The State of California's Department of Finance has issued a decision to "take no action" regarding the sale of the nearly 2,500-acre Tres Hermanos Ranch, north of Carbon Canyon, to the City of Industry.
The department indicated that, in its review of the sale, it determined that the transaction was approved by the Successor Agency to the City of Industry Urban Development Agency and that it had no objection.
The cities of Chino Hills and Diamond Bar requested a review because of concern that the sale price of $41.5 million, being far less than anticipated sale value and other offers topping $100 million, would result in significant financial losses.
Both cities have also filed two sets of lawsuits challenging the sale on the grounds that the sale did, as both claim, violate the state's law for disposing of former redevelopment land, as well as not meet state environmental review laws.
So, the legal wrangling will continue at the courts and Industry's proposed solar farm project, with promises for provision of the public use of other portions of the ranch, remains in play.
Read more in this San Gabriel Valley Tribune article just posted online today.
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