Steven St. Clair, principal of Newport Beach-based St. ClairCo., says he changed his mind about developing the parcel aftertalking with conservationists and government wildlife agencies. Theparcel has been appraised at $50 million, but St. Clair acceptedonly $40 million to help activists pull their funding together.
The California Department of Parks and Recreation will provide$4.7 million toward the purchase, the Wildlife Conservation Boardwill pay $4 million and the Wildlands Conservancy will contribute$2.5 million. Orange County will pay $1 million and redirectmillions more in its mitigation fund toward the acquisition.
Additional funding will come from private donors and others. Thedeal was approved Friday by the state Public Works Board inSacramento.
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