The city of Goleta is in escrow to buy the entire two-story building that the city is currently renting as its City Hall, at 130 Cremona Dr.
Once the transaction is complete, the city will acquire a portion of an existing 5.3-acre parcel. That portion of land would become its own 2.3-acre parcel as a result of the transaction and include the 39,718 square foot, two-story building, according to Kelly Hoover, city spokeswoman.
The city currently occupies about two-thirds of that space and will take up an analysis to determine how to best use the additional space. Future plans for the building include the installation of an elevator, Ms. Hoover said.
The purchase price under the original agreement was $11,515,400, however the actual purchase price will be about $11,476,700 as a result of a property condition credit to the city.
“The acquisition will put the City in the position of owning a sizable asset as an owner rather than the obligation of lease payments owed to a private property owner as a tenant,” Ms. Hoover said.
The cost of purchasing versus leasing is estimated to save the city about $64,000 in the first year and the savings would increase in the future, she said.
“While there are a few details that need to be ironed out, escrow is expected to close by November 15, 2019,” Ms. Hoover said. “We will keep you posted and hope to officially announce 130 Cremona Drive as our permanent home soon.”