TO:
Honorable Mayor and Members of the City Council
THROUGH:
Talyn Mirzakhanian, City Manager
FROM:
Talyn Mirzakhanian, City Manager
Libby Bretthauer, Acting Finance Director
SUBJECT:Title
Consideration of Resolutions Authorizing the Acquisition of Property Located at 400 Manhattan Beach Boulevard; Appropriating $13,221,000 from the CIP Fund for the Purchase and Potential Demolition of the On-Site Structure; Transferring $13,221,000 from the Unreserved General Fund Balance to the CIP Fund; Authorizing the City Manager to Execute All Documents Required to Complete the Acquisition; and Approving the Intention to Issue Tax-Exempt Obligations (Unbudgeted) (City Manager Mirzakhanian).
(Estimated Time: 1 Hr.)
A) ADOPT RESOLUTION NOS. 25-0035 and 25-0036
B) APPROPRIATE FUNDS
Body
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RECOMMENDATION:
Staff recommends that the City Council adopt:
1. Resolution No. 25-0035, authorizing the acquisition of property located at 400 Manhattan Beach Boulevard (MBB) at a purchase price of $13,000,000, authorizing the City Manager to execute all necessary documents required to complete the purchase; appropriating $13,221,000 from the CIP Fund for the purchase price, plus additional closing costs and potential building demolition costs; and transferring $13,221,000 from the unreserved General Fund balance to the CIP Fund.
2. Resolution No. 25-0036, approving the intention to issue tax-exempt obligations and reimburse the General Fund unreserved fund balance within 18 months.
FISCAL IMPLICATIONS:
The negotiated purchase price of the property is $13,000,000, and closing costs are estimated not to exceed $5,000. Additionally, potential demolition of the existing structure is estimated to cost between $156,000 and $221,000, in the event the City Council directs staff to seek bids for the demolition of the onsite structure.
A budget appropriation of $13,221,000 is required from the Capital Improvement Projects (CIP) fun...
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