The city of Goleta announced Thursday that escrow closed on the city’s purchase of the current City Hall building and surrounding property at 130 Cremona Drive.
“This transaction represents the City’s largest acquisition to date at just over $11,515,000 and the first City Hall building owned by the City,” Kelly Hoover, city spokeswoman, said in a news release. “The Goleta City Hall has been located at this site for the past 15 years, with the City paying nearly $750,000 in rent and common area maintenance costs in FY 2018/19 alone.”
The cost of purchasing versus leasing is estimated to save the city about $64,000 in the first year and the savings would continue to increase in future years, Ms. Hoover said, adding that the purchase will also provide much-needed space for the city.
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.
Currently, the city occupies approximately 26,395 square feet – or two-thirds – of the nearly 40,000 square foot, two-story building. The remaining portion of the building is vacant and a space needs assessment is underway to examine the best use of the overall building. Moving forward, the future plans for the building will include the installation of an elevator, Ms. Hoover said.