September 14, 2007 – Aviza Technology says the proposed buyer of its Scotts Valley headquarters has terminated the $16 million purchase agreement because a timeframe to get the project approved by the city could not be determined.
The sale, signed in early July, included a 90-day period for Morley to evaluate the property for residential use. “Based on feedback from the City Council and professional staff, there was no identifiable timeframe for approval — therefore, we elected not to proceed with the property,” said Eric Morley, Principal of Morley Bros., LLC, in a statement. He added that the 44-acre site, which is listed as a federal “Superfund” site stemming from use by previous owner Watkins-Johnson, “is not well suited for industrial use” but could support and complement a new town center.
Aviza reiterated its intent to rezone the property for residential use, and relocate its headquarters to Santa Clara County.