REPORT TO THE CITY COUNCIL
FROM: RANDALL W. MORRISON, PE, Director
Capital Projects Department
SCOTT L. MOZIER, PE, Director
Public Works Department
BY: NANCY BRUNO, Supervising Real Estate Agent
Capital Projects Department, Capital Administration Division
SUBJECT
Title
Approve the Agreement for Purchase and Sale of Real Property and Escrow Instructions to acquire fee interest of a 1.37-acre (59,677 square feet) parcel located at 1649-1715 North Blackstone Avenue (Assessor's Parcel Number 444-314-19), for a total cost of $3,058,700, for the construction of the Blackstone McKinley BNSF Grade Separation Project (Council Districts 1 and 7).
Body
RECOMMENDATION
Staff recommends that the City Council approve the Agreement for Purchase and Sale of Real Property and Escrow Instructions to acquire fee interest of a 1.37-acre (59,677 square feet) parcel improved with two buildings including retail storefronts located at 1649-1715 North Blackstone Avenue Assessor's Parcel Number ("APN") 444-314-19 (Subject Property), owned by Jack Terzian and 3K Investment Company in the amount of $3,058,700, and authorize the Capital Projects Director or his designee to sign all documents necessary to complete the subject acquisition.
EXECUTIVE SUMMARY
The subject acquisition, as memorialized in the Agreement for Purchase and Sale of Real Property and Escrow Instructions will provide the City with fee interest title of 1649-1715 North Blackstone Avenue (APN 444-314-19). The Subject Property is necessary to construct the Blackstone McKinley BNSF Grade Separation Project ("Project"), which will eliminate two existing at-grade crossings by grade separating North Blackstone Avenue and East McKinley Avenue under the BNSF Railway Mainline Track. The Project requires fee acquisition of the Subject Property, improved with two buildings with retail storefronts located at 1649-1715 North Blackstone Avenue, owned by Jack Terzian and 3K Investment Company.
Jack Terzian, ...
Click here for full text