Agenda Item No: K.3
AGENDA REPORT
DATE: January 21, 2025
TO: Mayor and Council
FROM: David Gassaway, City Manager
SUBJECT: Resolution 2025-02 CD Purchase and Sale Agreement for Mankas Corner Holdings
Approving and Authorizing the Execution of the Purchase and Sale Agreement and Joint Escrow Instructions between the City of Fairfield and Mankas Corner Holdings, LLC for the Approximately 3,612 square foot portion of the Property Commonly Known as 3305 Cherry Hills Court Property Located in Solano County, California Property Located in Solano County, California
Funding Source: N/A
Contact: Jennifer Rice, (707) 428-7727
RECOMMENDED ACTION
Adopt resolution.
STATEMENT OF ISSUE
The City of Fairfield is the owner of the 3.38 acre parcel known as 3305 Cherry Hills Court (APN 0151-880-140) (the City Parcel) and is requesting approval to enter into a purchase and sale agreement between the City of Fairfield (the City) and Mankas Corner Holdings, LLC for the sale of a 3,612 square foot portion of the City Parcel.
DISCUSSION
The City is the owner of the City Parcel located at 3305 Cherry Hills Court. It has been determined that a 3,612 square foot portion (the Property) of the City Parcel is set outside of the city limits and the City has no need for the Property.
The City Council declared the Property exempt surplus land during their September 17, 2024, meeting and the Department of Housing and Community Development approved the Property qualified as exempt surplus land in their approval letter dated December 6, 2024.
Mankas Corner Holdings, LLC is the adjacent property owner and wishes to purchase the Property from the City.
City staff drafted the proposed Purchase and Sale Agreement and Joint Escrow Instructions (Purchase Agreement) for Man kas Corner Holdings, review and approval. Mankas Corner Holdings, LLC reviewed, approved, and executed the Purchase and Sale Agreement.
Both the City and Mankas Corner Holdings, LLC, would now like to enter into the Purchase Agreement for the transfer of the Property.
FINANCIAL IMPACT
The City will receive $1,500 as the Purchase Price , which will be deposited in the General Fund (account code 011-99-000-7301).
PUBLIC CONTACT/ADVISORY BODY RECOMMENDATION
N/A
ALTERNATIVE ACTION
The council may choose to modify the proposed Purchase and Sale Agreement.
COORDINATED WITH
Public Works
STAFF CONTACT
Jennifer Rice, Real Estate Specialist II
(707) 428-7727
[email protected]
ATTACHMENTS
Attachment 2: Proposed Resolution
Attachment 3: Proposed Agreement