Consideration of the Sale of 8511 Warner Drive to Conjunctive Points Warner Development LLLP. Item Number: A 6 City of Culver City California City Council Agenda Item Report Meeting Date: 03/27/06 AGENDA ITEM: Consideration of the Sale of 8511 Warner Drive to Conjunctive Points Warner Development LLLP. Contact Person/Dept.: John Fisanotti Fiscal Impact: Yes X No Public Hearing: Public Notification: All property owners and businesses in the Hayden Tract were notified on March 13 2006. Master Notification List on March 22 2006. Department Approval: Susan Evans (3/16/06) City Controller Approval: Marlee Chang (03/22/06) Phone Number: (310) 253 5767 General Fund: Yes X No Attachments: X CAO Approval: Jerry B. Fulwood (03/23/06) Action Item: X RECOMMENDATION: It is recommended that the City Council of the City of Culver City approve the sale of the real property at 8511 Warner Drive Culver City to Conjunctive Points Warner Development LLLP pursuant to the terms and conditions in the Purchase and Sale Agreement. BACKGROUND: The City of Culver City acquired the real property at 8511 Warner Drive in 1957 and it has been used as a public parking lot ever since. Recently staff has been negotiating with Mr. Frederick Smith and his representatives over the terms of a transaction to sell the parking lot to Conjunctive Points Warner Development LLLP an organization controlled by Mr. Smith. Currently the parking lot contains 242 spaces and has recently been converted to monthly reserved use. Staff obtained an appraisal which determined the fair market value of the property to be $5 500 000. Mr. Smith obtained his own appraisal which concluded that fair market value is $5 457 600 which was in close agreement with staff s appraisal. DISCUSSION: The proposed terms and conditions of the sale are as follows: o The sale price is $5 457 600.00. Half of that amount ($2 728 800.00) is to be paid in cash at close of escrow. The other half would be paid through a Note secured by a First Deed...
Click here for full text