Agenda Item Wording:
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Second reading and adoption of Ordinance No. 2021-07 authorizing the sale of APN 094-283-001 (300 E Oak Ave.) to Self Help Enterprises at a pre-authorized selling price of $1,200,000. (4/5's vote required)
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Deadline for Action: 9/7/2021
Submitting Department: Administration
Contact Name and Phone Number: Devon Jones, 4190
Department Recommendation:
Conduct the second reading and adoption of Ordinance No. 2021-07 authorizing the sale of APN 094-283-001 (300 E Oak Ave.) to Self Help Enterprises at a pre-authorized selling price of $1,200,000.
Background Discussion:
Per the City Charter, the Visalia City Council must adopt an ordinance authorizing sale of the previously approved sale of the property at 300 E. Oak Ave. to Self Help Enterprises (SHE) for $1.2 million. The City Council previously authorized the City to sell the property and execute an Option to Purchase - Purchase and Sale Agreement with SHE, which all parties executed in 2019. Two amendments have also been authorized by the Council and executed by the parties. After SHE exercised the Option in 2020, the parties entered into Escrow, which the Agreement as amended requires be completed no later than April 1, 2022. SHE has satisfied all conditions to the closing of Escrow (including obtaining a Conditional Use Permit and securing funding) and as a result is now legally entitled to close at any time prior to that. The adoption of the ordinance authorizing the sale is essentially a formality and the final action required of the City under the Purchase Agreement. SHE will be entitled to close any time prior to April 1, 2022 (SHE and city staff anticipate closing Escrow in October following planned Arts Consortium event activities at the location), and staff therefore requests that the Council complete the formality of adopting the Ordinance as presented in this item.
SHE submitted a proposal through the Surplus Land Sale process in early 2019 ...
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