SAN JUAN CAPISTRANO : Council Set to OK Sale of Historic Depot
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The sale of the 100-year-old Capistrano Depot to a group of South County investors for $860,000 is expected to be approved tonight by the City Council.
The council, acting as the community redevelopment agency, also will consider whether to approve a three-year, $410,000 loan at a 9% annual interest rate to the investors, Manna Station Inc., to help finance the property.
If approved, the loan would bring about $106,000 in interest income to the city over the three years, said Cassandra Walker, community development administrator.
If the city approves the purchase of the property and the loan, escrow should close in about seven days, Walker said.
Manna Station already has paid the city $25,000 to open escrow and will pay the $450,000 down payment once escrow closes.
The historic, 12,000-square-foot depot includes a bar, outdoor patio, restaurant and 99-car parking lot.
A public hearing on the sale will be at 7 p.m. in council chambers, 32400 Paseo Adelanto. Information: (714) 493-1171.
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