Authorize the Chair of the Board to sign an Equity Rights Purchase Agreement and related documents to terminate the California Judicial Council's partial equity interest in the property located at 238 West Beamer Street. (No general fund impact) (Pogledich)

Authorize the Chair of the Board to sign an Equity Rights Purchase Agreement and related documents to terminate the California Judicial Council's partial equity interest in the property located at 238 West Beamer Street.

In 2022, the County demolished dilapidated improvements at 238 West Beamer Street that housed the Yolo Family Support Court until it relocated in 2007. Prior to the demolition, County staff had attempted to negotiate a low or no-cost disposition of the equity rights set forth in a May 1, 2007 agreement with the Judicial Council of California (Judicial Council) in the building and real property. Those negotiations stalled during the pandemic but were recently revived, resulting in the attached agreement.

The agreement transfers all rights held by the Judicial Council--including a 16.7% equity interest in the former building, various non-exclusive rights to common areas of the property, and rights to use certain parking spaces--to the County for the total amount of $25,000. Staff recommend approval of the agreement to bring this longstanding matter to a close. A document formally relinquishing all state rights in the property will be recorded following execution of the agreement.