The remaining $3.5 million left on the $22 million purchase of the Westminster Mall was paid on May 27. The outstanding note was part of the original May 2 agreement that brought about 90 percent of the mall property under the control of the Westminster Economic Development Authority.
Under the purchase and sale agreement, the city had up to 12 months to pay off the balance, plus interest. The city will allocate $4 million in carry-over from the 2010 budget to pay off the note and cover other critical project costs. Paying off the note early will save as much as $17,500 per month in interest.
Ongoing work at the mall includes environmental assessments of the property and plans for demolition of some structures on the site. The city is currently seeking bids for the demolition project.