BREA
The Brea Olinda Unified School District reached a settlement with Brea-Olinda Ventures and Texaco, developers of the Olinda Ranch project, by accepting a contingent land payment offer in lieu of building an elementary school on the Olinda Ranch development site.
An original agreement between the two parties called for an elementary school to be built as part of the project.
More than $5.6 million was designated to cover half of the school construction costs.
Brea-Olinda Ventures filed for bankruptcy after the agreement had been reached. The developer then offered the land payment worth more than $3 million to settle.
The district is now looking to purchase sites where other schools can be built.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
