HomeMy WebLinkAboutRDA 2 LIBRARY EXPAN. 10-20-03AGENDA REPORT
Agenda Item
Reviewed:
City Manager
Finance Director
MEETING DATE: OCTOBER 20, 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 $15,000 from the appropriated fund balance of the Town Center
Housing Set-Aside fund to account 59-600-9510; and $5,000 from the
appropriated fund balance of the Town Center fund to account 57-600-9510;
and
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 approval of all Amendment Agreements by the City
Attorney.
FISCAL IMPACT
The fiscal impact will be approximately $20,000.
BACKGROUND/DISCUSSION
In conjunction with the Tustin Branch Library Expansion Project, the Agency originally
entered into Option to Purchase Agreements with the following property owners in the
spring of 2002 to facilitate a funding application under the Library Bond Act for the new
Tustin Branch Library project.
William A. Huston
Library Expansion Project - Option to Purchase Agreements
October 20, 2003
Page 2
Property Owner
Property Address
Ryo Shinagawa
Kenneth & Lisa Potiker
William & Susan Blanchard, Brandon & Nicole Blanchard
Tustin Masonic Temple Association
300-304 Third Street
325-329 Preble Drive
335-339 Preble Drive
305 E. Main Street
The Option Agreements on the Shinagawa, Potiker and Blanchard properties were
previously extended with an Amendment to the Option to Purchase Agreements through
December 1, 2003 and through May 30, 2004 on the Tustin Masonic Temple property
as authorized by the City Council. Pursuant to the original Agreements and the
Amendments to the Option to Purchase 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 unable to submit an application during the 2nd cycle for the State
Library Bond Act Grant, it is necessary that the Agency again extend the Options to
Purchase on the above property through at least September 30, 2004 in the form of
additional amendments or the City will not be able to submit a Library Bond Act funding
application.
Christine Shingleton
Assistant City Manager