LA HABRA : Renewal Agency’s Land Deal Fizzles
Redevelopment Agency directors, who had expected to sell a parcel in the La Habra Business Park for $90,000, were disappointed last week when the deal fell apart.
Landmark Bank officials, who bought most of the land at the business park last month for $950,000, decided against buying an adjacent parcel, city officials said.
City Manager Lee Risner said the Redevelopment Agency would have used the $90,000 to reduce agency debts, just as it had done last month with proceeds from the sale of six other parcels to Landmark Bank.
Agency directors, who also serve on the City Council, were optimistic that another buyer would surface.
“It was a disappointment to lose the deal, but I’m sure someone will want the land,” Councilman James Flora said.
City officials said the $90,000 price was about $7,000 below what the agency paid the La Habra City School District for the land a decade ago.
The site once was the home of Tierra Rica Elementary School. It was sold by the school district because of falling attendance, said Assistant City Manager Edward Evans.
The city still owns about an acre of the land in the business park area, in the 500 block of South Cypress Street.
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