It’s a no-brainer. “Yes” on M. Proposition M covers 112 acres, all legally buildable and owned by Malibu Bay Company (Perenchio), at approximate average of $1 million per acre, $112 millions. 34 to 35 acres will be restricted open space and/or dedicated to the City of Malibu, approximate average of $1 million per acre – $34,500,000.
When the Chili Cook-Off site, in addition to the acres above, is purchased by Malibu within three years at $25 million (below market price), Malibu will also receive $1 million for the Urgent Care, $1,500,000 to build ball fields, a Community Center built and leased to Malibu for $1 per year in perpetuity.
Also, enough land to build a small water reclamation facility to clean-up Malibu Creek, the Lagoon, Surfrider Beach and get rid of the ‘odeur de septic’. We, the citizens of Malibu, have this once in a lifetime opportunity to receive and accept a multi-million dollar contribution to better our community. All or part of this land can be built out. It is up to us to decide whether the entire 112 acres belongs to developers and private land owners (with a great increase in traffic) or approximately 1/3 will belong to the people of Malibu with far less traffic. This is not political. This is common sense. Does this City have $37 million plus to do this without Perenchio?
Elaine Meitus