Politics & Government
City Finds Buyer for Yellow Freight Property
The Hercules City Council announced after a special meeting Wednesday that it has found a buyer for the property.
The City of Hercules has found a buyer for its property, a small freight yard which sits just outside of city limits. Hercules City Council announced the pending deal after a special Wednesday.
Proceeds from the Yellow Freight sale are intended to go towards covering some of the Redevelopment Agency’s more than $1.5 structural deficit, according to a held by city staff July.
The city started leasing Yellow Freight, which was purchased for $2 million in 2009, to Harbor Freight Lines. The lease started in March with a three-year contract at $12,000 per month. The new potential buyer would take over the lease, Municipal Services Director John Stier said.
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City Attorney Patrick Tang said additional details on the purchase will not be disclosed until the deal is final. “While the decision to enter into a deal for the sale of Yellow Freight has been reached, the deal is not final until the buyer is committed to the purchase,” Tang said in an email to Patch.
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