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HomeMy WebLinkAbout1985-06-18; City Council; 8223; ACQUISITION OF MR. DAVID THOMPSON'S ROOSEVELT STREET PROPERTY,a 5- 0 clz 0, a a .. z 0 + 0 - a d 0 z 3 0 0 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. 1 2 3 4 5 6 7 8 9 r 10 11 12 13 e 0 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 I WHEREAS, said funds can be made available to the Carls 21 22 23 'I 24 25 26 27 28 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 I 1 2 3 4 5 6 7 8 9 10 11 12 13 l4 15 16 r 0 e 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 20 21 22 23 24 25 26 27 28 I I i