Pasadena : City Won’t Buy Buildings
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Plans to buy three buildings that make up the former Pasadena Community Hospital at 1845 N. Fair Oaks Ave. for use by the city Health Department were canceled last week by the Board of Directors.
The board made public Tuesday a closed-door decision made Oct. 9 to back out of the deal with building owners Edward and Laurie Rubin.
The decision was based on a city Finance Department analysis that concluded the deal was unrealistic because the city doesn’t have $7.5 million needed to buy the buildings and renovate their 61,000 square feet of space. The city would also have to pay $410,000 annually for mortgage and operating expenses, the analysis said.
The city had paid a $125,000 deposit, but because the sale was canceled within 60 days, the deposit will be refunded.
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