[CPEO-BIF] Vallejo, California school district sells surplus property

[Lenny Siegel <lennysiegel@gmail.com>]

Developer, School District Ink 15-Acre Deal

Brian K. Miller
GlobeSt.com
May 4, 2008

VALLEJO, CA-The Vallejo Unified School District is selling four surplus 
infill parcels totaling 14.7 acres in a deal that includes a piece of 
the buyer’s back-end profit. As part of the deal, the school district is 
carrying back $6 million of the $10 million purchase price in the form 
of a trust deed. EnviroFinance Group, formerly Continental Environmental 
Redevelopment Financial, provided $7.25 million in financing for the 
acquisition and repositioning of the properties.

The buyer is Brooks Street, a land development specialist that plans to 
add value to the site by re-entitling them for as much as 180 units 
housing units and some street-level retail space.

...

James Shuppert, a VP with the lender, a specialist in brownfield 
lending, tells GlobeSt.com that two of the properties are clean and two 
have underground contamination resulting from storage tanks once 
containing petroleum.

...

For the entire article, see
http://www.globest.com/news/1150_1150/sanfrancisco/170487-1.html

--


Lenny Siegel
Executive Director, Center for Public Environmental Oversight
a project of the Pacific Studies Center
278-A Hope St., Mountain View, CA 94041
Voice: 650/961-8918 or 650/969-1545
Fax: 650/961-8918
<lsiegel@cpeo.org>
http://www.cpeo.org



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