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HomeMy WebLinkAbout1985-06-18; Housing & Redevelopment Commission; 42; Acquisition of Roosevelt St. PropertyCIT’- >F CARLSBAD - AGENDI -JILL 0 3 AB#L TITLE: DEPT. HD. -. MTG.6/18/85 ACQUISITION OF MR. DAVID THOMPSON'S ROOSEVELT STREET PROPERTY CITY Am= DEPT. CA CITY MO&j!% RECOMMENDED ACTION: If the City of Car&bad Housing and Redevelopment Commission is satisfied with the terms for the acquisition of Mr. David Thompson's Roosevelt Street property as negotiated by Mr. Orenyak and wishes to purchase the property your action is to adopt Resolution No. -4% approving the purchase contract and authorizing the City Attorney to take the steps necessary to complete the acquisition. I ITEM EXPLANATION The City Council has met in closed session on several occasions to instruct its negotiator, Mr. Orenyak, regarding the proposed acquisition of approximately 21,000 square feet of property owned by Mr. David Thompson and located on Roosevelt Street directly across the street from the City's Redevelopment Offices. Negotiations have been conducted pursuant to those instructions. A formal offer was presented by Mr. Orenyak on June 10, 1985 in an amount of $525,000. A copy is attached. By a letter of the same date Mr. Thompson countered the Commission's offer in an amount of $537,500. Mr. Orenyak, acting on behalf of the City of Carlsbad, accepted the counter offer subject to Commission approval. If the Commission is satisfied with the terms and conditions of the proposed acquisition your action is to adopt Resolution No. $/a which would approve the real estate purchase contract and authorize the City Attorney to take the steps necessary to complete the acquisition. I FISCAL IMPACT Purchase price and improvements total $600,000 ($537,500 land cost and $62,500 for parking lot construction). This amount will be loaned to Carlsbad Redevelopment Agency to be repaid at an interest rate of 10%. The Agency will have sufficient cash flow to provide the re- payment during 1985-86. EXHIBIT . . g Resolution No. ycr 1 2 3 4 5 6 7 8 9 10 11 12 19 20 21 22 2% 24 25 26 27 28 RESOLUTION NO. A RESOLUTION OF THE HOUSING AND REDEVELOPMENT COMMISSION OF THE CITY OF CARLSBAD, CALIFORNIA APPROVING A REAL ESTATE PURCHASE CONTRACT FOR THE-ACQUISITION BY THE CITY OF CARLSBAD HOUSING AND REDEVELOPMENT COMMISSION OF APPROXIMATELY 21,000 SQUARE FEET OF PROPERTY ON ROOSEVELT STREET. WHEREAS, pursuant to directions from the City Council, Mr. Orenyak acting on behalf of the City of Carlsbad has negotiated a real estate purchase contract with Mr. David R. Thompson for the acquistion by the City of approximately 21,000 square feet of property generally located on the east side of Roosevelt Street, Assessor's Parcel Nos. 203-304-2, 3, 4, 5; and WHEREAS, the Design Review Board acting in accordance- with Government Code Section 65402 and the Carlsbad Municipal Code has reviewed the proposed acquisition of the property by th City of Carlsbad Housing and Redevelopment Commission and has found that it is consistent with the City's General Plan and the City's Redevelopment Plan; and WHEREAS, the Commission is satisfied with the proposed terms of the real estate purchase contract and has determined that the acquisition of the property for public parking and such other purposes as the Commission may consider appropriate is in the public interest, NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment Commission of the City of Carlsbad as follows: 1. That the foregoing recitations are true and correct. 2. That the real estate purchase contract and counter offer to Carlsbad dated June 10, 1985 marked Exhibit A and B attached hereto and made a part hereof are hereby approved and accepted by the Commission. 1 3. That the City Attorney is directed to take the 2 steps necessary to complete the acquisition of the property by 3 the City in-accordance with said contract. 4 PASSED, APPROVED AND ADOPTED at a regular meeting of 5 the Carlsbad Housing and Redevelopment Commission held on the 6 18th day of June 1985 by the following vote, to wit: 7 AYES: mssioners Casler, IRwi.5, Kulchin, Chick and pettine a 9 10 11 12 2 m Y 'LT 8 13 %a 0) 21' 22 23 24 25 26 27 NOES: None ABSENT: NonE ATTEST: ALETHA L. RAUTENKRANZ, City 1 v’ LJ 4 C’ i’ Y . 