annual payment will be $715,000, and that amount will be increased 6% each year thereafter, according to the agreement.
College administrators said the lease is necessary in order to raise matching funds for state-provided construction money for new classroom buildings.
“The board’s decision is an important one representing a major step toward completing this campus and other projects without diverting necessary funds from (academic) programs and services,” Saddleback College President Constance Carroll said.
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