HomeMy Public PortalAboutResolution 64-338RESOLUTION NO. 64- -338
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF TEMPLE CITY AUTHORIZING EXERCISE
OF OPTION TO PURCHASE PARKING LOT PROPERTY
TO ENABLE TEMPLE CITY PARKING ASSOCIATES,
INC. TO ACQUIRE SAME.
WHEREAS, the City of Temple City is greatly interested in
the promotion and creation of public parking within the downtown
commercial area of Temple City, since adequate public parking
creates, fosters and benefits a healthy business economy in the
City of Temple City; and
WHEREAS, the City of Temple City is a direct beneficiary
of a prosperous business community in that the sales tax revenue
resultant therefrom supports to a large degree the municipal
government of the City of Temple City; and
WHEREAS, Temple City Parking Associates, Inc. is a local
corporation, the prime concern of which is in fostering and
creating public parking for the mutual benefit of the general
public and the business community in the City of Temple City; and
WHEREAS, Temple City Parking Associates, Inc. owns Lot 142
of Tract 6561, which lot is immediately to the rear of that
certain business property located on the northeast corner of
Camellia Avenue and Las Tunas Drive; and
WHEREAS, Temple City Parking Associates, Inc. have an
opportunity to sell said lot to the American Savings and Loan
Association for use as public parking; and
WHEREAS, the City of Temple City has an option to purchase
certain real property located at 5839 Camellia Avenue, Temple
City; and
WHEREAS, the option to purchase the said property located
at 5839 Camellia Avenue, Temple City, was obtained for the sole
and exclusive purpose of obtaining same for use as public park-
ing; and
WHEREAS, Temple City Parking Associates, Inc. desires to
take the funds received from the sale of its said Lot 142, above -
referenced, and use said sum to acquire the real property at
5839 Camellia Avenue, Temple City, for public parking; and
WHEREAS, the option to acquire the real property located
at 5839 Camellia Avenue, Temple City, would have terminated on
December 31, 1963, and not been available to either the City of
Temple City or Temple City Parking Associates, Inc. had not the
City of Temple City heretofore given notice to the owners thereof,
Bert Fehren and Doris C. Fehren, of the City's intention to
exercise its option to purchase the aforesaid real property; and
WHEREAS, the best interest of the City of Temple City will
be served if the Temple City Parking Associates, Inc. acquires
the subject property located at 5839 Camellia Avenue, Temple City,
for public parking, subject to the provision that in the event
Temple City ParkingAssociats, Inc. should at any time in the
future determine to use the said real property at 5839 Camellia
Avenue, Temple City, for other than public parking, the City of
Temple City shall have the right to purchase said real property
for the appraised value of said real property at the time the
City shall have the right to acquire same, but in no event less
than the purchase price paid for said real property by Temple
City Parking Associates, Inc.,
-1-
454
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TEMPLE CITE'
DOES RESOLVE AS FOLLOWS:
SECTION 1. The City Council does expressly ratify and
affirm the exercise of its option to purchase the real property
of R. Bert Fehren and Doris C. Fehren at 5839 Camellia Avenue,
Temple City, for the sum of $18,000.00.
SECTION 2. The City of Temple City does hereby autho-
rize and direct the mayor and city manager to execute Escrow
Instructions No. 12373 with the City Escrow Services, Inc. in
relation to the purchase of the said real property located at
5839 Camellia Avenue, Temple City, legally described as Lot 564
of Tract No. 6561 as per map recorded in Book 72, pages 34/35 of
Maps, records of Los Angeles County, California, a copy of which
escrow instructions are attached to this resolution, marked
Exhibit "A" and made a part hereof as though set forth in full.
SECTION 3. The mayor and city manager are hereby autho-
rized and directed to execute the attached document, marked
Exhibit "E ", which is incorporated and made a part hereof by
reference, by which document the City of Temple City names the
Temple City Parking Associates, Inc. as its nominee and in whom
title shall be vested in the said Lot 564 of Tract No. 6561.
SECTION 4. The mayor and city manager are authorized
and directed to execute that certain document attached hereto,
marked Exhibit "C ", by which the Temple City Parking Associates,
Inc. agree to pay any and all expenses of escrow in respect to
Escrow No. 12373 and to hold the City of Temple City harmless
in every respect in regard to the acquisition of said Lot 564
and by which the Temple City Parking Associates, Inc. will cause
to be recorded, at its expense, such documents as shall be
required to give the City of Temple City the right to acquire
the said Lot 564 of Tract No. 6561 in the event Temple City Park-
ing Associates, Inc. shall at any time in the future determine
to use said real property for other than public parking, the
price to be the then reasonable market value of said real prop-
erty but in no event less than the sum of $18,000.00.
PASSED and ADOPTED by the City Council of the City of
Temple City this 13th day of January, 1964.
ATTEST:
Ci y Clerk U
-2-
455