Laserfiche WebLink
THE CITY OF <br /> 4 <br /> - '- � ' "' CITY COUNCIL AGENDA REPORT <br /> PL£ ASANTON. <br /> April 19, 2011 <br /> Assistant City Manager <br /> TITLE: AUTHORIZATION TO PURCHASE RESIDENTIAL PROPERTY LOCATED <br /> AT 4138 VINEYARD AVENUE TO BE USED AS PART OF THE KOTTINGER <br /> PLACE DEVELOPMENT PROJECT <br /> SUMMARY <br /> The City was approached recently regarding the availability to purchase a single family <br /> residence located at 4138 Vineyard Avenue. In response, the City Council held a closed <br /> session on March 3, 2011, during which it authorized staff to pursue the purchase. Staff <br /> has concluded negotiations and has entered into a property purchase agreement to <br /> acquire the site for $600,000 plus closing costs. Based on current schedules, the <br /> transaction should be completed by June 1, 2011. Staff is recommending the City Council <br /> authorize the funding for the property acquisition and direct staff to provide additional <br /> information regarding its potential short term use and disposition. <br /> RECOMMENDATION <br /> Approve the attached Property Purchase Agreement (Attachment 1) and approve a <br /> budget allocation of approxirnately $609,125 (Which includes $600,00 for the property, <br /> $2,525 for the property appraisal, $3,600 for closing costs, and an estimated cost of <br /> $3,000 for the next six months to cover property landscaping and maintenance.) to <br /> complete the transaction. <br /> FINANCIAL STATEMENT <br /> This purchase and related cost will be funded with the City's Lower Income Housing Fund <br /> (271900). The current approximate fund balance is $15.2 million. <br />