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Council grants Caruso extension to close on Lakes residential parcel, directs $100,000 per year to navigation center; vote 4-1
Summary
Council approved an amendment to the purchase-and-sale agreement for the Lakes residential project allowing a one-year extension with a one-year option in exchange for $100,000 per year; Mayor Newman voted no.
The City Council approved an amendment to the purchase-and-sale agreement (PSA) for the Lakes residential project (2200 E. Thousand Oaks Boulevard) that extends the buyer’s closing deadline by one year, with an option for a second one-year extension, in exchange for nonrefundable payments of $100,000 per extension. The motion passed 4–1 with Mayor David Newman voting no.
Chief Assistant City Attorney Patrick Heager summarized the amendment. Under the original agreement, T.O. Lakes LLC (managed by the Caruso organization) had…
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