TUSTIN

During a closed session this week, the City Council gave Assistant City Manager Christine Shingleton approval to submit an application to the Navy to acquire 1,288 acres of the Tustin Marine Corps Air Facility. The application is through an Economic Development Conveyance, which is designed to ease economic hardship caused by a base closure. The conveyance gives the Department of Defense authority to transfer property to the Local Redevelopment Authority, in this case Tustin, at or below fair market value.

The initial offer to purchase includes 67 acres within the city of Irvine. Tustin’s offer will be based on the property’s projected residual land value and is intended to strike a balance between compensation to taxpayers and the need to spur redevelopment and jobs, Shingleton said. Terms and payment will remain confidential until the negotiations are concluded.