ANAHEIM : Arena Parking Lease Signing Is Deferred
The City Council on Tuesday postponed leasing a seven-acre plot of land that it intends to use as parking for the new arena.
City officials said they still need to finalize an agreement with Herb and Ted Douglass, who own the land. The plot is an orange grove.
A vote on the lease is expected Tuesday.
According to a draft of the agreement, the city would lease the land for 55 years. The city would pay $11.3 million for the first 30 years, the draft states. The rest would be paid through proceeds from parking revenue. The rental rate for the next 25 years would be adjusted based on the market value of the land.
City officials said paving the site would provide 1,150 parking spaces for the arena, which has been plagued by a parking shortage.
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