Anaheim City Council At Odds Over $225M Value Of Land Surrounding Angel Stadium
Anaheim City Councilmember Kris Murray, who is “most strongly advocating” an Angel Stadium development deal, said Tuesday that Anaheim taxpayers “could get a fair return that goes beyond the proposed $1 per year in rent,” according to Bill Shaikin of the L.A. TIMES. Waronzof Associates Principal & Founder Timothy Lowe told the City Council that "the land would be worth” $225M when leased to a developer. Of the 135 acres that surround the ballpark, Lowe said the market could “support 86 acres of development, including retail and office space to the north and west of the stadium and 3,000 condominiums and apartments to the south.” Murray said that the Angels “would refurbish the city-owned stadium at their expense, relieve the city of stadium capital improvement payments and assume the risk of development, at no risk to taxpayers.” Anaheim Mayor Tom Tait said the taxpayer risk comes in not getting “a decent return and good value” for those 135 acres, above and beyond the other benefits. Councilmember Lucille Kring “expressed skepticism about the appraised land value.” The city has “failed to develop the land since the Angels moved into the stadium” in ‘66 and “has not exercised its authority to sell 45 acres of the site, without the Angels having veto rights.” Kring said, “Nobody has been knocking at our door for this property.” Lowe said that he “also has been commissioned to estimate how much a new ballpark would cost if the Angels move elsewhere, and how much of that cost the team might be expected to pay” (LATIMES.com, 5/7).