HomeMy WebLinkAboutRDA 02 LIBRARY EXP. 12-09-02AGENDA REPORT
RDA NO. 2
12-09-02
MEETING DATE: ,DECEMBER 9, 2OO2
TO:
FROM:
SUBJECT:
WILLIAM A. HUSTON, EXECUTIVE DIRECTOR
REDEVELOPMENT AGENCY STAFF
REQUEST FOR AUTHORIZATION TO EXTEND OPTION TO PURCHASE TIME
PERIODS AND TO RENEGOTIATE AN EXTENDED OPTION PERIOD FOR
CERTAIN REAL PROPERTY FOR THE TUSTIN LIBRARY EXPANSION
PROJECT
SUMMARY
The Agency previously authorized the City Manager/Executive Director to enter into
Option to Purchase Agreements for property necessary for the Tustin Library Expansion
Project located at 335-339 Preble Drive (Blanchard); 300-304 Third Street (Shinagawa);
325-329 Preble Drive (Potiker); and 305 E. Main Street (Masonic Temple).
RECOMMENDATION
It is recommended that the Agency authorize the Executive Director or his designee to
extend each option period as necessary through March 15, 2003 and to negotiate an
additional time frame for such extension through at least the expected conclusion of the
Second Funding Cycle under the California Library Bond Act.
FISCAL IMPACT
There are two existing remaining option periods in each Option to Purchase Agreement
as follows: December 15, 2002 through February 1, 2003 and February 1, 2003 to
March 15, 2003. Exercise of each option period requires payment of $1,000 to each
property owner for a total cost of $8,000 for all four properties through March 15, 2003.
Adequate funds are available in the Town Center Debt Service Fund. Staff would return
to the Agency for approval of any extension payments needed beyond March 15, 2003.
BACKGROUND/DISCUSSION
In conjunction with the Tustin Library Project, the Agency previously entered into Option
to Purchase Agreements for certain properties as follows:
William A. Huston, Executive Director
December 9, 2002
Page 2
Owner
Address
APN No.
Blanchard
Shinagawa
Potiker
Masonic Temple
335-339 Preble Drive
300-304 S. Third Street
325-329 Preble Drive
305 E. Main Street
401-592-12
401-592-10
401-592-11
401-592-13, 14, 15
These subject agreements provide for two remaining option extension periods through
March 15, 2003 with a provision in the agreement which also provides for the potential
for additional time frames for extending the option agreement by mutual consent of the
property owner and City.
If the City wishes to proceed with submittal of an application for the Second Funding
Cycle under the California Library Bond Act, current option extensions in the
agreements through March 15, 2003 will be required as well as negotiation of an
additional extension of the option period through at least November 1, 2003.
Any subsequent agreed upon extensions to the original Option to Purchase Agreements
will be brought back for Agency approval.
Christine Shingleton (/~/
Assistant City Manager"'