HomeMy WebLinkAbout2000-11-21; City Council; Resolution 2000-3441
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RESOLUTION NO. 2000-344
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF CARLSBAD, CALIFORNIA AUTHORIZING
THE MAYOR TO TAKE WHATEVER ACTIONS
ARE NECESSARY TO EXERCISE THE PURCHASE
OPTION FOR THE OFFICE BUILDING AT
1635 FARADAY AVENUE AS SPECIFIED IN THE
LEASE AGREEMENT WITH FARADAY BUSINESS
PLAZA, LLC, AND APPROPRIATING FUNDS
WHEREAS, on October 15, 1998, the City of Carlsbad
entered into a lease agreement with Faraday Business Plaza, LLC, for the lease
of the building located at 1635 Faraday Avenue; and,
WHEREAS, the aforementioned lease agreement contains
an option to purchase the property for $9.1 million, which can be exercised
anytime between the thirteenth and the twenty-fourth month of the lease; and,
WHEREAS, the lease agreement provides a Purchase
Agreement and Escrow Instructions to be used for the exercise of the option; and,
WHEREAS, the period in which the option can be exercised
began on November 16,200O; and,
WHEREAS, there are sufficient funds available in the Public
Facilities Fees fund to purchase the building.
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of Carlsbad, California, as follows:
1. That the above recitations are true and correct.
2. That the Finance Director is authorized to give notice to
Faraday Business Plaza, LLC, of the City’s intent to exercise the option as
outlined in the lease agreement.
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! 3. That the Mayor is authorized to sign the Purchase
Agreement and Escrow Instructions as contained in the lease agreement between
Faraday Business Plaza, LLC, and the City of Carlsbad, as well as any and all
other documents necessary to complete the purchase of the building.
4. That an appropriation of $9.1 million is authorized from
Public Facilities fees for the purchase of the building and the Finance Director is
authorized to transfer funds to the Escrow Account as required under the Purchase
Agreement and Escrow Instructions.
PASSED, APPROVED, AND ADOPTED at a regular meeting of
the Carlsbad City Council held on the 21st day of November , 2000 by
the following vote, to wit:
AYES: Council Members Lewis, Hall, Finnila, Nygaard and Kulchin.
NOES: None
ABSENT: None
&$77~~~
WOOD, City Clerk (SEAL)