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City Sells 5.5 Acres to Private Investors

LIVERMORE, CA-Private investors have purchased a 5.5-Acre Property from the city, which it will use to develop an office/mixed-use project. The deal includes $840,000 up front and 20% of the upside from the resale of the property to office developers.

By Michelle Savage | Updated on December 27, 2001

LIVERMORE, CA-The Livermore City Council has sold 5.5 acres to private investors, Michael Farnell and Fred Dillett, who will use the site to develop a mixed-use project. The property, on Railroad Avenue near L Street, will be used to develop an office and movie theater development.

The development duo will pay the city $840,000 plus 20% of profits from the partners’ planned sale of three parcels of the land to office developers. Farnell and Dillett also gave the city a $50,000 deposit as an act of good faith.

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