Time to lay down arms in Old Agoura




 

 

“A bird in the hand is worth two in the bush” is an apt saying for the City of Agoura Hills and what it finally gained from its 71-acre land purchase near Old Agoura, a site formally known as the Heschel School property.

The city bought the land once slated for a school at a 2010 foreclosure sale for just $630,000, a price that was apparently too good to be true. U.S. Bank claimed in court that what the city actually purchased was a cheaper second mortgage, not a $2-million first mortgage which was more in line with the property’s true worth, even in the recession.

Agoura Hills could have kept up its legal fight to retain the parcel, but wisely chose not to. The city recently announced it sold its interest in the land to Southern California developer Trot, Canter and Gallop for $900,000, which reimburses the city for its initial purchase, plus legal fees and other costs. (See story on page 1.)

Twenty acres will be developed into 15 custom-home lots and about 50 acres will be reserved for open space. It’s an excellent plan for a location on the city’s eastern border that carries with it a legal entitlement for development.

If the city had lost its case in court and not sold the property, not only would it be out nearly $1 million in time and money, but it would have relinquished its say over how the land was to be used. Of course, if the city had stayed the course and prevailed in its case against U.S. Bank, it would be sitting on 71 acres of prime freeway frontage for practically peanuts.

The city decided to be prudent with taxpayer dollars and sold the land to the developer, whose plan to build 15 homes near Old Agoura seems fair.

Best of all, some 50 acres will remain open space and will provide an area that is compatible with wildlife migration. The open space could eventually have hiking and equestrian trails.

Both the city and the Old Agoura Homeowners Association would have preferred the entire parcel remain open space, but environmental suitors cannot purchase a property for open space that has a cloudy title.

The land sale appears to be a thoughtful compromise, and when it comes to the city’s fiduciary responsibility, the bird in hand was worth two in the bush.

Hopefully Old Agoura will embrace the decision and accept the fact that in the tough world of real estate, the city’s course of action was best for all. It’s time to put this more than decade-old fight to rest.


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