SAN JUAN CAPISTRANO
Under an agreement reached Tuesday with the city, the Home Depot will pay for an environmental study of the 13 acres on the Lower Rosan Ranch it is considering buying.
The City Council unanimously approved the agreement Tuesday.
The Home Depot is one of five potential buyers for the site, north of Stonehill Drive and west of Camino Capistrano. The council decided last month to wait until the environmental study is completed before selecting a buyer.
According to the agreement, Home Depot will pay for the report and will buy the city-owned property for $9 million if it completes the environmental review process, gets the necessary land-use approvals and develops an appropriate purchase agreement with the city.
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