If you buy enough ink, you can rewrite history anyway you see fit to support your opinion. The city has been accused of paying too much money for then Chili Cook-off property by $5 to $10 million. The facts, which are public record, belie this misinformation.
In 2006, the city acquired 20 valuable acres in the heart of Malibu: Malibu Legacy Park. There were two appraisals completed on the vacant land and three commercial buildings. The appraisals met stringent state standards, and the property was appraised at $33.5 million and $31.5 million respectively. A third appraisal firm was hired to verify the appraisals of the first two and concluded the fair market value was $33.2 million.
A few months later, the nine-acre property (home of the Skate Board Park) across the street from the Chili Cook-off sold for a much higher per acre cost. If you do the math, there is no doubt that the city underpaid between $5 and $10 million for the property. In addition, the income generated from the three commercial buildings on the site pays for the bonds without using a cent of Malibu taxpayers’ money.
In short, the comments that the council made a bad deal are absurd and a transparent attempt at revisionist history. The true history is that the council convinced an unwilling seller to become a willing seller and got a generous financial contribution to the city in the bargain. I don’t think that anyone who knows the facts would not agree that having a park instead of another shopping center was well worth the good deal the city made.
Ken Kearsley, former mayor
City Council member