For City Council Meeting [January 14, 2020]
TO: Honorable Mayor and City Council
APPROVAL: Rod Foster, City Manager
FROM: Matt Schneider, Community Development Director
Title
Request City Council to Conduct a Public Hearing to consider an agreement for the Purchase and Sell of Real Property and Joint Escrow Instructions with Orbis Real Estate Partners, LLC and Adopt Resolution No. 7590 which approves the Agreement for the Purchase and Sale of Real Property and Joint Escrow Instructions for property generally located at the northeast corner of Laurel Avenue and Renaissance Parkway, and more particularly identified as Assessor's Parcel Number 0240-211-31, to Orbis Real Estate Partners, LLC.
(ACTION)
Body
BACKGROUND
On January 11, 2019 the City purchased a vacant parcel ("Site"), referred to as APN 0240-211-31, for $2,000 through a tax lien sale from the San Bernardino County Tax Collector. The Site is approximately .31 acres in area, with dimensions of approximately 30' by 448' and was originally planned to be used for street right of way for the extension of Laurel Avenue north of Renaissance Parkway (Exhibit B).
The Successor Agency owns the adjacent 2.64 acre parcel to the east of the Site ("SA Parcel") and pursuant to the Long Range Property Management Plan the SA Parcel is to be sold. Orbis Real Estate Partners, LLC (Buyer) contacted the City indicating their interest in purchasing both the City's Site and the SA Parcel. On December 10, 2019 the Successor Agency entered into a Purchase and Sale Agreement with the Buyer for the acquisition of the 2.64 acre SA Parcel. As part of the SA Parcel's transaction, an appraisal was done to determine the value of the larger property. The appraisal, attached as Exhibit C, was completed in August 2019 and the value of the SA Parcel was determined to be approximately $21.95 per sq,ft. Applying this same value to the Site, a sales price of $295,000 is calculated which the Buyer has agreed to.
The Buyer ...
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