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Board adopts resolution to exchange Harmony Court senior-apartment parcel, citing poor lease terms
Summary
The board adopted Resolution AS-03-2425 to authorize exchange of district-owned land housing Harmony Court Senior Apartments as exempt surplus land under the Surplus Lands Act; staff said a portfolio buyer will acquire the site and the exchange proceeds will be reallocated to income-generating property or other investments.
The Torrance Unified School District board adopted Resolution AS-03-2425 authorizing and approving an exchange agreement and joint escrow instructions for a parcel currently occupied by Harmony Court Senior Apartments.
District staff explained the property had been held under a ground lease that the district considers disadvantageous, including a negotiating history in which the leaseholder stopped paying…
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