The Burbank Redevelopment Agency on Tuesday agreed to pay almost $2.5 million to Glendale City Councilman Larry Zarian for two apartment buildings owned by the councilman at a key downtown location.
Zarian said he offered to sell the buildings to the agency about a month ago because he wants to raise cash for other investments. He said he has owned the properties for a number of years. The properties, which are contiguous, are at 316-348 E. Orange Grove Ave. in the City Centre Project area.
Members of the redevelopment agency, who also serve as the Burbank City Council, approved the sale by a 3-1 vote. Mayor Al F. Dossin cast the dissenting vote without comment. Councilwoman Mary Lou Howard was absent.
Zarian at first had asked $2.55 million for the buildings but agreed to lower the price to $2.49 million during negotiations with the redevelopment agency, said William R. Kelly, assistant director.
No independent appraisal was required, but the price is comparable to other recent sales in the area, Kelly said.
Burbank has no immediate plans for the buildings, which Kelly said are in good condition, and tenants will be allowed to remain, he said.