HomeMy WebLinkAbout11/13/1984 Item C7 - Sale of City Property - 1330 Buchon.t ^\
ctty of san i-tls oBrspo
CCIIJI\IGIL
rvrEETtNG tfaru:November 13, 1984
rrEM NUMBER,&7
FROM: David F. Romero,Prepared by:Dave Elliott
Sale of the city property located at 1gg0(water utility yard)
SUBJECT:
Buchon Street
Adopt the resolution authorizing the sale of citylocated at 1330 Buchon street and directlng staffadvertise for blds.
CAO RECOMMENDATION
property
to
BACKGHOUND
lfith the conpletion of the new corporatlon yard, the existing yardsat 642 Emlly Street and 1330 Buchon Street wtll be vacated. Sectlon4 of Resolution No.51?g calls for sale of these yards andappllcatlon of the proceede to paynent of the obligatlons incurredunder the lease-purchaee flnanclng contract for the new corporatlonyard, except that a superceding resolution nay speclfy a differentdisposltlon. comnrunity development departnent staff ls nownegotiating to sell the Enily Street property 1n order to facllltateconstruction of the proposed grant-finaneed lmprovements to theAmtrak statlon. The Buchon street property, then, renains to bedealt with.
The attached resolution authorizes sale of the Buchondlnects staff to advertlse for btds through a wrlttenofferlng provides for the followlng procedure:
$treet yard and
offering. The
-Ctty advertises for bids from Novenber*Staff opens bids on January 4, lggb-Councll accepts the nost favorable bidgrants a 60 day optton to purchase
-Successful bldder exerclses the optlon
escrow
to January 4, 1985
January 15, 1986 and
purchase and opens
14
on
to
!EgA!*BEggIBESENTg :
The clty charter reguires council approval for sale of propertyvalued at more than $100. state law requires that a city:
1. refer to its planning connisslons for a reconmendation aboutwhether the proposed sale conforms to the general plan;
2. offer sale or lease of surplus property to houslngauthorltles for constructlon of low and moderate-lncome houslng;
c- 7-/
ctry oF san L*-ts oBtspo
GCf,UI\IGIL AGiEIV trIA trIEP(ftrIT
Re: Sale
1 S30
Page 2
of City Property
Buchon Street
3. offer sale oror state agencies for
lease of surplus property to county,recreatlonal or open-space purposes.
reglonal
The state requlrements
advertisement.can be handled concurrently with the
FISCAT IMPACT;
The latest appraisal for this property, submitted in January 1984,estlnated the current market value at $1g0,000.
gI4EE-EEggUUENDATIgN'
Adopt the resolutlon authorizlng the sale1330 Buchon Street and dlrecting staff toapproval and to advertise for blds.
of clty property located atobtaln planning conmission
Attachnents:Draft Resolutlon
Resolutlon No. S1?A ( 19Sg Series )Offering Docunents
January 1984 Appraisal
C-?-L
OFFERING
CITY OF SAN LUIS OBISPO
SURPLUS PROPERTY SALE
LOCATION: 1330 BUCHON STREET
SAN LUIS OBISPO, CA
I
BIDDING PROCEDURE
l{rltten bids and a 10% deposit (certified or cashierrs check only) must be
subnitted to the City Clerk, Post Office Box 8100, San Luis Obispo, Ca
93403-8100. Bids must be ln a sealed envelope clearly narked "Bid for
Surplus Buchon Street Property". The deadline for bidding is O:00 p.rn.
Thursday, July 11, 1985, at which time bids wilt be opened. All checkswlll be deposited by the city. Refunds without interest witl be made toall except the successful bidder after the city council either accepts the
winnlng bid or reJects all bids. Late bids will not be accepted. Citystaff will then examine the bids and make recommendations to the citycouncil, which nakes the final decision in selectlng the successful bid.
The city reserves the rlght to reject any and all bids
The successful bid accepted by the city council w111 be the one most
advantageous to the city. Preference will be for a cash sale.
Nonetheless, the city nay carry a first trust deed for up to 6btu of the
sale price for a maxlmum of five years. Credit sale bids should speclfy
the proposed down payment, principal financed, tern, interest rate and
payment schedule.
PRQBERTY,INSPEgIIQN
The sale of this property is subJect to al] matters of publlc record and
any easements, claims of easements or reservations not of record. Thecity does not assume any liability for any possible encumbrances on thisproperty. Any Information the clty may have regarding easements and
encumbrances will be furnished upon request.
Prospectlve bidders should consult local title companies for more conplete
informatlon about title to the the property.
With permission from the city, interested parties may inspect the property
and take core or soil sanples.
