LA HABRA : City Sells Land to Boost Business Park
The Redevelopment Agency, in hopes of attracting business and creating jobs here, this week sold the land under the La Habra Business Park to the leaseholders for $950,000--$18,000 less than the city spent to purchase the property almost 10 years ago.
City Manager Lee Risner said the city has collected $90,000 a year in rent, but because the building that sits on the property has been vacant for the past six months, selling it, even at a loss, was a “wise move.”
“We were anxious to sell it,” Risner said. “We’re getting all cash and a fast escrow. Some people won’t open a business unless they own the property.”
Risner said the money from the sale will be used to pay off agency debts.
The site, at 540 S. Cypress St., currently belongs to Landmark Bank, which is in negotiations to sell it to an import and distribution company that promises to create 45 full-time jobs, Risner said.
“That’s better than a kick in the tail,” he said.
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