Goleta City Hall is at at 130 Cremona Drive. (Courtesy photo)

The city of Goleta reports escrow closed Nov. 7 on its purchase of the current City Hall building and surrounding property at 130 Cremona Drive.

The transaction represents Goleta’s largest acquisition to date at just over $11,515,000 and the first City Hall building owned by the city. The Goleta City Hall has been at the Cremona Drive site for the past 15 years, with the city paying nearly $750,000 in rent and common area maintenance costs in fiscal year 2018-19 alone.

The cost of purchasing versus leasing is estimated to save the city about $64,000 in the first year, and the savings would continue to increase in the future.

“The acquisition will put the city in the position of owning a sizable asset rather than making lease payments to a private property owner as a tenant,” said Goleta Mayor Paula Perotte.

The purchase of the building will also provide much-needed space to a growing city.

The city currently occupies about 26,395 square feet or two-thirds of the nearly 40,000-square-foot, two-story building. The remaining one third of the building is currently vacant.

A space-needs assessment is underway to look at the best use of the overall square footage. Future plans for the building will include the installation of an elevator.

— Kelly Hoover for city of Goleta.