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Current Council Agenda and Past Meeting Information

 

CITY COUNCIL AGENDA ITEM NO. 3


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



RECOMMENDATION
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.

PREVIOUS ACTION

• 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, 2006.

• 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).

BACKGROUND
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.

FISCAL IMPACT
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
 

City Administration
City of Brentwood City Council
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Brentwood, CA 94513
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E-mail allcouncil@brentwoodca.gov