1 - BUYERS COPY- " - SELLERS COP -Mm REAL ESTATE PURCHASE CONTRACT AND RECEIPT FOR DEPOSIT THIS~IS MORE THAN A RECEIPT FOR MONEY. IT IS INTENDED TO BE A LEGALLY BINDING CONTRACT. READ It CAREFULLY. CALIFORNIA ASSOCIATION OF FiEALTORS8 STANDARD FORM Carlsbad , California. June 10, ,198s Received from CITY OF CARI SHAD herein called Buyer, the sum of -O- Dollars $ - 0 - evidenced by cash 0, cashier’s check 0, or Cl, personal check Cl payable to to be held uncashed until acceptance of this offer, as deposit on account of purchase pnce of FIVE HUNDRED TWENTY F;$TTiUSAND for the purchase of property, # Dollars $L San Dieqo Approximately 21,000 square feet , APi Nos 203-304-2. 3, 4. 5. , California, described as follows: 1. Buyer will deposit in escrow with CITY ATTORNEY $525,000 on close of escrow the balance of purchase price as follows: Set forth above any terms and conditions of a factual nature applicable to this sale, such as financing, prior sale of other property, the matter of structural pest contrdl inspection, repairs and personal property to be induded in the sale. 2. Deposit will El will not IXI be increased by $ to $ within days of acceptance of this offer. 3. Buyer does 0 does not CxJ intend to occupy subject property as his residence. 4. The supplements initialed below are incorporated as part of this agreement. Other - Structurrl Pest Control Certlficstion Agreement -Occupancy Agreement - Spcci8l Studies Zone Oaclosure -VA Amendment - Flood insurance Oirclorure -FHA Amendment e receipt of a copy of this page, which constitutes Page 1 of2Pages. X SELLER A REAL ESTATE BROKER IS THE PERSON OUALIFIED TO ADVISE ON REAL ESTATE. IF YOU DESIRE LEGAL ADVICE CONSULT YOUR ATTORNEY. THIS STANDARDIZED DOCUMENT FOR U& IN SlMPtE TRANSACTIONS HAS BEEN APPROVED BY THE CALIFORNIA ASSOCIATION OF REALTORS & IN FORM ONLY. NC) W+?ESENTPTION IS MADE AS TO THE APPROVAL OF THE FORM OF SUPptEuENTS THE LEGAL VMIDITY OF ANY PROVISION. OR THE ADEQUACY OF ANY _- _ _ - - - - _ _ - -.---- ^- .I-.e,^ .- c 1 ,ct=i-ESTATE PURCHASE CONTRACT AND RECEIPT FOR DEPOSIT ’ The following terms an mditions are hereby incorporated in anr sde a part of Buyer’s Offer J 6. Buyer and Seller shall deliver signed instructions to the escrow holder within days from Seller’s acceptance which shall provide for closing within days from Seller’s acceptance. Escrow fees to be paid as follows: 50/50 7. Title is to be free of liens, encumbrances, easements, restrrctions, rights and conditions of record or known to Seller, other than the following: (1) Current property taxes, (2) covenants, conditions, restrictions, and public utility easements of record, if any, provided the same do not adversely affect the continued use of the property for the purposes for which it is presently being use disapproved by Buyer in writing withirr- 5 unlgss reasonably days of receipt of a current preliminary title report furnished at se ler s f expense, and (3) _ .-..- Seller shall furnish Buyer at seller's expense a standard California Land Title Association policy issued by Company, showing title vested in Buyer subject only to the above. If Seller (1) is unwilling or unable to eliminate any title matter disapproved by Buyer as above, Seller may terminate this agreement, or (2) fails to deliver title as above, Buyer may terminate this agreement; in either case, the deposit shall be returned to Buyer. 8. Property taxes, premiums on insurance acceptable to Buyer, rents, interest, and shall be pro-rated as of (a) the date of recordation of deed; or (b) Any bond or assessment which is a lien shall be cad by seller S.su”Wd none Seller shall pay cost of transfer taxes, if any. 9. Possession shall be delivered to Buyer (a) on close of escrow, @fl@BlbBLW@Bf@~mTlm~~~B@B~~ or (c) 10. t d i the es ow instru io s of Buye .title shall vest as follows: Un~essC?htey'w~fd~~~~s%a~, A hniclpaCf ?,orporahon (The minner of taking title may have significant legal and tax consequences. Therefore, give this matter serious consideration.) 