Agenda Item No: K.2
AGENDA REPORT
DATE: January 21, 2025
TO: Mayor and Council
FROM: David Gassaway, City Manager
SUBJECT: Resolution 2025-01 CD Purchase and Sale Agreement 2250/2256 N. Texas Street
Approving and Authorizing the Execution of the Purchase and Sale Agreement and Joint Escrow Instructions between the City of Fairfield and Patrick M. Lively for the Property Located at 2250 and 2256 N Texas Street Located in Solano County, California and Authorizing an Update to the Fiscal Year 2024-2025 Budget
Funding Source: $1,800,000 ($1,300,000, AB1600; $500,000, Intergovernmental Services Fund)
Contact: Jennifer Rice, (707) 428-7727
RECOMMENDED ACTION
Adopt resolution.
STATEMENT OF ISSUE
Patrick M. Lively owns the parcels located at 2250 and 2256 N Texas Street (APNs 0034-144-140 and 0034-130-010) (collectively “the Property”) and the City is requesting approval to enter into a purchase and sale agreement with Patrick M. Lively for the sale of the Property.
DISCUSSION
The City currently leases the Property from Patrick M. Lively to operate the PAL Youth Center.
The City now wishes to purchase the Property for the continued use of the PAL Youth Center, and Patrick M. Lively wishes to sell the Property to the City.
City staff drafted the proposed Purchase and Sale Agreement and Joint Escrow Instructions (Purchase Agreement) for Patrick M. Lively to review and approval. Patrick M. Lively completed his review and executed the Purchase and Sale Agreement.
Both the City and Patrick M. Lively would now like to enter into the Purchase Agreement for the transfer of the Property.
FINANCIAL IMPACT
The property would require an increase in appropriations of $1,800,000 to the Capital Building Fund (Fund 254). The purchase will be utilizing AB1600 Government Facilities Funds (Fund 262) in the amount of $1,300,000 and Intergovernmental Services Funds (Fund 551) in the amount of $500,000 totaling the Purchase Price of $1,800,000.
PUBLIC CONTACT/ADVISORY BODY RECOMMENDATION
N/A
ALTERNATIVE ACTION
The city council may choose to modify the proposed Purchase and Sale Agreement.
COORDINATED WITH
City Attorney’s Office, Finance, Police Department
STAFF CONTACT
Jennifer Rice, Real Estate Specialist II
(707) 428-7727
[email protected]
ATTACHMENTS
Attachment 2: Proposed Resolution
Attachment 3: Proposed Agreement