HomeMy WebLinkAboutItem No. 03 Agreement & Escrow Purchase and Sale of Property APN 377-231-028Text File
City of Lake Elsinore 130 South Main Street
Lake Elsinore, CA 92530
www.lake-elsinore.org
File Number: ID# 17-101
Agenda Date: 3/14/2017 Status: Consent AgendaVersion: 1
File Type: AgreementIn Control: City Council
Agenda Number: 3)
Page 1 City of Lake Elsinore Printed on 3/9/2017
REPORT TO CITY COUNCIL
To:Honorable Mayor and Members of the City Council
From:Grant Yates, City Manager
Prepared by: Jason Simpson, Assistant City Manager
Date:March 14, 2017
Subject:Agreement and Escrow Instructions for Purchase and Sale of Real
Property: APN 377-231-028
Recommendation
It is recommended that the City Council approve the Purchase Agreement and Joint Escrow
Instructions (Cruz) in substantially the form attached, authorize the Assistant City Manager to
execute the Agreement in such final form as approved by the City Attorney, and direct the City
Manager to execute the Certificate of Acceptance.
Background
On February 14,2017, the City Council directed staff to begin negotiations to acquire an
unimproved 9,000 SF parcel (APN 377-231-028 located next to the current City Yard on
Langstaff Street (the “Property”). The proposed acquisition would provide for the expansion of
the City Maintenance Facility to provide parking. The Property is listed for sale by Berkshire
Hathaway Home Services.
Discussion
Based on that direction and in accordance with applicable law, City staff engaged in good faith
negotiations with the property owners and reached an agreed upon purchase price of $36,000
subject to City Council approval and clean title at closing. These negotiations resulted in the
attached Purchase Agreement and related documents as to the price and terms of payment for
the City’s acquisition of the property. Escrow fees will be paid equally by the City and the Seller
and other costs shall be paid as is customary in real estate transactions in Riverside County.
Acquisition of the property will provide a public benefit by expanding parking at the City
Maintenance Facility.
Fiscal Impact
The funding for acquisition will come from the Public Works budget for Property acquisition and
completion of the expansion in the amount of $36,000.
Exhibits
A -Vicinity Map
B -Purchase Agreement and Joint Escrow Instructions
Assessor's Parcel Number 377-231-028 (the "Property")
4,
.APN = 377231028
RE.ALUSE = YR
OWNER =CRUZ,
FORTUN.AT.A
GROUP = 0
Location Map - APN 377-231-028 and surrounding parcels
Assistant City Manager, City of Lake Elsinore