HomeMy WebLinkAboutCC RESO 2018-150RESOLUTION NO. 2018 — 150
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY
APPROVING AND AUTHORIZING THE CITY MANAGER TO EXECUTE
THE RATIFICATION OF AND FIRST AMENDMENT TO THE REAL
PROPERTY PURCHASE AND SALE AGREEMENT AND JOINT ESCROW
INSTRUCTIONS PERTAINING TO THE SALE OF THE PROPERTY
LOCATED AT 130 EAST 8TH STREET IN NATIONAL CITY TO
PROTEA NATIONAL CITY, LLC, ADDING EXHIBIT "B-1" AND
EXTENDING THE CLOSE OF ESCROW FOR 6 MONTHS, EXPIRING
MARCH 1, 2019; AND AUTHORIZING THE CITY MANAGER TO
APPROVE AND EXECUTE UP TO TWO ADDITIONAL AMENDMENTS,
EACH EXTENDING THE TERM OF THE AGREEMENT BY 90-DAYS
WHEREAS, the City owns and desires to sale certain real property located at
130 East 8th Street in National City (the "Property") to Protea National City, LLC, ("Protea") who
was selected through the RFP process; and
WHEREAS, the City and the Protea entered into an Exclusive Negotiating
Agreement on June 20, 2017, and on January 16, 2018, the City entered into a Purchase and
Sales Agreement (the "Agreement") with the Protea to purchase the Property for the appraised
value of $520,000; and
WHEREAS, the close of escrow in the Purchase and Sales Agreement is
September 1, 2018, however, Portea needs more time to obtain building permit approvals,
which is a condition to close escrow; and'
WHEREAS, Exhibit "B-1" is added to the Agreement because modifications to
the design were necessary to maintain financial viability of the Project due to changes in market
conditions that increased construction costs.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of
National City hereby authorizes the City Manager to execute the Ratification of and First
Amendment to the real property Purchase and Sale Agreement and Joint Escrow Instructions
for the sale of property located at 130 East 8th Street in National City to Protea National City,
LLC, extending the close of escrow for 6 months, expiring March 1, 2019, and adding Exhibit "B-
1" which shall be read together with Exhibit "B" of the Agreement to form one Exhibit, and where
they conflict, Exhibit "B-1" shall prevail over Exhibit "B".
BE IT FURTHER RESOLVED that the City Council authorizes the City Manager
to approve and execute up to two additional amendments, each extending the term of the
Agreement by 90-days.
[Signature Page to Follow]
Resolution No. 2018 — 150
Page Two
PASSED and ADOPTED this 4th day of Sept er, 2018.
on Morrison, Mayor
ATTEST:
frl Michael R. ��.Ilasy Clerk
APPROVED AS TO FORM:
Angil P. Morris -Jones
City Attorney
Passed and adopted by the Council of the City of National City, California, on
September 4, 2018 by the following vote, to -wit:
Ayes: Councilmembers Cano, Mendivil, Morrison, Rios, Sotelo-Solis.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
By:
CAL
Mayor of the City of National City, California
City Clerk of the City of National City, California
fACZ,
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2018-150 of the City of National City, California, passed and
adopted by the Council of said City on September 4, 2018.
City Clerk of the City of National City, California
By:
Deputy