DOWNEY - The city of Downey will receive $2,000 in monthly rent from Champion Dodge for land the city purchased at auction last month.The lease, which was approved by the City Council on Tuesday, is for two years and can be extended thereafter on a month-to-month basis. Both Champion Dodge and the city can terminate the lease with 60 days written notice. Downey purchased the property at 9715 Firestone Blvd. on Aug. 2 for about $1.9 million after the property fell into foreclosure. The Dodge dealership had been leasing the land from the previous owner. City officials said last month they plan to redevelop the property and are considering "a myriad of uses." Leasing the property in the short-term will offset maintenance costs, maximize new car sales, create new jobs and eliminate a vacant commercial lot, according to Brian Saeki, director of community development for Downey.
********** Published: September 30, 2010 - Volume 9 - Issue 24