OPTION TO PURCHASE
The successful bidder's 10% deposit becomes paynent for a 60-day option to
purchase the property. The 60 day option period begins on the date the
council accepts the successful bid. If the successful bidder fails to
exercise the option to purchase withln 60 days, the deposit will not be
refunded.
SPECIFIC CONDITIONS FOR A CASH SALE
I{ithin 30 days after exercising the optlon to purchase, the successful
bidder must pay to the clty the balance of the purchase price plus a
deposit to pay for recording the deed and obtaining tax stanps.
SPECrErc qgNprrroNs EoR a cBEprr_sAlE
Before the end of the 60-day option period, the successful bidder must
open a 30-day escrow at his expense with a conpany acceptable to theclty. Before the close of escrow, the successful bidder must deposit 1)
an amount which together with the option payment (10!t deposit) will equalat least 35tB of the bid price and 2) a fully executed and acknowledged
note and trust deed (in a form acceptable to the city) in the amount ofthe balance of the purchase. The option paynent (10% deposit) will not beplaced in escrow.
The note nay provide that the principal obligatlon under the trust deed
may be prepaid ln full or in part at any tine without penalty. partlal
paynents shall be applied against the principal obligations and shall not
replace regularly schedured payments. The note and trust deed shalr
contain the following acceleration clause:
"In the event the herein descrlbed property, or any part thereof or
any interest therein, ls sold, conveyed or alienated by trustor or byoperation of law or otherwlse, all obligatlons secured by thisinstrument, regardless of the maturity dates expressed therein, at theoption of the holder thereof shall immediately become due and
payable. "
All periodic payments must be made to the city by cash, certified check,cashierrs check or money order.
LIMITING CONDITIONS
1. The city may reject any or all of the bids and may waive anyinformality or irregularity in the bids.
2. The city council must approve any sale negotiated.
3. The successful bidder shall take possession only after the grant deed
from the clty has been recorded.
4. The right, title and interest in the property sord shall not exceedthat vested ln the city, and this sale is subject to title exceptions andreservations of record lncluding but not necessarily limited to thosespecified eLsewhere in this offering. No policy of title lnsurance will
be furnished by the city in this transaction. The successful bidder mayobtain title lnsurance at his o$tn expense.
5. No warranty is made by the city for the ground rocations of propertylines. The successful bidder may conduct an independent survey at his
expense.
6. The successful bidder shall pay all recording fees, documentary stamptaxes, or other real estate transaction taxes or fees, including escrowfees, brokerrs conmissions and personal property sales taxes.
1 a
?. The city does not guarantee the condltion of the property nor does lt
aasume any responsibllity for confortnance to codes or permit regulations
The successful bidder ls responslble for determinlng aIl bullding,
plannlng and zonlng regulatlons governing this property and its proposed
uses.
FRgPERTY DESCRIPTJOII
1330 Buchon Street
San Luls Obispo, CA
AqsESs-oR'S_PAIICEL NgllBEB : 02-454-11
SIZE: .39 acre
S_HAPE: Trapezoidal (see attached map)
ToPogRAPU!: Level
STRUCTURESi
1. 2,352 sF storage and shop building - one-story, luood frane, netal-clad,
concrete slab.
2. 984 SF workshop - one-story, wood frane, metal-clad, concrete slab.
ZOIIJNG: R-2 (see attached Iisting of allowed uses)
CUBEEIIT_USE: city utility maintenance yard
APPRAISED yAtUE: $130,0o0 ( t/t6/841
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.KRW ASSOCIATES (B0s) 466.3006
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Valuation a a Taxation
Olflce:
7265 Vrllc Avc.
Atr3c.dcro. C.llaornh 93422
Mall:
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San Lulr OblrPo. CA 93406
January 25, 1984
Cicy of San Luis ObisPo
P. O. Box 321
San Luis ObisPo, Callfornia 93406
Attention:
Regardlng:
Mr. David Romero, Director
Public Services DePartment
Assessorrs Parcel Number 002-454-11-000
Utility Yard Property (Buchon St')
City and CountY of San Luis ObisPo
BaseduponEhisreviewandmyanalysisofcurrencmarkettransactions
and economic Erends in che city of san Luls obispo, ic is my professional
oplnion that the estimaEed currenE markeE value of the subject properEy
is One Hundred Thtrty Thousand Dollars ($130'000)'
Dear M.r. Romero:
Asyoureqtrested,IhavereviewedandupdatedmyJunel'1981appraisal
of che above referenced ProPertY'
Iflmayansv'eranyquestf.ons,pleasedonoEtiesitatetocallme.
SincerelY t
K. R. l+Iaters
S. R.A.
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