LAGUNA BEACH : Land-Purchase Bond Approved for Ballot
The City Council voted unanimously Tuesday to place a $20-million bond on the Nov. 6 ballot to buy open space in Laguna Canyon.
The bond would be used to buy at least part of the 2,150-acre development site between El Toro Road and the San Diego Freeway. The Irvine Co. owns the land and has long planned to build the 3,200-home Laguna Laurel development on the site.
The value of the land has been estimated from $70 million to $100 million, but city officials have said money raised through the bond would become a “down payment” and additional funds could be gathered from other sources.
Irvine Co. and city officials have met for months hoping to resolve the future of the canyon land. On Tuesday night, Carol Hoffman, an Irvine Co. vice president, said that if the bond measure passes, the company would extend the city’s deadline for buying the property for 10 years. The developer pledged that at the end of 10 years, it would give the city $10 million toward the purchase price of the land.
Should the ballot measure fail, Hoffman said, development of the canyon would proceed as planned.
A home with an assessed value of $200,000 would result in an average tax increase of $59 a year and a maximum of $121 per year.
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