Business park bought.Business Park Bought: The City of Palmdale Palmdale, city (1990 pop. 68,842), Los Angeles co., S Calif., in the irrigated Antelope Valley; a growing residential suburb of Los Angeles near Little Rock Creek where it forms Lake Palmdale Reservoir, inc. 1962. will buy the 120-acre Fairway Business Park on Avenue O between Seventh Street West and Division Street for $27.8 million from developer A.C a.c., adv the abbreviation for ante cibum, a Latin phrase meaning “before eating.” . Warnack. The money for the property will come from property tax revenue generated by redevelopment. The payoff is expected by 2026. The value of the site has been negotiated for three years and was in litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. for two of those years. In 1998 an agreement was made that the city would acquire the property in late 2003 for fair market value. At that time, a city-commissioned appraisal valued The appraisal value is the value of a company based on a projection of future cashflows that its owners will receive from the company's assets as well as from its current and future operations. the property at $2.2 million, while A.C. Warnack had it appraised at $23 million. |
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