HomeMy WebLinkAboutItem No. 07 Agreement & Escrow Real Prop 114 S Main St. APN 373-151-021
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REPORT TO CITY COUNCIL
To:Honorable Mayor and Members of the City Council
From:Jason Simpson, City Manager
Prepared by:Barbara Leibold, City Attorney
Date:September 12, 2023
Subject:Agreement and Escrow Instructions for Purchase and Sale of Real Property
114 South Main Street, Lake Elsinore (APN 373-151-021)
Recommendation
Approve the purchase of real property located at 114 South Main Street (APN 373-151-021) for
$400,000, ratify the City Manager’s execution of the Agreement and Escrow Instructions for
Purchase and Sale of Real Property (“Agreement”) and further authorize the City Manager or
designee to execute such other ancillary documents as may be necessary to complete the
purchase, in such final form as approved by the City Attorney.
Background
The property located at 114 South Main Street is a single-story retail storefront building currently
occupied by the City’s code enforcement staff and City Hall Conference Room B pursuant to a
lease with the property owner. The original lease commenced in December 2006 and has been
extended several times. This parcel was appraised as of July 2023 for $400,000.
Discussion
The subject property is physically situated between City Hall and other City-owned properties
acquired by the City for the new City Hall project. The City Hall project will involve the construction
of a new 35,000 square feet administrative office and City Council chambers on the southeast
corner of Main Street and Graham Avenue. The proposed Agreement provides for a purchase
price of $400,000 equal to the appraised fair market value.
(Subject Matter 1- 4 words only)
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Environmental Consideration
Approval of the Agreement is in furtherance of implementing the City Hall project approved by the
City Council on May 10, 2022. Additionally, there is no substantial change to the project, no new
circumstances under which the project will be developed, nor new information requiring additional
analysis. Accordingly, no further environmental review is required.
Fiscal Impact
The funding for acquisition in the amount of $400,000, plus closing costs, will come from the CIP
for the City Hall project.
Attachments
Attachment 1 - Vicinity Map
Attachment 2 - Purchase Agreement
Aerial Map
Single tenant, single story retail storefront building 114 South Main Street (APN: 373-151-021)