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County in Escrow on $1 million Corporation Yard

Nevada County is close to buying property for a new Corporation Yard.  The Purchase price is $1,010,000 ( one million ten thousand dollars) for 39 acres of the Old Bear River Mill site located between Highway 49 and LaBarr Meadows Road.  The county has been searching for a place to consolidate vehicles and equipment for 5 years, and this is actually the county’s second attempt to purchase at this site. The first deal was with Catlin Properties, the developer behind the South Hill Village project, but the escrow fell through when Caitlin Properties went bankrupt.  Now, County Chief Information Officer, Steve Monaghan says they will purchase the property from the bank at a reduced price.

“There haven’t been a lot of comps, but we’re showing about $100,000 an acre sale. So we feel comfortable that at the current price, we’re well below market and that is because the bank is trying to liquidate this property.”

Currently the county has equipment scattered at other sites throughout the county and a 5 acre yard on Loma Rica which facilities manager Tom Coburn say is less than ideal.

“The other problem with Loma Rica is in the snow, it’s a terrible hill to get down. There’s only one way in and one way out for their equipment. They have to chain up to get off the hill, unchain and then chain back up when they get back to the snow level. It’s a very difficult operation for them.”

Once the new Corporation yard site is purchased the 5 acres on Loma Rica could be sold by the County.

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