Report to Mayor and City Council
Tuesday, September 17, 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
Background:
September 3rd Meeting: At the September 3, 2019 City Council meeting, a motion was passed to continue Brandywine's request for a further extension of the closing date under the Purchase and Sale Agreement to the September 17th meeting. In addition, the City Council indicated an interest in the current fair market value of the property. The City's appraiser advised Staff that land values have increased during the past two years especially for multi-family zoned properties that are in very high demand. This high demand is evident in the influx of new multifamily projects that have been submitted to the City in the past two years including, but not limited to, the 175-unit Victoria Gardens project (Central and Victoria), the 32-unit Birch Condominium project, and 1,048-unit JPI project (Avalon and 213th).
History with Brandywine:
On June 13, 2018, the City (as City and on behalf of Community Development Center, Inc. ("CDC")) entered into an Agreement for Purchase and Sale of Real Property and Joint Escrow Instructions ("PSA") with Brandywine Acquisitions Group, LLC ("Brandywine") for the sale of the 1.6 acres of vacant land located at 1007 E. Victoria Street (APN No. 7319-038-900). Brandywine proposes to develop a residential development project with 38 for sale units ("Project") and is currently undergoing the City's entitlement process. Under the PSA the original closing date was to be not later than June 28, 2019, which was subsequently extended to September 26, 2019 ("Current Closing Date"). An extension beyond the Current...
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