TO: MAYOR AND CITY COUNCIL MEMBERS, CITY OF CHINO
FROM: JACKIE MELENDEZ, ASSISTANT CITY MANAGER
SUBJECT
title
Purchase of Real Property at 13218 6th Street.
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RECOMMENDATION
recommendation
1) Appropriate $1,127,000 from the General Fund balance, 2) Adopt Resolution No. 2025-026, authorizing the Agreement for Purchase and Sale of Real Property and Joint Escrow Instructions to acquire the commercial property at 13218 6th Street from SKS Property Investment LLC in the amount of $1,100,000, including $4,500 for escrow and title fees, $4,500 for conducting due diligence, and $18,000 for remediation of the Business Environmental Risk (BER) findings, for a not to exceed total of $1,127,000; and 3) authorize the City Manager to execute all documents on behalf of the City.
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FISCAL IMPACT
By approving the Purchase Agreement, fees, and remediation of BER findings, there will be a reduction in the FY 2024-25 General Fund balance in the amount of $1,127,000. There is sufficient General Fund balance for this transaction. There are sufficient funds for the initial deposit of $30,000 in the current Administration Department Budget.
CITY OF CHINO MISSION / VISION / VALUES / STRATEGIC ISSUES
The recommendation detailed above further the City's values and strategic issues that serve as key pillars on which identified priorities, goals, and action plans are built, by fostering:
* Positive City Image
* Responsible Long-Range Planning
Revenue:
Expenditure: 1009020-48000- Acct Recommended
Transfer In:
Transfer Out:
BACKGROUND
The property at 13218 6th Street has a history of commercial use as a neighborhood market, with operation dating back to before 1959 and the most recent tenant being El Pueblo Market. The City has been in discussions with the current owner regarding the potential purchase of this property for several months. A purchase price of $1,100,000 has been agreed upon, and the owner has indicated a preference for an expedited closing.
The subject...
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