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Home My Public Portal About87-043 (04-07-87)-~\ RESOLUTION No. 87-43 ' 1 A RESOLUTION OF `Pf~ CITY ~UNCIL OF 'IY3E CITY OF LYNWOOD APPROVING Tf~ PURCHP.SE OF CERTAIN REAL PROPERTY FROM THE DEPAR'IMII~7T OF TRANS- PORTATION OF THE STATE OF CALIFC~RNIA Wf~REAS, on September 2, 1986, Council approved the purchase of excess CALTRANS properties for parkland develoFanent for an amount not to exceed one million dollars; and WHERF1v5, CALTRANS has offered to sell surplus properties to the City as appraisals are completed, at Fair Market value for public purposes; and WHEREAS, CALTRANS has ccxripleted appraisals on a surplus parcel and has offered to sell it to the City for $110,000; and WF~REAS, CALTRANS reqitires that a down payment of ten percent (10%) of the sales price, $11000 be sulmitted by May 17, 1987; and WHEREAS, the City is utilizing CDBG fLmds for the purchase of said surplus CALTRANS properties. NOW, Tf~REFORE, the City Council of the City of Lynwood dces hereby detezmine, order and resolve as follows: Section 1. Approve the ten percent down payment for the acquisition of the CALTRANS properties for parkland develognent totalling $11000, and the remaining balance of $99000 when due as follows: Required Parcel Total Cost Down Pavment DD 058206-01-01 $110000 $11000 Section 2. Approve the execution of the attached purchase sales agreement. PASSED, APPROVED and AD~PTED this ~th day of April 1987. AT'I'EST : ~i~~=G~ ~ ,, ~ > ANDREA L. HOOPER, City C1 rk City of Lynwood ~ PAUL H. RICHAFtDS II, Mayor City of Lynwood APPROVED AS 'IL~ OJNTEN'P: ,!/~L~O~ ~~L~/6~~ VIC~TPE L. MAS, Director City of Lynwood APPROVID AS `Ii~ FORM: City Attorney STATE OF CALIFORNIA ~ ) ~UNTY OF LOS ANGELES ) ss. NOTED AS 'IY) ~NTE[VT: ~ ~~L~ Account' g Manager I, The imdersigned City Clerk of the City of Lynwood, do hereby certify that the foregoing resolution was passed and adopted by the City Council of the City of Lynwood at a regular meeting held on the 7th day of April , 1987, and passed by the following vote: AYFS: MEMBER BYORK, HENNING, MORRIS, WELLS, RICHARDS NOES: NONE AsSENT: NONE ~ City Clerk, City of Lynwood STATE OF CALIFORNIA ) ) ss. COUNTY OF LOS ANGELES ) I, the undersigned City Clerk of the City of Lynwood and Clerk of the City Council of said City, do hereby certify that the above and foregoing is a full, true and correct copy of Resolution No. 87-43 on file in my office and that said resolution was adopted on the date and by the vote therein stated. Dated this lOth day o£ April , 1987. ~1".2~,~ ~ City Clerk, City of Ly o0 P 0 R C H A S E S A L E A G R E E M E N T FULL PAYMENT ~ In this agreement dated _ Aroril 7th, 1987 by and between CITY OF LYNWOOD hereinafter know as BUYER and STATE OF CALIFORNIA, DEPARTMENT OF TRANSPORTATION, hereinafter known as SELLER, the parties agree as follows: For the sum of One Hundred Ten Thousand dollars ($ 110,000.00 ), Buyer hereby agrees to purchase an Seller hereby agrees to sell the real property commonly known as North side of Redwood Avenue between State Street and Peach Street and iegally described on Director's Deed No. a copy of which is attached hereto. Subject to the follocring conditions: I -Ul- All sales are made subject to the approval of the California Transpor- tation Commission. II ~ Tendered with this agreement is a check in the amount of $ 11,000.00 ~ as a deposit on said property. The remainder of the purchase price in the amount of $99,000.00 shall be paid within 30 days from the date of the demand from the Seller. Said demand shall be made, in writing, following approval of the sale by the California Transoortation Commission, at the time the ful]y executed Director's Deed is available for delivery and recordation. In the event the Buyer fails to pay the balance owing on demand, it is agreed that the sale may be cancelled by written notice and that the Seller may ret.ain the deposit as an offset against its actual damages and expenses in processing this transaction. III IV In the event the California Transport.ation Commission fails to approve this sale, all monies heretofore paid by the Buyer will be refunded without interest thereon. ~ Ex/L 2/ 82 - 1 - v It. is expressly understood by the Buyer that the riqht, title and interest in the property to be conveyed shall not exceed that vested in the State of California and that no policy of title insurance will be furnished by the Seller. If a policy of title insurance is desired, the Seller will obtain one, upon request, at the Buyer's expense. The property is being conveyed subject to any special assessments, restrictions, reservat.ions or easements of record and subject to any reservations contained in the Director's Deed. Buyer may examine any information the Seller has relative to these matters. VI The Seller is willing to process this sale at no charge to the Buyer, except as set forth in paragraph III above, or the Buyer, at his option may open an escrow at his own expense. No escrow fees will be paid by the Seller. VII The Buyer agrees that title to the property being conveyed shali not pass unti] the purchase price has been paid in full and that Buyer shall have no use of the property until the Director's Deed has been recorded. The Buyer hereby agrees to the above terms and conditions of sale. > ~ ~~^__> dat.e ~ ~~' ' Please indicate exactly how title is to be vested The terms and conditions of the above agreement are hereby accepted, subject to the approval of the California Transportation Commission. ___ _- ~ /1 _ ~ % 1... ~ ~..1 ~-. '_ - /~ __. /,. c JEAN QUAN Department of Trans~ortation Right of Way Agent Excess land Sales Phone (213)620- 3717 JQ:ivs I I I ~ I ~~ P a i I ~ I H~tl3d I I t ' / w. h ,~ ~ o ry n~ ~..o ' ~ ^ei A '•iy• ~'v~S b~ I • Wy OA _ e~C~ ~ J.M.=H tii_ Li"K ooi la3als -, ~ - sre--~r~„~ ~ ~~•/9'f0 r ~ __F ~' ~ ~ ,,l .^.1,.., rl.." 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