Report to Mayor and City Council
Tuesday, September 03, 2019
Consent
SUBJECT:
Title
CONSIDER APPROVING THE FIFTH AMENDMENT TO THE PURCHASE AND SALE OF REAL PROPERTY AND JOINT ESCROW INSTRUCTIONS FOR A 1.6 ACRE PARCEL AT 1007 EAST VICTORIA STREET (APN 7319-038-900) BETWEEN THE COMMUNITY DEVELOPMENT CENTER, INC. AND CITY OF CARSON (JOINTLY SELLER) AND BRANDYWINE ACQUISTIONS GROUP, LLC (BUYER) (CITY COUNCIL)
Body
I. SUMMARY
On June 13, 2018, the City and the Community Development Center, Inc. ("CDC") entered into an Agreement for Purchase and Sale of Real Property and Joint Escrow Instructions ("Purchase and Sales Agreement") with Brandywine Acquisitions Group, LLC ("Brandywine") for the sale of the 1.6 acres of vacant City-owned land located at 1007 E. Victoria Street (APN No. 7319-038-900). Brandywine is proposing the construction of a residential development project (for sale units) and is undergoing the City's entitlement process. The close of escrow date was originally set for June 28, 2019 and was subsequently extended to September 26, 2019. An extension beyond this date requires City Council approval.
The proposed Fifth Amendment (Exhibit No. 1) to the Purchase and Sales Agreement provides Brandywine with the option to extend the close of escrow date to December 31, 2019. This action also authorizes the City Manager discretion to extend the close of escrow date for up to 180 days beyond the December 31, 2019 deadline. While Brandywine's attainment of entitlements is not a condition to closing under the Purchase and Sales Agreement, the additional time is requested in order for Brandywine to comply with City Council's direction to meet with the community and process the revised plans through the planning process.
II. RECOMMENDATION
Recommendation
1. APPROVE the Fifth Amendment to the Agreement for Purchase and Sales of Real Property and Joint Escrow Instructions ("Fifth Amendment").
2. AUTHORIZE the Mayor to execute the Fifth Amendment followin...
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