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Land Underpriced

Seaside City, CA: (Mar-08-08) Ben Kaatz, a Seaside resident, brought a lawsuit against KB Home/Bakewell, a home builder, alleging that the city grossly undercharged for the 107-acre property which became the Highlands. The suit stated that the city bought the land, which was once part of Fort Ord, from the federal government for $5.1 million and sold it to KB Home for $6 million.

Sources close to the suit stated that the parties had reached a settlement agreement, resolving the land-sale dispute. As per the terms of settlement, KB Home/Bakewell, which developed the 380-home Seaside Highlands subdivision, agreed to pay $1.1 million to resolve allegations. City officials said that the money is earmarked for low-to-moderate housing in the city and cannot displace any already-existing financial allotments to the fund. The Seaside City Council, acting as the city's redevelopment agency, unanimously voted to accept a $1.1 million payment to the agency fund. [MONTEREY COUNTY HERALD: ]

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Published on Mar-10-08


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