In a historic move, today marks the culmination of 11 months of negotiations as the Canyon Lake Property Owners Association completes the sale of the fire station to the City of Canyon Lake. Escrow is expected to close today, December 8.
The POA has held ownership of the parcel since 1970 when it was granted by the Corona Land Company. In 1980, the volunteer fire company formally established the fire station. A groundbreaking ceremony was held on April 5, 1980. The station has been used by various local agencies to provide fire and EMS services to the citizens of Canyon Lake.
In January 2023, the city took the initiative to purchase the station from the POA, agreeing on the appraised value of $1.39 million.
After months of collaborative efforts, the POA and city reached an agreement on the terms of a Purchase and Sale Agreement (PSA). To mark this significant milestone, A commemorative signing ceremony to “pass the key” took place at the station on July 31, 2023.
The PSA and Shared Use Maintenance Agreement reflect a sale amount of $1.39 million, based upon a certified appraisal consistent with the appraisal performed independently by POA. The sale does not include the launch ramp. The launch ramp will remain POA property.
Payment disbursements are reflected in the final PSA over a period of five years with an initial lump sum payment of $900,000 due at closing. Fund allocation will be determined by the POA Board of Directors.
Some of the benefits of the city owning the fire station include utilizing the station as its needs change, avoiding future cost increases to taxpayers in the form of rising lease rates, ensuring the continued stability of emergency operations, and being able to receive FEMA Public Assistance grant funds in the event of a disaster. The city can also apply for special state, government, and private grants.
