Frank and Helen McCoy retired to Chino Hills in the mid-twentieth century and raised Arabian horses on their ranch for many years. After Frank McCoy's passing at the age of 100, Helen made the decision to donate her beloved home and twenty-acre ranch to the City of Chino Hills for use as the future McCoy Equestrian Center to preserve the equestrian heritage of Chino Hills.
On December 31, 1996, the City entered into a Lease Agreement (Lease) with the McCoy Equestrian Center Trust to lease the property. The Lease provided the City with a twenty-five-year term for one dollar per year. The Lease also required that the property be continuously devoted to public use for any lawful equestrian purposes, including for operating an equestrian center, and that the property could be used by members of the public and community organizations for meetings and events unrelated to equestrian purposes. The City invested significant funds in constructing the McCoy Equestrian Center and has maintained the property for public use these last 24 years as contemplated by the Lease.
The Lease terminates on December 31, 2021, but towards the end of the term, the Lease also provides the City with an option to purchase the twenty acres of the McCoy Equestrian Center property for a total purchase price of One Dollar ($1.00). To be effective, such option is required to be exercised by written notice to the landlord given not more than one (1) year, nor less than six (6) months, prior to the expiration of the term of the Lease. The City Manager has provided such notice and seeks ratification of this action from the Council, as well as approval to complete the purchase. City staff is in communication with the trustees of the McCoy Equestrian Trust and is providing the necessary paperwork to complete the purchase.