During the same meeting, the City Council is also scheduled to approve the final reading of the amendment to the fairgrounds’ general plan, which was revised to include language that ensures that the property would continue to serve as the home of the county’s annual fair. The amendment would also prohibit future owners from developing the fairgrounds into a shopping center or a residential community. The amendment’s language would appear on the June 8 ballot.
The state’s plan is to liquidate high-valued properties to help plug a hole in California’s budget deficit.
The California Legislature voted to sell the fairgrounds in July, and the California Department of General Services put it on the market in October.
The state was hoping to make between $96 million and $180 million from the sale.
Although the fairgrounds was auctioned off at $56.5 million to Newport Beach-based Craig Realty Group, an outlet developer, the fairgrounds is not yet sold.
The Department of General Services is reviewing the bid to see if it’s beneficial to the state and is expected to make a decision by April.
The council meets at 6 tonight in Council Chambers, City Hall, 77 Fair Drive.