MALIBU—The Malibu City Council voted on Monday, April 23 to move forward with an acquisition of vacant properties. The governing body voted unanimously to purchase nearly 30 acres of land, reserving the properties for the community’s future use. The city will now need to identify the funds necessary to complete the purchase, but city council has already directed the City Attorney to negotiate a purchase agreement.
According to the city of Malibu website, the city intends to use a combination of Undesignated General Fund Reserves, Designated General Fund Reserves, Los Angeles County Measure R and M funding and Certificates of Participation (COPs) to fund the purchase.
This land purchase is consistent with the city’s ongoing initiative to acquire more parkland, open spaces, and more room for parking. The city of Malibu recently purchased the 17-acre Legacy Park plot in 2006. In 2016, the city acquired the 35-acre Trancas Field site, which overlooks Zuma Beach.
“Undeveloped land anywhere in Malibu is rare and its value cannot be quantified in dollars alone,” said Mayor Rick Mullen. “By acquiring this land, we will be making sure that this great treasure, our community’s heritage, will benefit the future generations of Malibu.”
The land was purchased from the late Jerry Perenchio’s company, the Malibu Bay Company, and is comprised of three main commercially-zoned parcels: 9.65 acres located at 23575 Civic Center Way (Sycamore Village), 1.11 acres located at Civic Center and Webb Way, and 18.48 acres by Pacific Coast Highway and Heathercliff Road. The properties are all in commercial zones.
Written By Candace Buford and Kelsey Thomas
