HomeMy WebLinkAboutAGENDA REPORT 2014 1015 CCSA REG ITEM 10HITEM 10.H.
CITY OP: MOOR.PARK, CALIFOFUllA
City Council Meeting
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MOORPARK CITY COUNCll 0 t __ L0-/5 -AD1'f
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Honorable City Council
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David C. Moe II, Economic Development and Housing Manager D(,$7
October 2, 2014 (CC Meeting of 10/15/14)
Consider Acquisition of 20 and 50 Moorpark Avenue and Accepting
the Grant Deed for Recordation
BACKGROUND AND DISCUSSION
The property located at 20 and 50 Moorpark Avenue ("Property") is listed for sale by
Troop Real Estate_ A portion of the Property is needed for the widening project of Los
Angeles Avenue (Highway 118) right of way from Moorpark Avenue to Spring Road
(Capital Improvement Project No. 8013). 20 Moorpark Avenue is a 3,800 square foot
vacant dirt lot currently used as a nonconforming parking lot. 50 Moorpark Avenue is an
8,850 square foot lot improved with a 1,372 square foot building. A portion of the
building is leased to a restaurant operator and the balance is vacant. The restaurant
lease expires April 1, 2015, but the tenant has the option to extend for an additional four
years.
Staff negotiated the purchase price for the Property. The owner has accepted the City's
offer of $715,000.00 for the purchase of the Property and escrow has been opened.
FISCAL IMPACT
The funding source for the acquisition is the Los Angeles Avenue AOC Fund (2501 ).
The necessary funds needed to purchase the Property are included in the adopted
Operating and Capital Improvement Projects Budget for Fiscal Year 2014/2015. Net
rental income will be deposited into the Los Angeles Avenue AOC Fund_
STAFF RECOMMENDATION (ROLL CALL VOTE REQUIRED)
1. Authorize the City Manager to execute all documents necessary to effectuate this
transaction; and
2_ Authorize the City Clerk to accept and consent to the recordation of any deed_
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