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Project: Triangle Ranch Acquisition Phase 1-A (Begining of Phase 1)

Description: Acquisition of 60 acres include all of APN 2063-036-001 and the northern portion of APN 2063-006-022 west of Cornell Road. Triangle Ranch is a 320.6-acre ownership in the unincorporated Agoura Hills area of the Santa Monica Mountains. Triangle Ranch abuts open space owned by the Mountains Recreation and Conservation Authority (MRCA) in all compass directions. The MRCA has an agreement in place to acquire the 320.6 acres in four phases. The first phase encompasses 60 acres that will protect over 2,500 feet of Medea Creek with a board riparian corridor and adjacent coast live oak and valley oak woodlands. The proposed Proposition 1 grant to the MRCA would partially fund this fee simple 60-acre acquisition. Per the agreement with the Seller, the subject first acquisition phase must close in calendar year 2017. The 60 acres include all of APN 2063-036-001 and the northern portion of APN 2063-006-022 west of Cornell Road. Because this phase of the acquisition includes Medea Creek it is most eligible for a Proposition 1 grant from the Santa Monica Mountains Conservancy. The full purchase price of $5,907,500 included the acquisition price, plus a $95,000 option payment to secure three additional phases, closing costs, and legal staff time. Partial funding was secured from the Santa Monica Mountains Conservancy ($2.1million, Proposition 1), and Los Angeles County Regional Park and Open Space District ($2.5 million, Proposition A). The remainder of the purchase price of Phase 1 was covered by a promissory note from the MRCA in the amount of $1,307,500. At an interest rate of 4.5% per annum, staff has projected that the outstanding balance on the note will be $1,326,880 by the end of August. This final Phase 1 payment is Phase 1-B and is a separate grant, ID: 3810P011833 in ABCRS.

Reference Number: 3810P011778

Implemented By: Mountains Recreation and Conservation Authority

Objective: Triangle Ranch is a 320.6-acre ownership in the unincorporated Agoura Hills area of the Santa Monica Mountains. Triangle Ranch abuts open space owned by the Mountains Recreation and Conservation Authority (MRCA) in all compass directions. The MRCA has an agreement in place to acquire the 320.6 acres in four phases. The first phase encompasses 60 acres that will protect over 2,500 feet of Medea Creek with a board riparian corridor and adjacent coast live oak and valley oak woodlands. The proposed Proposition 1 grant to the MRCA would partially fund this fee simple 60-acre acquisition. Per the agreement with the Seller, the subject first acquisition phase must close in calendar year 2017. The 60 acres include all of APN 2063-036-001 and the northern portion of APN 2063-006-022 west of Cornell Road. Because this phase of the acquisition includes Medea Creek it is most eligible for a Proposition 1 grant from the Santa Monica Mountains Conservancy. The full purchase price of $5,907,500 included the acquisition price, plus a $95,000 option payment to secure three additional phases, closing costs, and legal staff time. Partial funding was secured from the Santa Monica Mountains Conservancy ($2.1million, Proposition 1), and Los Angeles County Regional Park and Open Space District ($2.5 million, Proposition A). The remainder of the purchase price of Phase 1 was covered by a promissory note from the MRCA in the amount of $1,307,500. At an interest rate of 4.5% per annum, staff has projected that the outstanding balance on the note will be $1,326,880 by the end of August. This final phase 1 payment is Phase 1-B and is a separate grant, ID: 3810P011833 in ABCRS.

Type: Acquisition Fee Title

Total Cost: $6,000,000.00

Project Status: Complete and Fully Paid

On Time?: Yes    Within Scope?: Yes    Within Budget?: Yes

Estimated Completion: 12/31/2017    Actual Completion:

Associated Counties: Los Angeles

Project Benefits a Disadvantaged Community (or SDAC): No

Contribution SourcesContribution DateContribution Amount
  $6,000,000.00
Local Contribution11/28/2017$1,900,000.00
Other State Funds11/28/2017$2,000,000.00
Prop. 1, Ecosystem, Watershed Protection and Restoration11/28/2017$2,100,000.00


Project MetricMetric TopicQuantityUnit
Acquisition Fee TitleOak Woodlands60acres acquired

Water Action Plan Target

    
Make Conservation a California Way of LifeAction Description
Increase Regional Self-Reliance and Integrated Water Management Across All Levels of GovernmentAction Description
Protect and Restore Important EcosystemsAction Description

Location

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