HomeMy WebLinkAbout1995-07-11 - AGENDA REPORTS - RIVENDALE PROPERTY ACQUISITION (2)AGENDA REPORT
City Manager Approval
Item to be presented byi
Rick Putna
UNFINISHED BUSINESS
DATE: July 11, 1995
SUBJECT: Rivendale Property Acquisition
DEPARTMENT: Parks, Recreation, and Community Services
At its May 9, 1995 meeting, the City Council authorized the City Manager to sign all
required and necessary forms to open and enter into an escrow account and prepare an offer
to purchase approximately 53 acres of open space known as the Rivendale property.
Additionally, the City Council authorized the Director of Finance to establish a budget
account no. 28-99053-410 and appropriate $2,050,000 from the Public Financing Authority
revenues to the budget account for this project.
The Park Planning and Development Section, continues to work with the Santa Monica
Mountains Conservancy and others involved in this transaction to prepare the associated
Memorandums of Understanding (MOUs) regarding the use of funds received and the
operations and maintenance of the property with the Mountains Recreation and Conservation
Authority. These MOUS will be incorporated into the escrow account during the parcel
acquisition.
The legal description verification and site survey have been completed for this property.
Additionally, the Phase I environmental report has also been completed. At this point, staff
is requesting authorization to execute the purchase agreement for the Rivendale property for
the sum of $2 million.
RECOMMENDATION
The City Council authorize the execution of a purchase agreement for the Rivendale property
for the sum of $2 million and authorize the preparation of a $10,000 refundable deposit
check.
ATTACHMENT
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