For the Malibu Bay Company Development agreement, the city had an independent appraisal made of the various parcels of land owned by the Malibu Bay Company. This 1999 appraisal indicated that the property at Point Dume was appraised at $16,500,000, the Chili Cook-Off site at $14,400,000 and their properties on Trancas Field and at Riders and Ropers collectively were valued at under $1,700,000.
Under the terms of the Development Agreement, the Bay Company is donating the Point Dume property in exchange for the guaranteed right to develop these three sites along with other properties they own.
Since the Chili Cook-Off, Trancas Field and Riders and Ropers parcels are together worth less than the Point Dume property, would it not be more beneficial to both the Malibu Bay Company and the community for the Bay Company to develop their most valuable Point Dume site and donate the other three parcels to the city for much needed parkland?
This would be truly a win/win solution for everyone and one that would be embraced by the Community.
Patt Healy
Malibu Coalition for Slow Growth