Records Show $425K Is Missing From Bell Land Deal
BELL (AP) — Records show the city of Bell paid more than double the assessed value for land in a 2006 redevelopment deal that called for the seller to donate $425,000 to the city.
It’s unclear what happened to that contribution.
The Los Angeles Times reports Thursday that then-City Administrator Robert Rizzo and ex-General Services director Eric Eggena wanted the property as part of a revitalization effort in the city’s business district.
The city paid $1.35 million for the property, which had an appraised value of $612,000. The seller was required to make to make a $425,000 charitable contribution to the city, but there’s no trace of the donation.
Rizzo and seven other ousted officials are facing trial for corruption, mostly for concealing their high salaries. Eggena was not charged.
(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)