Report to Mayor and City Council
Tuesday, June 18, 2019
Discussion
SUBJECT:
Title
CONSIDER RESOLUTION 19-119 OF THE CITY COUNCIL OF THE CITY OF CARSON, CALIFORNIA, APPROVING THE REAL ESTATE EXCHANGE AGREEMENT UNDER THREAT OF CONDEMNATION AND JOINT ESCROW INSTRUCTIONS WITH PROLOGIS TARGETED U.S. LOGISTICS FUND, L.P., A DELAWARE LIMITED PARTNERSHIP, TO EXCHANGE THE CITY YARD PROPERTY AT 2390/2400 E. DOMINGUEZ, CARSON FOR THE PROLOGIS REAL PROPERTY AT 18620 SOUTH BROADWAY & 18601 SOUTH MAIN STREET, CARSON (CITY COUNCIL)
Body
I. SUMMARY
The City is considering the exchanging of the City Yard Real Property at 2390/2400 E. Dominguez for the Prologis Targeted U.S. Logistics Fund, L.P. owned property at 18620 S Broadway & 18601 S Main Street, Carson.
California Government Code ? 37421 et. seq. requires that a City set a date of the public hearing at which the public may provide testimony regarding a possible sale of real property. The City of Carson is a Charter City, however, and is not required to hold a Public Hearing as this transaction is a Property Exchange.
This request for the approval of the resolution is the last legislative step for real estate acquisition, which entail the approval of the Real Estate Exchange Agreement ("Exchange Agreement") and acceptance of the terms of the exchange by adoption of Resolution 19-119.
The terms of the Agreement are described below.
II. RECOMMENDATION
Recommendation
1. WAIVE FURTHER READING AND ADOPT RESOLUTION NO. 19-119, "A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARSON PURSUANT TO CALIFORNIA GOVERNMENT CODE SECTION 37421 ET. SEQ. APPROVING THE REAL ESTATE EXCHANGE AGREEMENT UNDER THREAT OF CONDEMNATION AND JOINT ESCROW INSTRUCTIONS WITH PROLOGIS TARGETED U.S. LOGISTICS FUND, L.P. AT 2390/2400 E. DOMINGUEZ, CARSON FOR THE PROLOGIS REAL PROPERTY AT 18620 SOUTH BROADWAY & 18601 SOUTH MAIN STREET, CARSON.
2. AUTHORIZE the Mayor to execute the Agreement following approval as to form by the City Attorney....
Click here for full text