HomeMy WebLinkAbout12/02/1986 Item C6A 148-182 Higuera - Exercise Purchase Option from Evansclty of San LurS oBlspo
GGILJNCIL AGiENDA FIEPGIFIT
MEETING DATE:
Dec. 2, 1986
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Anne M. RusselI, Assistant City Attorney {t|l\ArllFHOM
Confirmation of Exerclse of Option to Purchase
Property at 148-182 Higuera Street, owned by
Lorraine Evans and the Estate of Gerald B. Evans
SUBJECT
Adopt Resolution confirming exercise of Option.
CAO RECOMMENDATION
BACKGHOUND:
In the Capital Facilities Plan, the Council has planned for ttre
widening of Higuera street north of the intersection with MadonnaRoad. The CFP projects property acquisition in the area for fiscalyear 1986-8?, and construction of the actual improvenents in thefollowing fiscal year.
rn Novenber, 1985, the city acquired an option from the Evans fanilyto purchase the parcel located at the southwest corner of Higuera and
South Street. In August, 1986, the City entered into an agreenent,
contingent upon its exercising the Option to purchase the Evansproperty, to sell that portion of the Evans property unnecessary forstreet widening to Paul and Jacqueline Prather.
on october 7, 1986, in crosed session, by consensus the city council
determined to acquire the Evans property by exercising the Option.
Accordingly, it dlrected the City Administrative Officer to exercise
the Option. This was done on Novenber 3, 1986.
After the option was exercised, the city and the Evans family enteredinto an escrow with Ticor Title Insurance Conpany. In order to
consumnate the transaction, the Title Insurance company is requestinga resolution formally authorizing the purchase.
RECOMMENDATION.
Adopt resolution confirming exercise of 0ption and directing Mayor to
execute aII necessary documents to consummate transactions.
ATTAC.HMENTS.
Resolution.
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