HomeMy WebLinkAbout1995-05-09 - AGENDA REPORTS - PARKLAND ACQUISITION RIVENDALE (2)AGENDA REPORT
City Manager
Item to be presented
Rick Putn 5 2
UNFINISHED BUSINESS
DATE: May 9, 1995
SUBJECT: Parkland Acquisition - Rivendale
DEPARTMENT: Parks, Recreation, and Community Services
At its April 11, 1995 meeting, the City Council authorized negotiation of the Rivendale
property and its acquisition with Public Financing Authority (PFA) funding. Funds in the
amount of $2 million need to be allocated from the revenue account to a capital improvement
project account to be available in the City's budget for property acquisition. Staff anticipates
the cost of the required surveys, Phase I on-site hazardous waste evaluation, California
Environmental Quality Act (CEQfA) processing, escrow fees, and closing costs to be $50,000.
The Park Planning Section is concurrently working with the Santa Monica Mountains
Conservancy and others involved in the transaction to prepare the associated Memorandums
of Understanding (MOUs) regarding the use of funds received and operations and
maintenance with the Mountains Recreation and Conservation Authority. These MOUs will
be incorporated into the escrow account during the parcel acquisition..
Staff requests authorization to initiate the purchase process of the Rivendale property by
opening an escrow account, preparing escrow instructions, and an offer to purchase. The
escrow closing will be subject to approval by the City Council for acquisition and price, and
subject to the City's acceptance of due diligence reports prepared by the consulting team.
RECOMMENDATION
1. Authorize the City Manager to sign all required and necessary forms to open and enter
into an escrow account and prepare an offer to purchase the Rivendale property;
2. Authorize the Director of Finance to establish budget account #28-99053-410 and
appropriate $2,050,000 from the Public Financing Authority revenues to the budget
account; and
Agenda Item:
Parkland Acquisition - Rivendale
May 9, 1995
Page 2
3. Authorize the Director of Parks, Recreation, and Community Services to contract services
for due diligence reports on property ownership records with the selected escrow
company, Rincon Consultants for California Environmental Quality Act (CEQA) and on-
site hazardous waste evaluations, and others if needed for reports as required.
ATTACHMENT
Location Map
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