Some news: https://www.westcovina.org/Home/Components/News/News/2486/17?backlist=%2F
WEST COVINA, CA – On July 16, 2019 the City Council authorized the City Manager, David Carmany, to negotiate and execute a Purchase and Sale Agreement and Joint Escrow Instructions (Purchase & Sale Agreement) with Singpoli BD Capital Group LLC (Singpoli). The Purchase and Sale Agreement is for the sale of 134- acres of City owned land at the former BKK landfill site for $13.5 million to Singpoli.
The execution of the Purchase and Sale Agreement allows the City and Singpoli to pursue the sale of the City properties. While escrow will be opened as part of the Purchase & Sale Agreement, the sale of the properties is subject to various conditions including completion of the California Environmental Quality Act (CEQA) review.
The City and Singpoli will also continue to pursue the proposed outdoor recreational project at the site. Singpoli’s proposed project includes a public park with an amphitheater, horse/hiking trails, glamping campsite, habitat preservation and restoration, solar and greenhouse program, zipline and aerial adventure park, future virtual reality (VR) park, K-9 and Fire training facilities, and a resort hotel with banquet facilities. The proposed project continues to remain subject to approvals by the regulatory agencies and the city’s entitlement process including the environmental review pursuant to CEQA.
The Purchase & Sale Agreement grants Singpoli a contingency period of one year, after which if Singpoli does not purchase the property, the City receives a nonrefundable consideration of $405,000 pursuant to the Purchase & Sale Agreement. The next steps include Singpoli submitting an application for a general plan amendment, a specific plan, and a zone change. The application will initiate CEQA review. During the CEQA process, the regulatory agencies will provide formal review of the proposed development project. In addition, during the review process, there will be several opportunities for community input including a Scoping Meeting for the EIR and public hearings.
While the Purchase & Sale Agreement has been executed, the sale of the City properties has not been finalized nor was the proposed project approved. The execution of the Purchase and Sale Agreement is merely a step in the direction of pursuing the possible sale and development of the Development Opportunity Site. The approval of the proposed development project still requires many steps including extensive review for the project to be formally approved.