Goleta City Council Moving Ahead With Purchasing City Hall Building | Local News

Goleta City Council Moving Ahead With Purchasing City Hall Building | Local News


The Goleta City Council this week signed off on purchasing a permanent City Hall.

The city has leased its current space at 130 Cremona Drive for years, but as of Tuesday, council members approved authorizing City Manager Michelle Greene to finalize all documents to purchase the property from University Business Center Associates and JCB Limited for roughly $11.5 million.

The item  was placed on the council’s consent calendar, which lists matters considered routine and approved without discussion.

At its meeting, the City Council agreed to moving forward with the acquisition of the building nestled between Hollister Avenue and Los Carneros Road, where Goleta City Hall Council Chamber is now.

Money for the site had already been set aside in development impact fees and through the general fund.

Goleta will be paying $10.94 million in cash at the close of escrow, according to city staff. 

About $984,000 comes from sheriff facility development impact fee funds and $9.5 million is temporarily supported by the city’s pooled cash fund and general fund until financing is reimbursed back to Goleta.

The city has about $45 million in its overnight funds, according to city staff.

The acquisition also includes all related due diligence and closing costs on behalf of Goleta.

The city of Goleta incorporated 17 years ago.

— Noozhawk staff writer Brooke Holland can be reached at .(JavaScript must be enabled to view this email address). Follow Noozhawk on Twitter: @noozhawk, @NoozhawkNews and @NoozhawkBiz. Connect with Noozhawk on Facebook.

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