Angel Stadium Sale Will See Anaheim Receive Staggered Payments
The Anaheim City Council is "expected to approve a sale" of the Angel Stadium property next week, but the city "may have to wait until midway through the next decade to get most of its money," according to Bill Shaikin of the L.A. TIMES. Angels Owner Arte Moreno's company SRB Management has "agreed to buy the 153-acre site" for $325M. Under the agreement, SRB would "make a series of deposits." The total deposits "could range" from $70-100M, and the payments to the city "could be staggered" from '20-23, depending on when SRB submits development plans to the city. The majority of the payment "would be due when the deal closes," as late as '25. It is "unlikely the city would get" all $325M. The development agreement is "not anticipated until next year." City Councilman Jose Moreno, unrelated to Arte Moreno, said that the delay "would put the council in the position of approving a land sale without any guarantee of what the city's payment might ultimately be, and without any legal commitment for what SRB might do with the land or when it might actually build" (L.A. TIMES, 12/11).