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Parking lot sold to investment company

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Parking lot sold to investment company

Alfonso Munoz, Online Editor

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Every day hundreds of Giants aggressively compete for several dozen prized positions, not first string on a team or the top grade in a class, but something far more valuable to a student: free parking. However it appears that the good times may be at an end.

The College of the Sequoias recently sold the illustrious parking lot five, the one across from Habit with the aforementioned free parking, to Legacy Investments, a property management and investment company located in Visalia. Legacy Investments was contacted several times throughout reporting, but additional information on the company and its intentions was unavailable. Though little is known besides the cost and date of the sale, it seems likely that the company has plans for the lot that do not include its current uses – namely free parking and being full of trash.

In a meeting on Oct. 28 the board of trustees approved the sale of the parking lot for $1,125,00 to Legacy Investments. Talks about selling the property began on July 9 and were quickly approved a week later. According to the board minutes former Ward 5 trustee John Zumwalt recused himself from the talks due to possible conflicts of interest with some of the potential buyers.

This is not the first time the sale of parking lot five was proposed. The board discussed selling the parking lot in the late 90’s, but was never actually placed on the market. The main difference between the proposed sell and the current actual sale is just that: the board pulled the trigger and placed the parking lot in the open market.

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Parking lot sold to investment company