REQUEST FOR CITY COUNCIL ACTION
SUBMITTED TO: Honorable Mayor and City Council Members
SUBMITTED BY: Eric G. Parra, Interim City Manager
VIA: Chau Vu, Director of Public Works
PREPARED BY: Bill Krill, Real Estate and Project Manager
Subject:
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Approve and authorize execution of the Agreement for Acquisition and Escrow Instructions for the purchase of two Encyclopedia Lots (APNs 110-152-23 and 110-182-11), and appropriation of funds
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Statement of Issue:
The City Council is asked to approve an agreement with Richard C. Bemis, for the purchase of two encyclopedia lots (APNs: 110-152-23 and 110-182-11) on the north side of Ellis Avenue between Edwards Street and Goldenwest Street. Total purchase amount is expected to not exceed $72,000, with purchase of the two lots totaling $50,000, along with escrow and due diligence fees not to exceed $22,000.
Financial Impact:
Funds for this transaction have not been budgeted in the current budget. Therefore, an appropriation of funds not to exceed $72,000 from the Preliminary Park Development Impact - Non-Residential Fund Account 23545001.81100 is necessary to complete this transaction. Estimated acquisition budget is attached.
Recommended Action:
recommendation
A) Approve the Agreement for Acquisition and Escrow Instructions; and,
B) Authorize the Mayor and City Clerk to execute the agreement and other related documents; and,
C) Authorize the City Manager to execute any other related escrow documents; and,
D) Authorize the appropriation of up to $72,000 from the Preliminary Park Development Impact - Non-Residential Fund Account 23545001.81100.
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Alternative Action(s):
Do not approve the Agreement and direct staff accordingly.
Analysis:
Huntington Central Park West includes approximately 300 small lots in the area north of Ellis Avenue between Goldenwest Street and Edwards Street that were given to purchasers of encyclopedias in the early 1900s. Lot sizes vary but are typically 2,800 squar...
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