City of industry To Offer $100 Million for Tres Hermanos Ranch

According to yesterday's Pasadena Star-News, the City of Industry has upped its offer to purchase the 2,500-acre Tres Hermanos Ranch, which the city acquired forty years ago through its now-defunct redevelopment agency, to $100 million.

This was done after the regular council meeting Thursday included a closed session discussion after which the matter was to be resumed in two weeks.  However, a special meeting was called for yesterday afternoon, at which the decision was made to make the offer.

Industry city attorney Jamie Casso stated that the special meeting was called, with 24 hours notice as required by law, because the city had to make its offer ten days in advance of the next meeting of the successor agency to the city's redevelopment agency.

The article paraphrased Industry city manager Paul Philips' statement that "the City Council wants the land preserved for open space, public uses and public facilities" but did not offer details when contacted by the reporter, saying, "It's a work in progress."

Tres Hermanos Ranch as seen from the south, March 2016.

The land, which became subject to the disposition under the successor agency, was eyed by developers, with an Irvine firm, GH America, making a $101 million offer.  The city had an appraisal done that valued the land at less than half that amount and offered just over $40 million for the ranch, but is obviously willing to match the private offer.

The successor agency will consider Industry's latest offer at its next meeting on the 23rd.

The Star-News pointed out that the $100 million would come from Industry's general fund and that the city has a $264 million budget and some $800 million as surplus, amounts that far exceed what other municipalities have.

Chino Hills' mayor Ray Marquez, who is also a realtor, offered his views on the latest developments with Tres Hermanos, stating that residents prefer preservation of open space to high-density housing, but questioned why Industry would put up that kind of money, noting "there is a reason for it" and asking "what value is it to them?"

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