Broad Offers to Pay $7.7M for Downtown Museum Site

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Philanthropist Eli Broad this afternoon said he is willing to pay $7.7 million for a 99-year lease for the land where his $100 million contemporary art museum would rise.

Until now, negotiations had centered on Broad’s foundation leasing the site for $1 a year for 99 years. The new offer was made in a letter sent to the county on Monday and to the City Council and the Community Redevelopment Agency on Tuesday.

The move, which comes two days before the CRA is set to vote on the project, could mollify critics who have worried that the county would not receive an adequate return on the property that is south of REDCAT and across the street from the Colburn School and MOCA’s Grand Avenue campus.

&#8226 Read the full Los Angeles Downtown News story.

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