Approval of the Amendment to Purchase and Sale Agreement with Conjunctive Points Warner Development LLLP Regarding the Sale of 8511 Warner Drive. City of Culver City California City Council Agenda Item Report Meeting Date: 04/21/08 AGENDA ITEM: Approval of the Amendment to Purchase and Sale Agreement with Conjunctive Points Warner Development LLLP Regarding the Sale of 8511 Warner Drive. Contact Person/Dept.: John Fisanotti Phone Number: (310) 253 5767 Item Number: A 3 Fiscal Impact: Yes X No General Fund: Yes X No Public Hearing: Action Item: X Attachments: X Public Notification: Master Notification List (04/17/08). Department Approval: Sol Blumenfeld (04/16/08) Fiscal Impact Review: Jeff Muir (04/17/08) City Attorney Approval: Carol Schwab (by H. Baker) (04/17/08) City Manager Approval: Jerry B. Fulwood (04/17/08) RECOMMENDATION: Staff recommends the City Council approve the Amendment to Purchase and Sale Agreement by and between the City of Culver City and Conjunctive Points Warner Development LLLP regarding the City s sale of 8511 Warner Drive. BACKGROUND: On March 27 2006 the City Council: a) authorized the sale of the property at 8511 Warner Drive ( Warner Parking Lot ) as surplus City property to Conjunctive Points Warner Development LLLP ( Conjunctive Points ) a company controlled by Mr. Frederick Smith; and b) approved the Purchase and Sale Agreement effecting the aforementioned sale. The property was sold for $5 457 600 and escrow closed on June 12 2006. A copy of the staff report from the March 27 2006 is enclosed as Attachment No. 1 to this staff report. Pursuant to the terms of the Purchase and Sale Agreement the purchase price for the property was paid to the City in the form of a cash payment of fifty percent (50%) at close of escrow (i.e. $2 728 800.00) and the buyer executed a Note secured by a Deed of Trust for the balance. The terms of the Note provide that the buyer shall make a single payment of the balance of the purchase price plus simple inte...
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