CITY COUNCIL AGENDA ITEM
Meeting Date: June 12, 2007
Subject/Title: Approve the commission of an updated land appraisal for 385
Carrol Court at Sunset Industrial Complex and direct staff to undertake a
fresh round of requests for purchase proposals as method to select buyer for
385 Carrol Court.
Prepared by: Gina Rozenski, Redevelopment Manager
Submitted by: Howard Sword, Community Development Director
Approve the commission of an updated land appraisal for 385 Carrol Court at
Sunset Industrial Complex and direct staff to undertake a fresh round of
requests for purchase proposals as method to select buyer for 385 Carrol
• In March 2006, a fair market appraisal for 385 Carrol Court was completed
and resulted in $6.75 per square foot.
• On July 25, 2006, the Council directed staff to make an offer to sell 385
Carrol Court to Kendall Automotive at the appraised value. The offer was
made July 26, and formally accepted by Gary and Karen Kendall on August 27,
• On October 10, 2006, the City Council approved the Purchase Agreement and
Grant Deed for sale of the property located at 385 Carrol Court at Sunset
Industrial Complex to SSAG, Inc., (Gary and Karen Kendall).
In anticipation of the Council’s action tonight to cancel the real estate
escrow for 385 Carrol Court at Sunset Industrial Complex, the availability
of 385 Carrol Court presents an opportunity for the Council to commission a
new land appraisal and request a fresh round of purchase proposals from
interested parties. Staff recommends the request for purchase proposals
follow the same manner and ranking system used last year for this property.
The fiscal impact associated with canceling the escrow for 385 Carrol Court
is the dissolution of the escrow in the amount of $294,300, and the return
of the 10% deposit in the amount of $29,430 to the Kendalls. Since the last
appraisal is more than 15 months old, staff will have the property
appraised, at a cost of approximately $3500, for the most recent fair market
value. This appraisal is included in the approved redevelopment operating
budget. The parcel will be sold at a sales price more reflective of the 2007
fair market value.
Attachment: Site map