Jun 22, 2009 11:53 am US/Pacific
Malibu Soon To Have A Bigger, Better City Hall
MALIBU
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A surfer walks along the shore at Surfrider Beach in Malibu, California.
AP
The star-studded city of Malibu will soon have a bigger and better City Hall to go along with residents' multi-million dollar beach houses as the city bought a foreclosed building on Stuart Ranch Road, it was announced today.
The former Vineyard Christian Fellowship and Malibu Performing Arts Center building, which is adjacent to the existing City Hall, was purchased at auction for $15 million. The new building has over 35,000 square feet of usable space and will house city services, the senior center and additional community programming.
The current City Hall consists of 15,647 square feet and is leased at a cost of approximately $800,000 annually. The purchase will be funded through the issuing of certificates of participation that will be paid back over 30 years from the saving of rent. There will be no extra cost to taxpayers, according to officials.
"This means we will be making payments toward our own building instead of paying rent and I'm thrilled to have a permanent home for City Hall," said Mayor Andy Stern. "The long term cost savings and added value to our residents was the driving force of this purchase."
It is expected that escrow will close this month and the relocation will be early next year.
(© 2008 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)
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