HomeMy WebLinkAbout1988-08-09; City Council; Resolution 88-291*
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RESOLUTION NO. 88-291
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA ACCEPTING A $975#000
LETTER OF CREDIT AND CASHIER'S CHECK IN THE
AMOUNT OF $258000 FROM SAMMIS PROPERTY, INC.
WHEREAS, SAMMIS Property, Inc. has been requirec
of the Batiquitos Lagoon Educational Park Master Plan tc
park facilities to the City of Carlsbad; and
WHEREAS, the City Council of the City of
executed a Parks Agreement with SAMMIS Property, Inc. j
of 1986 whereby establishing the procedures to be fol
order for SAMMIS to provide park land acceptable to the (
WHEREAS, SAMMIS Property, Inc. along with the (
worked to locate a suitable park site in the Southwest
but have been unable to obtain this land; and
WHEREAS, SAMMIS Property, Inc. has met il
obligation by providing the City a Letter of Credit in tl
of $975,000 and a Cashier's Check in the amount of $25,(
is necessary to purchase 10 acres of park land.
NOW, THEREFORE, BE IT RESOLVED by the City Counc
City of Carlsbad, California as follows:
1) That the above citations are true and corrt
2) That the Letter of Credit and Cashier's C
accepted in fulfillment of the 1986 Park Agreement bet
City and Sammis Properties, Inc. and their parks obligal
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PASSED, APPROVED, AND ADOPTED at a regular meetii
Carlsbad City Council held on the 9th day of August , 19E
following vote, to wit:
AYES: Council Members Lewis, Kulchin, Pettine, and MamE
NOES: None
ABSENT: Council Member Larson z
ATTEST:
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LLEL G4.R- ALETHA L. RAUTENKRANZ, CityIClerk
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28 CC RES0 NO. 88-291 -2-