The Santa Monica Community College District board of trustees has terminated the purchase contract for a seven-acre site in Malibu that had been identified as a potential site for an educational center.
The action was taken Monday, October 9th, in consultation with the Malibu Public Facilities Authority, a joint powers authority formed between the college district and the City of Malibu.
“Following a comprehensive investigation of the site located at 23801 Stuart Ranch Road, Malibu, the college has determined that the site will not be adequate for our development needs and, therefore, we have terminated the purchase contract,” said board chair Nancy Greenstein.
“Several alternative sites have been identified and both the board and city officials are optimistic that a suitable location in the Civic Center [area] will be found for the Malibu campus,” said college district president Chui L. Tsang.
In August, the board of trustees authorized Tsang to enter into an agreement for the college district to purchase the Malibu site for $8 million, to be developed as an educational center.
However, under a 90-day contingency period, the board had the right to cancel the purchase of the property.
The site is owned by the Yamaguchi Tokiye Trust and is adjacent to Malibu City Hall in the Malibu Civic Center area.
Funding for property acquisition and development of an education center will come from Measure S, a $135 million bond measure approved by Santa Monica and Malibu voters in 2004.
A total of $25 million in Measure S funds has been dedicated to capital projects in Malibu.