RESOLUTION NO. 26-XX
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COMMERCE APPROVING THE AGREEMENT OF PURCHASE
AND SALE AND ESCROW INSTRUCTIONS BETWEEN NANCY
M. OCEGUEDA, SUCCESSOR TRUSTEE OF THE J & N
OCEGUEDA TRUST dated May 15, 2008, AND THE CITY OF
COMMERCE, FOR LAND IN THE CITY OF COMMERCE,
CALIFORNIA
WHEREAS, Commerce is a unique community surrounded by significant industrial activity, truck traffic, rail operations, and major freeways, including the I-5 and I-710. While industry is an important part of the City’s economic base, expanding the City’s retail footprint through acquiring land will allow the City to obtain a greater leverage at managing economic growth and revitalizing the City’s major Washington corridor; and WHEREAS, the City is now seeking to diversify its source of revenue by focusing on retail activity throughout the Washington and Atlantic corridors; and WHEREAS, Currently, the City of Commerce lacks shopping options where residents or visitors are able to spend their money, this City’s investment will allow more local options and be an additional sales tax generator; and
WHEREAS, Purchase of the Property is considered by staff to be a strategic acquisition as the Property is a suitable location to pursue a project that supports retail development subject to appropriate findings and approvals; and WHEREAS, prior to the close of escrow, the City will be requesting a Phase I Environmental Review, An appropriate environmental review of the analysis will be required pursuant to the requirements of the California Environmental Quality Act (“CEQA”) to analyze the potential environmental impacts of a proposed project; and WHEREAS, the City of Commerce is seeking to purchase located at 4615 E.
Washington Boulevard 93103 (APN 5243-027-025, 5243-027-027) (“Property”), at a purchase price of $1,350,000; and
WHEREAS, the property includes two parcels, APN 5243-027-025, includes one building that is approximately 4,627 square feet and built in 1948 and APN 5243-027-027 that is a vacant parking lot approximately 4,420 square feet, the total square footage of the property is 13,176 square feet; and
WHEREAS, the City property currently has five units and one storage unit. Out of the five units, three are commercial and two are unpermitted residential units; and WHEREAS, the City as the buyer has requested to terminate the leases for the residential units before closing escrow and allow for the commercial tenants to remain on the property, under a new lease agreement between the City and the tenants; and WHEREAS, the City of Commerce completed the negotiation of a Purchase And Sale And Escrow Instructions with Nancy M. Ocegueda, Successor Trustee of the J & N CC Mtg: 9/17/26
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Ocegueda Trust dated May 15, 2008 to purchase the Property at 4615 E. Washington Boulevard, subject to certain contingencies.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF COMMERCE DOES HEREBY RESOLVE, DECLARE, DETERMINE AND ORDER AS FOLLOWS:
Section 1. The City Council of the City of Commerce hereby finds and declares that the foregoing recitals are true and correct, and incorporates them herein as findings and as a substantive part of this Resolution.
Section 2. The Purchase And Sale And Escrow Instructions between the City of Commerce and Nancy M. Ocegueda, Successor Trustee of the J & N Ocegueda Trust dated May 15, 2008 for the purchase of 4615 E. Washington Boulevard 93103 (APN 5243-027- 025, 5243-027-027) is hereby approved in a form approved by the City Attorney.
Section 3. The City Council authorizes a budget appropriation from the Unassigned Fund Balance for the acquisition of 4615 E. Washington Boulevard, Commerce, California, 90040 including the $1,350,000 purchase price and associated acquisition-related costs.
Section 4. The Mayor and/or the City Manager, and/or his designee, is authorized to execute any and all documents necessary to implement the City’s approval of the Standard Offer, Agreement and Escrow Instructions for Purchase of Real Estate.
Section 5. The Mayor is authorized to execute this Resolution for and on behalf of the City of Commerce.
Section 6. The City Clerk shall certify to the adoption of this Resolution.
Section 7. This Resolution shall take full force and effect immediately upon adoption by the City Council.
PASSED, APPROVED and ADOPTED this 22nd day of September 2026. ________________________
Kevin Lainez, Mayor
ATTEST:
______________________________
Eduardo Sarmiento
City Clerk
CC Mtg: 9/17/26
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