SR 05:133 - Laserfiche WebLink

System Master Plan (Attachment C) that anticipates the southern portion of Yervais Avenue being developed as Main Street Green Park. The property is zoned Commercial - Service (CS). The property has been used for many years as a single-family residence occupied by the Duclairs. The Downtown Specific Plan includes a recommendation to adopt and implement the Downtown Parks and Trails System Master Plan approved in 1999. The Master Plan recommends the development of the Main Street Green site into a park suitable for a variety of uses. The park would include a small public plaza which would be the entry to the arroyo and the creek trail via both a broad stairway and a generous ADA compatible ramp. In addition, the plan indicates a small parking area holding a total of 12 parking spaces. Recently, the Duclairs informed the City of their intention to sell their property. Because of the City's long term planning for this site, the Council authorized staff to obtain an appraisal of the property and to negotiate a purchase agreement. The property appraisal, which was completed by Smith and Associates, identified a low price of $675,000 and a high price of $780,000. The significant fluctuation in the pricing results from the inconsistency between the property zoning which is Service Commercial (CS) and the General Plan designation of Park. As a result, if the property was used for a commercial purposes, it would be valued at the higher price. The Duclairs conducted an appraisal of the property in January 2004 that resulted in a value of $725,000. Since the property has been available, the property owners have received purchase offers ranging from $750,000 to $815,000. Based on this pricing information, staff determined that a purchase price of $750,000 represents a fair value to both the City and the Duclairs. The Duclairs are in complete agreement with the sales price and have executed the Sale and Purchase Agreement. Sale and Purchase Agreement Terms A summary of the terms of the recommended Sales and Purchasing Agreement is as follows: Sales Price - $750,000 · Close of Escrow - No later than August 31, 2005 · Fee Payments - City will pay recording costs and escrow fees. The Duclairs pay all other fees including broker fees. · Due Diligence - 60 Days to complete a legal, environmental and physical inspection of the property. City may terminate the agreement if investigations indicate the property is not suitable for the City of Pleasanton's intended use, it may terminate the Agreement. SR 05:133 Page 2