HomeMy WebLinkAbout2005-08-23 - AGENDA REPORTS - 24158 SAN FERNANDO ACQUISITION (2)CONSENT CALENDAR
DATE:
SUBJECT:
DEPARTMENT:
Agenda Item:
CITY OF SANTA CLARITA
AGENDA REPORT
City Manager Approval:
Item to be presented by:
August 23, 2005
1-5
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Paul Brotzrn an
ACQUISITION OF 24158 SAN FERNANDO ROAD, NEWHALL -
ASSESSOR'S PARCEL NO. 2831-019-030
Planning and Economic Development
RECOMMENDED ACTION
City Council authorize the City Manager, or designee, to sign all required documentation to
complete the acquisition of 24158 San Fernando Road, Santa Clarita, CA 91321 (Assessor Parcel
#2831-019-030, subject to review by the City Attorney;
BACKGROUND
On June 15, 2005, the City entered into negotiations to purchase 24158 San Fernando Road,
Newhall, improved real property, commonly known as Moore's Submarine Sandwich Shop. The
proposed acquisition will assist in the implementation of the proposed specific plan and future
redevelopment of Downtown Newhall.
The purchase price of the property, $760,000, was approved by the Los Angeles Superior Court
on August 5, 2005 and includes the existing business (sandwich shop). The original asking price
of $635,000 includes the existing business (sandwich shop). Additional funds are required for
bidding, environmental report, escrow, title fees and possible repairs on the building.
ALTERNATIVE ACTIONS
1) City Council may direct staff to cease the acquisition effort.
2) Other actions as determined by the City Council.
rA, I SPR MAEo
FISCAL IMPACT
During the 2005/06 budget process, the City Council approved establishing a Newhall
Redevelopment Reserve in the amount of $7,000,000 in the General Fund. Approval of this
action will leave a balance of $6,230,000 in the reserve.
ATTACHMENTS
Map of Subject Property