That the City Council approve a Purchase and Sales Agreement between the City of La Habra and Mark E. Bryant and Tracy Shannon Bryant for the purchase of 106 East First Avenue, Assessor's Parcel Number 022-174-17 for $999,900 and authorize the City Manager to execute all related documents.

On November 1, 2021, City Council approved the purchase of the property at 106 East First Avenue in the amount of $999,900.  On November 2, 2021, the City Manager executed the Purchase and Sales Agreement (Agreement) and escrow for the transaction was opened, with a $30,000 deposit wired to the escrow account on November 4, 2021.  The Agreement as approved by the City Council was between the City of La Habra and property owners Mark E. Bryant and Alicia M. Bryant. 

On November 17, 2021, the realtor representing the owners contacted staff to request an approval of change in vesting in the ownership prior to closing escrow. Evidently for tax reasons, the owners now wish to ensure that the sale of this property to the City reflects Mark E. Bryant and Tracy Bryant as husband and wife.  The property was originally vested under the name of Mark E. Bryant and his mother, Alicia M. Bryant, when approved by City Council on November 1, 2021.  Staff consulted with the City Attorney's office regarding the requested change in vesting and the City Attorney advised staff to have City Council review and approve the revised Agreement, since the change in vesting reflected ownership different from what was approved by City Council on November 1, 2021.  The terms of the property sale have not changed and, if approved by City Council, the new date to close escrow will be moved to December 20, 2021.

As approved by City Council on November 1, 2021, the General Fund has sufficient property acquisition reserves to cover the purchase of $999,900 and closing cost of $10,000.  The total budget appropriation for this transaction approved on November 1, 2021, was $1,009,900.