REPORT TO THE CITY COUNCIL
May 10, 2018
FROM: WILMA QUAN-SCHECTER, City Manager
Mayor & City Manager's Office
BY: LAURA GLORIA, Deputy City Manager
Mayor & City Manager's Office
SUBJECT
Title
Actions pertaining to the purchase of a building located at 911 H Street:
1. ***RESOLUTION - 66th Amendment to the Annual Appropriation Resolution No. 2017-165 to appropriate $3,100,000 to establish sufficient funding for the purchase of the Fire Department's Headquarters building located at 911 H Street, Fresno, CA 93721 (Requires 5 affirmative votes) (Subject to Mayor's veto)
2. Approve Loan Agreement for an interfund loan from the Wastewater Operation Fund and Sewer Stabilization Fund to the General Fund
3. Authorize the City Manager or designee to execute an agreement for purchase and sale of property and any necessary documents for APN 467-040-24, 911 H Street, Fresno, California 93721 for $4,400,000 from Sellers, EIE Alpha, LLC., a California Limited Liability Company, Legacy DG Properties, LLC, and the Jason and Kymberly Family Geil Trust (Council District 3)
Body
RECOMMENDATION
Staff recommends Council approve the Agreement for Purchase and Sale of Property and any necessary documents for APN 467-040-24, 911 H Street, Fresno, California 93721 for a purchase price of $4,400,000 from EIE Alpha, LLC., a California Limited Liability Company, Legacy DG Properties, LLC, and the Jason and Kymberly Geil Family Trust.
EXECUTIVE SUMMARY
The City currently leases 911 H Street Fresno (Property) for use as the Fire Department Headquarters and has been at this location since 2007. At that time, the City worked with the property owner to amortize the tenant improvements for the renovation of the 100 year old building over the length of the lease term. As such, the monthly lease payment began at $1.97 per sq. ft. and increased over time to its current level of $2.18 per sq. ft. At the current sq. ft. rate, the City is making a monthly payment of $50,...
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