Despite the City Council voting on a land sale agreement in less than two weeks, some of the country’s top experts on stadium deals have more questions than answers and the city doesn’t know who the other business partners in the firm that’s buying that land are.
City of Anaheim officials have released a proposed sales agreement to sell the 153-acre Angel Stadium site and the surrounding land around it to a freshly-minted, shadowy LLC with undisclosed ownership interests that include Angels owner Arte Moreno. The sales agreement, which ties up the stadium land for future negotiations until next Spring, raises a starting price of $325 million along with a host of potential deductions for things like labor agreements, affordable housing and parks, which could significantly lower the final sales price.
Anaheim released a proposal overview Wednesday morning to sell Angel Stadium to the team owner for $325 million after months of silence on the issue. One Councilman suspects a secret deal was negotiated months ago.
The City of Anaheim is looking to sell its stadium to the Los Angeles Angels of Anaheim for $325 million, according to a surprise Wednesday morning announcement after months of secrecy surrounded stadium negotiations.
As time runs out on a controversial lease extension deadline on Dec. 31, Anaheim city council members have one regularly scheduled public meeting to hash out the details of a potential billion dollar deal revolving around 155 acres of public land in the city’s core.
The Los Angeles Angels of Anaheim and Anaheim city officials are expected to sit down Friday to hammer out a lease by Dec. 31, despite only having three Council meetings left this year and reinstating the current lease 10 months ago to extend the negotiation time.
The Los Angeles Angels of Anaheim and the City of Anaheim officially start stadium talks on Nov. 15. It’s the first meeting this year, despite a team request earlier this year to extend a lease out clause to the end of the year to allow for calm deliberations. Councilmembers have three public meetings left this year to consider any stadium proposal before an out-clause trigger extension expires at the end of the year.
The Anaheim City Council could decide to release the stadium appraisal after residents have been in the dark for months on the value of the land and the status of negotiations between the Angels and the city for the public 155-acre stadium. Council members also may consider sunlighting any proposal submitted by the Angels.