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Project: Triangle Ranch Phase 1-B (completion of Phase 1)

Description: Payment of promissory note utilized to acquire Phase 1 of the Triangle Ranch Property (APNs 2061-031-019;2063-005-013; 2063-006-022 and 023; 2063-036-001), Medea Creek, unincorporated Los Angeles County, in accordance with the Santa Monica Mountains Conservancy Board Materials dated June 18, 2018. 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. The begining of Phase 1 (Phase 1-A) is a separate grant, ID: 3810P011778 in ABCRS.

Reference Number: 3810P011833

Implemented By: Mountains Recreation and Conservatin Authority , SMMC

Objective: Payment of promissory note utilized to acquire Phase 1 of the Triangle Ranch Property (APNs 2061-031-019;2063-005-013; 2063-006-022 and 023; 2063-036-001), Medea Creek, unincorporated Los Angeles County, in accordance with the Santa Monica Mountains Conservancy Board Materials dated June 18, 2018. 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. The begining of Phase 1 (Phase 1-A) is a separate grant, ID: 3810P011778 in ABCRS.

Type: Acquisition Fee Title

Total Cost: $1,350,000.00

Project Status: Complete and Fully Paid

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

Estimated Completion: 6/30/2020    Actual Completion:

Associated Counties:

Located In Disadvantaged Community: No

Contribution SourcesContribution DateContribution Amount
  $1,350,000.00
Prop. 84, Santa Monica Bay and Watersheds Program (SMMC)7/12/2018$349,646.71
Prop. 50, Santa Monica Bay/Ventura coast watershed7/12/2018$23,889.60
Prop. 50, Santa Monica Bay/Ventura coast watershed - public access7/12/2018$59,791.09
Prop. 40, Santa Monica Mountains Conservancy: Land and Water Conservation7/12/2018$368,259.34
Prop. 1, Ecosystem, Watershed Protection and Restoration7/12/2018$548,413.26


Project MetricMetric TopicQuantityUnit
Acquisition Fee Title   

Water Action Plan Target

    
Make Conservation a California Way of LifeAction Description
Protect and Restore Important EcosystemsAction Description

Location

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