Half Moon Bay leaders signed over ownership of a 21-acre property along Highway 92 to the Peninsula Open Space Trust on Thursday.
The deal ends a $3.1 million loan POST gave the city for the disputed property, which was originally purchased for development into parkland and athletic fields. The city bought the property in 2004 from Nurserymen’s Exchange with an interest-free loan from POST. The loan was originally set to be repaid in 2007, but city leaders had to twice ask for extensions.
Earlier this year, Half Moon Bay leaders said the city’s massive Beachwood debt precluded any repayment of the POST loan. They arranged to give POST the property in exchange for calling off the debt — a deal widely acknowledged as generous to the city.
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POST reportedly has no immediate plans for the property.
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