11. If Broker is a participant of a Board multiple lrsting service (“MLS”), the Broker is authorized to report the sale, its price, terms, and financing for the information, publication, dissemination, and use of the authorized Board members. 12. If Buyer fails to complete said purchase as herein provided by reason of any default of Buyer, Seller shall be released from his obligation to sell the property to Buyer and may proceed against Buyer upon any claim or remedy which he may have in law or equity; provided, however, that by placing their initials here Buyer: ( ) Seller: ( ) agree that Seller shall retain the deposit as his liquidated damages, If the described property is a dwelling with no more than four units, one of which the Buyer intends to occupy as his residence, Seller shall retain as liquidated damages the deposit actually paid, or an amount therefrom, not more than 3% of the purchase price and promptly return any excess to Buyer. 13. If the only controversy or claim between the parties arises out of or relates to the disposition of the Buyer’s deposit, such controversy or claim shall at the election of the parties be decided by arbitration. Such arbitration shall be determined in accordance with the Rules of the American Arbitration Association, and judgment upon the award rendered by the Arbitrator(s) may be entered in any Court having jurisdiction thereof. The provisions of Code of Civil Procedure Section 1283.05 shall be applicable to such arbitration. 14. In any action or proceedrng arising out of this agreement, the prevailing party shall be entitled to reasonable attorney’s fees and costs. 15. Time is of the essence. All modifications or extensions shall be in writing signed by the parties. 16. This constitutes an offer to purchase the described property. Unless acceptance is signed by Seller and the signed copy delivered to Buyer, in person or by mail to the address below, within days, this offer shall be deemed revoked and the deposit shall be returned. Buyer acknowledges receipt of a copy hereof. Real Estate Broker BY Address NA TY OF CARLSBAD Dir of Bldg & Planning Carlsbad, Calif 92008 Telephone Telephone 438-5525 ACCEPTANCE The undersigned Seller accepts and agrees to sell the property on the above terms and conditions. Seller has employed las Broker(s) and agrees to pay for services the sum of Dollars (9 - ), payable as follows: (a) On recordation of the deed or other evidence of title, or (b) if completion of sale is prevented by default of Seller, upon Seller’s default or (C) if completion of sale is prevented by default of Buyer, only if and when Seller collects damages from Buyer,bysuit or otherwise and then in an amount not less than one-half of the damages recovered, but not to exceed the above fee, after first deducting title and escrow expenses and the expenses of collection, if any. In any action between Broker and Seller arising out of this agreement, the prevailing party shall be entitled to reasonable attorney’s fees and costs. The undersigned acknowledges receipt of a copy and authorizes Broker(s) to deliver a signed copy to Buyer. Dated: Telephone Address Broker(s) agree to the foregoing. Broker Dated: BY ’ For these forms aclrlrer~ Cal~fornm Assoclnr90n “r ~~~~~~~~~~ Seller Seller Dated: Broker Bv THOMPSON ROSE COMPANY, INC. PO BOX 1487. CARLSBAIJ. CALIFORNIA 92008-0251 l 619-438-l 189 June 10, 1985 COUNTER OFFER TO CARLSBAD Re: Roosevelt Street APN #'s 203-304-2,3,4,5 Asking price of $537,500, letter of Condemnation and an escrow period of 30 days upon approval by Carlsbad City Council. Council approval within two weeks from June 11, 1985. . . : Seller accept terms and conditions attached except for the additLona1 in the above paragraph. Terms and conditions referenced above are as contained in the attached real estate purchase contract as presented by the City of Carlsbad, June 10, 1985. 5iiLLiQ5L-.pv .. . David Thompson Seller Martin Orenyak Buyer, Acting on behalf of City of Carlsbad Counter offer accepted subject to City Council approval. I%& Martin Orenyak EXHIBIT B’