HomeMy WebLinkAboutAGENDA REPORT 1994 0316 CC REG ITEM 11I /Li
ITEM •
AGENDA REPORT
CITY OF MOORPARK
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1199 44
TO: The Honorable City Council ( 7iY'7d
F,C.;ON: 7
FROM: Richard Hare, Deputy City Marla? - 4 1
7 , GY�/ A LC
DATE : March 10, 1994 (CC Meeting of 16/94)
SUBJECT: Consider Authorization and Appropriation of Funds
to Purchase 4 .15 Acres Located on Fitch Avenue
(APN 512-0-150-515) from Juanita and Louis L.
Borick
BACKGROUND:
The City Council authorized two legal actions to stop
Caltrans ' proposed construction of a maintenance yard at the
intersection of New Los Angeles Avenue and the 23 Freeway.
The City feels this is an inappropriate use of the property.
The City and Caltrans have agreed to delay court action on
these cases to allow both parties to work toward relocating
the maintenance yard to another location. A Memorandum of
Understanding was signed in September 1993 by the City and
Caltrans to memorialize the actions, time lines, and
deadlines for both parties to achieve the relocation without
delaying Caltrans ' construction schedule. Part of the
understanding is that the City would acquire an acceptable
alternative site and exchange it for the Caltrans site on New
Los Angeles Avenue adjacent to the 23 Freeway.
DISCUSSION:
The City, with assistance from C.T. Financial (Carlsberg) ,
has met its obligations required as of this date . Pending
items include Caltrans ' final approval of two agreements
pertaining to this project and City acquisition of the
alternative site.
The identified alternative site belongs to Juanita and Louis
Borick. It is located at the terminus of both Zachary and
Fitch. They have agreed to a sales price of $723, 096.
Escrow has opened with Chicago Title Company. Escrow will be
closed only upon Caltrans ' approval of the two aforementioned
agreements, Caltrans' written confirmation it will build the
maintenance station on the alternative site, and approval of
an agreement with C.T. Financial to purchase the exchanged
site from the City.
It is our intent to conclude the sale at the earliest
possible time, and so an appropriation of funds is requested
at this time. The total estimated cost for the property
includes the following:
1 . Property Appraisal $ 7, 000. 00
2 . Property Purchase 723, 096. 00
3. Escrow 1, 312 . 00
4 . Title Policy Insurance 2, 176.25
5. Document Transfer Tax 797 . 50
6. Legal Description 50 . 00
7 . Contingency 15, 568 .25
Total Cost: $750, 000 . 00
RECOMMENDATION:
Authorize Mayor and City Manager to execute all documents to
effect purchase of the property and appropriate $750, 000 from
the General Fund Reserve to Account #01 .4 . 42 . 901 . /
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