HomeMy WebLinkAboutRDA 03 TUSTIN LIBRARY 03-17-03AGENDA REPORT
Agenda Item
Reviewed:
City Manager
Finance Director
RDA 3
MEETING DATE: MARCH 17, 2003
TO:
FROM:
SUBJECT:
WILLIAM A. HUSTON, EXECUTIVE DIRECTOR
REDEVELOPMENT AGENCY
OPTION TO PURCHASE AGREEMENTS - TUSTIN BRANCH LIBRARY
EXPANSION PROJECT
SUMMARY
The Agency desires to amend certain Option to Purchase Agreements for property that
may be included within the Tustin Branch Library Expansion site.
RECOMMENDATION
It is recommended that the Agency:
!
Appropriate $12,000 from the appropriated fund balance of the Town
Center Housing Set-Aside fund to account 59-600-9510; and $6,000 from
the appropriated fund balance of the Town Center fund to account 57-
600-9510; and
2. Authorize the Executive Director or his signee to negotiate and execute
Amendments to Option to Purchase Agreements for property located at
300-304 Third Street, 325-329 Preble Drive, 335-339 Preble Drive and
305 E. Main Street subject to similar option payment terms contained in
original Option to Purchase Agreements and approval of all Amendment
Agreements by the City Attorney.
FISCAL IMPACT
The fiscal impact will be approximately $18,000.
BACKGROUND/DISCUSSION
In conjunction with the Tustin Branch Library Expansion Project, the Agency entered
into Option to Purchase Agreements with the following property owners in the spring of
2002.
William A. Huston
March 17, 2003
Page 2
Property Owner
Ryo Shinagawa
Kenneth & Lisa Potiker
William & Susan Blanchard, Brandon & Nicole Blanchard
Tustin Masonic Temple Association
Property Address
300-304 Third Street
325-329 Preble Drive
335-339 Preble Drive
305 E. Main Street
Pursuant to these Agreements, the Option to Purchase for the subject properties may
be extended for additional periods of time by mutual consent of the parties.
Since the City was unsuccessful in its initial application for a State Library Grant, the
Agency desires to extend the Options to Purchase through at least December 1, 2003,
subject to payment for the extended purchase options being comparable to the original
Option Agreements.