HomeMy WebLinkAboutAGENDA REPORT 2012 0718 CC REG ITEM 10Y ITEM 10.Y.
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MOORPARK CITY COUNCIL � '
AGENDA REPORT �
To: Honorable City Council
From: David C. Moe II, Redevelopment Manager
Date: July 12, 2012 (CC Meeting of 7119/12)
Subject: Consider Resolution Authorizing the Acquisition of 530 Moorpark
Avenue, Amending the Fiscal Year 2012/13 Budget to Fund the
Purchase From Los Angeles Area of Contribution Fund and the
Endowment Fund and Accepting the Grant Deed for Recordation
BACKGROUND AND DISCUSSION
Staff has determined that the acquisition of 530 Moorpark Avenue ("Property") at this
time by the City of Moorpark ("City") may be beneficial because a portion of the site
would be needed for the future widening of Moorpark Avenue and realignment of the
First Street/Poindexter intersection ("Project"). The Project is proposed to be
implemented to improve traffic flow and safety at the intersection.
At the direction of the City Council, staff opened escrow and deposited $35,000.00
pursuant to the Purchase and Sale Agreement dated March 7, 2012. The close of
escrow was extended to July 27, 2012, so the City can reconsider the acquisition of the
Property after the Fiscal Year 2012/13 budget was adopted.
The total purchase price for 530 Moorpark Avenue is $1,225,000.00 plus $25,000.00 in
anticipated escrow expenses. A budget appropriation in the amount of $1,250,000.00 is
required for the purchase.
If the City Council directs staff to proceed with the acquisition of the Property in advance
of the Project, an appropriation of funds is needed.
FISCAL IMPACT
The $35,000.00 earnest money deposited in escrow was not appropriated in FY
2011/12 and the FY 2012/13 operating and capital improvement projects budget did not
include any budget for the property acquisition. Hence, an aggregate budget
appropriation for the full amount of $1,250,000.00 is required to complete the
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Honorable City Council
Date 7/18/2012
Page 2
transaction. $416,250.00 would be financed from Los Angeles Area of Contribution
Fund (2501) and the balance of $833,750.00 would come from the Endowment Fund
(2800).
STAFF RECOMMENDATION (ROLL CALL VOTE REQUIRED)
1. Adopt Resolution No. 2012 - ; and
2. Authorize the City Manager to execute all documents necessary to this
transaction, not to exceed $1,250,000.00; and
3. Authorize the City Clerk to accept and consent to the recordation of any deed.
Attachment "1" Resolution No. 2012 -
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ATTACHMENT 1
RESOLUTION NO. 2012 -
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA, AMENDING THE FISCAL YEAR
2012/2013 BUDGET BY APPROPRIATING $416,250 FROM THE
LOS ANGELES AREA OF CONTRIBUTION (LA AOC) FUND
(2501) AND $833,750 FROM THE ENDOWMENT FUND (2800)
FOR ACQUISITION OF 530 MOORPARK AVENUE (APN 512-0-
103-180)
WHEREAS, on June 20, 2012, the City of Moorpark adopted the Operating and
Capital Improvement budget for Fiscal Year 2012/13; and
WHEREAS, a staff report has been presented to the City Council recommending
acquiring 530 Moorpark Avenue as right-of-way for future street widening and alignment
of Poindexter Avenue and First Street; and
WHEREAS, a budget appropriation in the aggregate amount of $1,250,000 is
requested, $416,250 from the LA AOC Fund (2501) and $833,750 from the Endowment
Fund (2800) are needed to fund this purchase; and
WHEREAS, Exhibit "A", attached hereto and made a part hereof, describes said
budget amendment and the resultant impact to the budget line item.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. A budget amendment in the amount of $416,250 from the LA AOC
Fund (2501) and in the amount of $833,750 from the Endowment Fund (2800), as more
particularly described in Exhibit "A", attached hereto, is hereby approved.
SECTION 2. The City Clerk shall certify to the adoption of this resolution and
shall cause a certified resolution to be filed in the book of original resolutions.
PASSED AND ADOPTED this 18th day of July, 2012
Janice S. Parvin, Mayor
ATTEST:
Maureen Benson, City Clerk
Exhibit A — Budget Amendment
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EXHIBIT A
BUDGET AMENDMENT FOR
Los Angeles Area of Contribution(LA AOC) Fund(2501)and Endowment Fund (2800)
for the acquisition of 530 Moorpark Avenue for street widening and intersection alignment purposes
2012113
FUND ALLOCATION FROM:
Fund Account Number Amount
Los Angeles Area of Contribution LA AOC 2501-5500 $ 416,250.00
Endowment Fund 2800-5500 $ 833,750.00
Total $ 1,250,000.00
DISTRIBUTION OF APPROPRIATION TO EXPENSE ACCOUNTS:
Account Number Current Budget Revision Amended Budget
2501.8310.8082.9610 $ - $ 416,250.00 $ 416,250.00
2800.8310.8082.9610 $ - $ 833,750.00 $ 833,750.00
Total $ - $ 1,250,000.00 $ 1,250,000.00
Approved as to Form:
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