Mike Boehm reports that Eli Broad has come across with a $7.7m offer for a 99-year lease in Santa Monica, one of the three contending sites for Broad’s new museum:
Broad persuaded Los Angeles County Supervisor Mike Antonovich, the only public official on record opposing his previous request to lease it for a token dollar a year. “We are pleased he has agreed to pay the fair market value on the property,” Antonovich’s spokesman, Tony Bell, said Tuesday. “The supervisor is satisfied. He would support the effort at this point.” […] The $7.7-million offer came as the board of commissioners of the City of Los Angeles’ Community Redevelopment Agency, which owns the land and would need to approve any lease, prepares to take up his museum proposal at its meeting Thursday.
“The Broads are spending $300 million on this project and they want everyone to be supportive and satisfied,” said Karen Denne, spokeswoman for the Broad Art Foundation. “By offering to spend an additional 2.5% of the total project, they hope that everyone will feel good about it.”
Eli Broad offers $7.7 million for art museum lease, not $1 (LA Times)