Local News in Brief : Agreement on Land Sale
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The Rolling Hills Estates City Council has approved an agreement with the Palos Verdes Peninsula Unified School District to acquire 12.8 acres of the former Dapplegray Intermediate School site for public use. The district board is expected to act on the agreement Aug. 15, according to a spokeswoman.
Under the agreement, the sale price is $375,000, which will be loaned at 8% over a 30-year period. The city will make annual payments of $35,000. In return, it will get 10.8 acres on the lower portion of the 43-acre school site and two acres on the top plateau near Palos Verdes Drive North and Pony Lane. The city may pay for the property outright at any time. The school was closed in 1987.
The agreement will not take effect until escrow closes on sale of the school site, which has a total market value of $5 million. The school board has not set a date for opening bids for the land, which is likely to be bought for home development.
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