From: City Staff
Subject: Authorization to Negotiate Terms and Conditions for
Acquisition or
Sale
of Interest in Real Property Located at 401 Ocean Avenue
The City holds a 50% future interest subject to a
life estate in the two-story 5,800 square foot Craftsman-style residence and
property located at 401 Ocean Avenue.
The approximately 22,470 square foot land parcel is zoned SMR4,
permitting single and multiple family residential use.
The City
has received an unsolicited offer to purchase its 50% interest in the single
family residential property by representatives of the remainder interest
holder. The City may consider the sale
of its interest, or the acquisition of the remainder interest and use of the
property for various public purposes, or withhold any action pending
termination of the life estate.
If City
Council authorizes staff to discuss possible sale or acquisition of the City’s
interest with its owners or representatives, staff would return to Council for
further authorization to acquire the remainder interest or sell its property
interest on behalf of the City.
It is recommended that City Council authorize staff
to open preliminary discussions with the owners or representatives of the 50%
interest holder in real property located at 401 Ocean Avenue for its possible
sale or remainder interest acquisition by the City.
Prepared by: Jeff Mathieu,
Director of Resource Management
Mark Richter, City Real Estate Manager