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AGENDA ITEM REVIEW FORM |
6.C.
Regular City Council Meeting
- Meeting Date:
- 08/12/2020
- Department Head:
- Kay Macuil
- Submitted By:
- Kay Macuil, City Attorney, Attorney's Office
Action Requested:
Motion
ITEM:
Discussion and possible action on any and all matters regarding escrow instructions for the purchase of land on County 24th Street between Avenue E and Avenue F for a community park in East San Luis. (Kay Marion Macuil, City Attorney)
SUMMARY:
This item is to approve the escrow instructions/purchase agreement for the purchase of land for the new community public park to be on 24th Street between Avenue E and Avenue F in East San Luis. These escrow instructions will also become the agreement to purchase the land. On February 26, 2020, Council approved a development agreement for the public park with Comite De Bienestar, Inc. (“Comite”) and amended it on June 24, 2020, both documents are attached. As you may recall, Comite holds an option to purchase the property from Border Ranches, L.L.C., which is the owner of the land. These escrow instructions provide that the city will buy half of the land that Comite is buying from Border Ranches at the price that Comite is paying, plus the city’s share of escrow costs.
RECOMMENDATION / SUGGESTED MOTION:
I MOVE TO
- APPROVE THE ESCROW INSTRUCTIONS AS PRESENTED,
- AUTHORIZE THE CITY MANAGER TO EXECUTE THE SAME ON BEHALF OF THE CITY AND
- AUTHORIZE STAFF TO TAKE SUCH ACTIONS AS MAY BE NEEDED TO CLOSE ESCROW ACCORDING TO THE TERMS PRESENTED AND ACQUIRE TITLE TO THE SUBJECT PROPERTY.
Fiscal Impact
- IS THERE FISCAL IMPACT ASSOCIATED WITH THIS ITEM:
- Yes
- CITY/STATE/FEDERAL FUNDS:
- City Developer Impact Fees
- TOTAL:
- $728,560.00
- BUDGETED AMOUNT:
- $680,000.00
- AVAILABLE AMOUNT TO TRANSFER:
- N/A
- ACCT NAME & GL#/REMAINING BALANCE BEFORE PURCHASE:
- 806-860-90015.145 $1,180,000
FISCAL IMPACT STATEMENT (IF THIS IS A BUDGET TRANSFER, YOU MUST ATTACH THE BUDGET ADJUSTMENT FORM):
The total of $728,560.00 includes $718,560.00 for the purchase of the land and $10,000.00 for closing costs and related expenditures. We budgeted $680,000.00 for the purchase of the parkland. There are sufficient funds in the impact fees account 806-860-90015.45 to cover the shortage of $48,560.00.