HomeMy WebLinkAbout11 - Purchase and Sale Agreement with LAB Holding, LLC for the Balboa Theater Property, Located at 707 E. Balboa Boulevard - CorrespondenceRECEIVED AFTER AGENDA PRINTE[
ITEM NO.
9MAILM-PIRM
From: Harp, Aaron
Sent: Monday, October 24, 2016 7:15 AM
To: Brown, Leilani
Subject: FW: Balboa Theater
From: Mike Glenn[mailto:michael.glenn(@devion.com]
Sent: Friday, October 21, 2016 4:27 PM
To: Dept - City Council; Harp, Aaron
Cc: Christopher Trela - NB Indy; Fry, Hannah; John Canalis; skaufman(d)scng.com; Tom Johnson; Trevor Smith
Subject: Balboa Theater
City Council Members,
I would like to remind you that you have two official standing offers registered with the city of Newport Beach-
- one for $1.7MM and one for $1.6MM on the Balboa Theater property in Newport Beach.
This is 170% higher than the offer that was non -bindingly accepted last city council meeting.
I would also like to remind you that this is the property of taxpayers in Newport Beach, and should not
subjected to favoritism by council. Indeed, it is the job and duty of council to sell all property to the highest
bidder, regardless of personal bias towards one party or another.
I hope that you will bring this vote up for reconsideration at your meeting tomorrow, as there has either
been some miscommunication, or there are intentional moves to not sell this property for maximum value.
So that we have abundant clarity, the offer of $1.6MM is from me, Mike Glenn, and the offer for $1.7MM is
from Chris Clarizo. Choosing to ignore two bids at 160% and 170% of the bid you have accepted will almost
surely result in some very bad press for yourselves and the candidates which you have endorsed.
Thanks for your time and consideration on this matter
Mike
949.229.0096
PS: I've also copied in the press, so that they are fully in the loop with the options on the table here.