CONSERVATION—Tug of War Ensuing Over Two Land Parcels

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Pity the appraiser who has been hired to determine the fair market value of a prime 193-acre portion of the Playa Vista site, an important early step in the Trust for Public Land’s bid to buy the property from Playa Capital Co. LLC and preserve it as open space.

Some environmentalists insist that the land is worth $6 million. Playa Capital executives put the value at $200 million.

No matter what number the appraiser submits in his report, which is due around the end of the year, fur is sure to fly.

To protect the appraiser from outside influence, his identity is a closely guarded secret.

“Given the 20 years of controversy surrounding Playa Vista, we’re going to keep an especially tight lid on this one,” said Reed Holderman, executive director of TPL’s California operations. “We want to make sure this guy doesn’t get inundated with calls, or pressured. That would impede his progress.”

TPL has one year from the Aug. 8 signing of its option agreement to close escrow on the first portion of the property, a parcel called Area B. The 193 acres that TPL wants to buy is comprised of the 54-acre Area B on the south side of Ballona Creek and the 139-acre Area A on the north side.

Of the two, Area B is the one most coveted by environmentalists.

“Area B is most important for the wetlands. It is being somewhat desert-ized due to an insufficient amount of saltwater intrusion from the channel,” said Andrew Henderson, outside counsel for Friends of Ballona Wetlands, one of several interested environmental groups.

Area B also would be easier to restore because “it is below road grade and linked to the pre-existing wetlands,” Holderman said. “Area A is more complicated because there is about 15 feet of fill dirt, dredged from Marina del Rey, that’s sitting on top of the historic wetlands.”

Another potential complication is that Area A sits on top of an old oilfield that is currently being used to store natural gas.

For the moment, TPL’s primary focus is on identifying a government agency and sources of public funding to buy the parcels at whatever the appraised value turns out to be.

“We are still trying to work out who will take the lead on the state side the Department of Parks & Recreation, Department of Fish & Game, Wildlife Conservation Board or the Coastal Conservancy,” he said.

The state already has set aside $25 million in Proposition 12 funds for the purpose of buying Areas A and B, but TPL is scouring state and federal park funding coffers for more. One likely source would be AB 1602, a $2.6 billion park bond measure that will go before voters in March 2002.

To get an early read on voter attitudes toward park bonds, environmentalists are fixing their attention on a number of local park bond measures on next month’s ballots.

Even if public funding is secured, the sale of Areas A and B will only go forward if TPL, Playa Capital and state officials can all agree on the fair market value.

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