HomeMy WebLinkAbout1985-06-18; City Council; 8223; ACQUISITION OF MR. DAVID THOMPSON'S ROOSEVELT STREET PROPERTY,a 5- 0 clz 0, a a
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CI~OF CARLSBAD - AGE"BILL
AB# r223 TITLE: DEPT. I
ROOSEVELT STREET PROPERTY CITY A MTG. 6/18/85
DEPT. CITY M
ACQUISITION OF MR. DAVID THOMPSON'S
RECOMMENDED ACTION:
If the City Council is satisfie3 with the terms for the acquis
of Mr. David Thompson's Roosevelt Street property as negotiatec Mr. Orenyak and wishes to purchase the property, Council actior
to ad.opt Resolution No. yo70 authorizing the purchase of thc
property and the loan of funds to the Carlsbad Redevelopment As
IT3Y EXPLANATION
The City Council has met in closed session on several occasion: instruct its negotiator, Mr. Orenyak, regarding the proposed ac of approximately 21,000 square feet of property owned by Mr. Dz
Thompson and located on Roosevelt Street directly across the st from the City's Redevelopinent office. Negotiations have been (
pursuant to those instructions. A formal offer was presented k
Mr. Orenyak on June 10, 1985, in an amount of $525,000. A cop1
attached. By a letter of the same rlate, Mr. Thompson counterec City's offer in an amount of $537,500. Mr. Orenyak, acting on
of the City of Carlsbad, accepted the counter offer subject to Council approval. If the City Council is satisfied with the tc and conditions of the proposed acquisition, your action is to E
Resolution No. ra7u , which would approve the purchase of pror
located at 2940 Roosevelt Street and the loan of funds to eke C
Redevelopment Agency.
FISCAL IMPACT
Purchase price and improvements total $600,000 ($537,500 land c
and $62,500 for parking lot construction). This amount will k
loaned to Carlsbad Redevelopment Agency to be repaid at an inte rate of 10%.
The Agency will have sufficient cash flow to provide the repayn
during 1985-86.
EXHIBIT
1. Resolution No. f%7c authorizing the purchase of the proF
and the loan of funds to the Carlsbad Redevelopment Agency.
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RESOLUTION NO. 8070
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CARLSBAD, CALIFORNIA, AUTHORIZING THE
PURCHASE OF PROPERTY LOCATED AT 2940 ROOSEVELT
STREET, AND THE LOAN OF FUNDS TOTHE CARLSBAD
REDEVELOPMENT AGENCY.
WHEREAS, the City Council has determined that it is in
best interest of the City of Carlsbad, California, to purchl
property located at2940 Roosevelt Street for the purpose o
constructing a downtown parking lot; and
WHEREAS, this purchase is to be conducted by the Carls
Redevelopment Agency; and
WHEREAS, the allocation of funds to this project requi
loan of funds to the Carlsbad Redevelopment Agency in the a
Six Hundred Thousand Dollars ($600,000); and
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WHEREAS, said funds can be made available to the Carls
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City of Carlsbad as follows:
1. Staff is directed to proceed with the purchase of 1
Property.
2. The loan of $600,000 is hereby authorized from th I General Capital Construction Fund to the Carlsbad Redevelo
Agency for the purpose of acquiring said property and cons 1 a parking lot.
3. The Carlsbad Redevelopment Agency is hereby direc
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repay $220,000 of existing debt to the City of Carlsbad Gene
Capital Construction Fund related to prior projects.
PASSSED, APPROVED AND ADOPTED by the City Council of tl
of Carlsbad,California, at a regular meeting held on the - 18
of JUE , 1985, by the following vote, to wit:
AYES:
NOES : None
ABSENT: Now
Council mmbers Casler, Lewis, Kulchin, Chick and Petti
;$ J, g-
RY H. C SLER, Mayor
i ATTEST:
ALETHA L. RAUTENKRANZ, Cityperk
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