POST Helps City of Half Moon Bay Acquire 21 Acres for Public Park
September 22, 2004
Menlo Park, Calif. – Peninsula Open Space Trust (POST) and City of Half Moon Bay announced today that a 21-acre property in Half Moon Bay near the junction of Highways 1 and 92 will be purchased from Nurserymen's Exchange by the City of Half Moon Bay for parks and recreation use, thanks to a $3.1 million interest-free loan from POST.
The land is currently owned by Nurseryman's Exchange and has been used to grow ornamental plants for the last 16 years. POST acquired an option to purchase the property three months ago with the intention of assigning the option to the city and providing the necessary financing.
Tuesday night the Half Moon Bay City Council approved the transfer of purchase rights and agreed to borrow $3.1 million at no interest from POST to make the acquisition. The deal is expected to close on October 15; the loan is due in three years.
"Our goal is to help the city create a great recreational resource for the people of Half Moon Bay," said POST president Audrey Rust. "The property could have been sold and developed, and would not have been available for public recreation. The city wasn't in a position to buy the property now, so this gives them the time they need to put together the necessary funding."
"Although we're usually involved in protecting rural lands, this partnership provides a unique opportunity for us to assist the city and protect the Pilarcitos Creek trail corridor area from future development. We hope this property will connect to other trails in the future."
"Half Moon Bay will be grateful to POST for generations," said Half Moon Bay mayor Mike Ferreira. "We love and appreciate the work they did here. This is an extraordinary contribution from an extraordinary organization with extraordinary leadership."
City manager Deborah Ryan echoed Ferreira's comments.
The property lies along highway 92, a half-mile east of the intersection with Highway 1. Condominiums border the western side of the parcel, with several businesses to the east. Highway 92 and Pilarcitos Creek form the northern and southern borders. Nurseryman's Exchange purchased the land in 1988. It was recently appraised for $4.6 million.
"This is a win for everyone, thanks to the partnership between POST, the city, and Nurseryman's Exchange," Rust said.