Costa Mesa Makes State a $96 Million Offer to Buy OC Fairgrounds
The Daily Pilot has the scoop.
The offer amount is the minimum price state officials had been seeking from a sale of the fairgrounds to help close the state budget deficit.
Councilman Gary Monahan, Councilwoman Katrina Foley and City Manager Allan Roeder made the offer in Sacramento Wednesday during a visit to the governor's office.
It remains unclear how the cash-strapped city would come up with $96 million for the 150-acre property.
Foley tells the Pilot's Mona Shadia the fairgrounds, under city rule, would be operated by yet-to-be-specified private firms.
The city and county previously put together a bid to buy the fairgrounds in March. A $56.5 million bid from Craig Realty
Group, a Newport Beach-based outlet-mall developer, was the highest, however.
The state, which went in expecting $96 million to $180 million, wound up rejecting all bids.