LAGUNA BEACH : Still No Accord on Price for Canyon Site

Irvine Co. and Laguna Beach city leaders and environmentalists edged closer Friday to agreeing on a price for the 2,150-acre Laguna Laurel site, but they still have not reached a settlement.

After a two-day stalemate in the negotiations, the developer reduced the asking price from $90 million to $82 million. The city, which wants to buy the land from the developer, had previously offered $65 million, then informally raised its offer to $75 million. The land has been independently appraised at $105 million.

The Irvine Co. had planned to build 3,200 homes on the scenic property, which is situated in Laguna Canyon. City officials and environmental groups oppose the development, wanting to keep the land in its natural state.

In its original offer, the company had proposed to sell the land interest-free with payments to be made over a period of five years. The company’s latest offer would reduce the price but add interest to be paid on the balance due in the fifth year.

Paul Freeman, who was hired by both sides to negotiate a sales price, said that the terms proposed by the company in its latest offer mean that it amounts to a reduction of only $3 million to $4 million.

But Irvine Co. senior vice president Gary Hunt said that in making its latest offer, the company met two of the city’s major concerns by lowering the price and decreasing the first-year payment by $7 million.

“As far as we are concerned, the ball is in their court,” Hunt said. “Our door is open.”