REPORT TO THE CITY COUNCIL
January 12, 2017
FROM: BRUCE RUDD, City Manager
Office of the City Manager
SUBJECT
Title
Approve the sale of APN 507-030-12st, approximately 14.55 acres of which 10.72 are developable, ("Property") in the amount of $1.7 million to Marc O'Polo Enterprises, Inc., a California corporation ("Buyer"). The property is located at the southwest corner of Herndon and Brawley Avenues in Fresno, California, to be used for future development. (Council District 2)
Body
RECOMMENDATION
Staff recommends the Council authorize the sale of property located on the southwest corner of Herndon and Brawley Avenues in Fresno, California, APN 507-030-12st, to Buyer, for $1.7 million and authorize the City Manager, or his designee, to sign all documents necessary to complete the transaction.
EXECUTIVE SUMMARY
The City of Fresno proposes to sell Property of approximately 14.55 acres on the southwest corner of Herndon and Brawley, formerly the Blosser parcel, to be developed at a future date. The Property was last appraised on April 6, 2016 at a value of $1.850 million. The Property has been surveyed since the appraisal resulting in a lot line adjustment and reevaluation of the open space or no fly zone. With consideration of these adjustments the Buyer has agreed to pay $1.7 million for the Property.
BACKGROUND
Buyer has expressed an interest in developing the Property on the southwest corner of Herndon and Brawley, formerly referred to as the Blosser parcel. The City of Fresno ("Seller") is the fee owner of the Property.
Financial Terms
* Purchase Price: $1,700,000.
* Total acreage 14.55 acres or 633,798 sf of undeveloped land area
* Deposit: Within three (3) calendar days after the full execution and delivery of this agreement, Buyer shall open an escrow and three (3) days after they open escrow they will deposit $25,000.
Close of Escrow
* Escrow must close within 180 days from the closing date of Buyers IRS Code 1031 Tax Defer...
Click here for full text