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May 31, 1999

UCSC and Wells Fargo Bank close escrow on Terrace Point land

Sale of 55 acres clears the way for beginning of planning process for land's use

By Elizabeth M. Irwin

Chancellor Greenwood has announced that UCSC and Wells Fargo Bank have completed the escrow process for sale of the area locally known as Terrace Point. The site is approximately 55 acres adjacent to the campus's Joseph M. Long Marine Laboratory and the new Seymour Marine Discovery Center.

"We are very pleased to have finalized purchase of this splendid addition to our campus," Greenwood noted. "The property is immediately adjacent to our internationally known marine sciences laboratory and to the facilities of our state and federal partners. That proximity suggests great potential for the future."

The purchase price of the land was $4 million. Wells Fargo conveyed the deed effective May 21. The agreement provides that land devoted to coastal marine research will be named the Wells Fargo Coastal Marine Research Center at UC Santa Cruz.

Tom Vani, vice chancellor for Business and Administrative Services, was the campus lead in negotiating the purchase. Commenting on the escrow closure, he said, "We have enjoyed a positive experience working with Wells Fargo Bank."

It is expected that UCSC will consult widely about the use of the land, and that a representative campus committee will develop a long-range plan for recommendation to the chancellor.

"Now that we are the official owners, we will begin planning for uses of the land," Greenwood said. "Our process will include talking with representatives of the city of Santa Cruz and other interested community members. In preparing our own master plan, we expect to look at other people's ideas and listen to their concerns."

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