After much speculation, the City of Malibu finally announced this week—via the April 23 City Council agenda report—the planned purchase of three land parcels equaling 29.24 acres of property across the city. All of the parcels are currently owned by the Malibu Bay Company.
The parcels the city would like to buy include:
1. 23575 Civic Center Way—known as the Ioki Parcel—at 9.65 acres
2. Civic Center Way and Webb Way—known as the Island Parcel—at 1.11 acres
3. Pacific Coast Highway and Heathercliff Road—known as the Christmas Tree log—at 18.48 acres
In total, the cost of the three parcels would come to an estimated $42.5 million, of which $1 million is suggested to come from the designated reserve for Malibu Bluffs Park, in addition to $12 million from general fund undesignated reserves, about $7.35 million from Measure R/M funds and $22.1 million through the issuance of Certificates of Participation.
The hearing for this item is set to take place on Monday, April 23, at Malibu City Hall.