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Oakmont property gets appraisal

Tim Willert

NORTHEAST GLENDALE -- Gregg Development recently completed an

appraisal of the Oakmont View V property, and is waiting on a separate

appraisal from an interested buyer, a Gregg spokesman said Friday.

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American Land Conservancy has expressed interest in purchasing 238

acres in the Verdugo Mountains, but has yet to make an offer.

“We’re not negotiating with them or anybody else,” spokesman Allen

Brandstater said. “We authorized them to do an appraisal.”

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Developer John Gregg has said the Oakmont tract was appraised at $46

million more than a year ago.

Brandstater confirmed his client recently completed another appraisal,

but would not disclose the price.

But he added the Greggs were promised an appraisal from American Land

Conservancy on March 1.

“The dollar amount certainly is the primary factor,” Brandstater said.

“Do they have the dollars?”

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Jeff Stump, a property manager for American Land Conservancy, declined

to discuss Oakmont View V.

The conservancy is a national nonprofit agency that works with local

governments to try to preserve environmental resources.

City Manager Jim Starbird said Friday that potential Oakmont buyers

will probably call on the city for financial support.

“I expect at some point that [a potential buyer] will turn to the

city,” Starbird said. “At this point, we haven’t contemplated a sale.”

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Brandstater admitted contacting council members Bob Yousefian and

Frank Quintero in an effort to delay Tuesday’s City Council vote on the

subdivision.

“The whole thrust of those talks was to try to separate the EIR vote

and the vote on the subdivision,” Brandstater said.

Instead of delaying its decision, the council voted 5-0 to deny the

project, a move Brandstater claims has diminished the property’s fair

market value.

“Apparently, the City Council wants war,” Brandstater said. “While

we’re willing to compromise, we are prepared to fight.”

Brandstater said his clients have not ruled out the possibility of

going back to court even if the property is sold.

“If American Land Conservancy ends up buying the property, that

doesn’t end our claim for damages from the city over the past 12 years,”

Brandstater said. “The Greggs have been seriously damaged financially.

Who’s responsible for that? That’s what the courts will decide.”


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