RESOLUTION NO. ______________
CITY COUNCIL RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE A
PURCHASE AND SALE AGREEMENT WITH ARIA INVESTMENTS, LLC FOR THE PURCHASE OF REAL PROPERTY AND IMPROVEMENTS LOCATED AT 1000 SOUTH CENTRAL AVE, GLENDALE, CA, IN THE AMOUNT OF $24,000,000, PLUS $700,000 WHICH INCLUDES AMOUNTS FOR ESTIMATED CLOSING COSTS AND BROKER COMMISSION.
WHEREAS, the 2.39-acre 1000 South Central Avenue (“Property”) is located in South Glendale on the corner of Central and Chevy Chase and was formerly the location of JOANN Fabric and Crafts, and is developed with a one-story, 33,818 sq. ft. commercial building that was built in the early 1960’s; the building is currently vacant; and
WHEREAS, South Glendale is considered the most park deficient area in the city, with an average of 0.3 park acres per 1,000 residents, which is significantly below the LA County Average of 3.3 park acres per 1,000 residents, and as part of the 2016 Public Needs Assessment, community members identified the development of a new park in South Glendale as a “top ten” parks priority during the Assessment’s community engagement process; and
WHEREAS, the Property is located in Recreation Planning Area 7 which is generally bounded by Broadway to the north, Brand Boulevard to the east, and the Southern Pacific rail line to the west/south, and composed mostly of disadvantaged communities (DAC)—state defines census tracts with a Median Household Income (MHI) of less than 80% of the statewide average as DAC; and WHEREAS, public parks provide a positive economic benefit because they enhance property values, increase municipal revenue, bring in homebuyers and workers, and attract retirees, in addition to providing intrinsic environmental, aesthetic, and health and recreation benefits, and at 2.39 acres, the Property could become the fourth largest park in South Glendale; and
WHEREAS, earlier this year, the City Council authorized staff to make an offer to acquire the Property under Government Code §7267.2, which is a prerequisite to the potential acquisition of property through eminent domain, however, following good faith negotiations, the City and Property owner arrived at the $24M purchase price for the Property, plus broker commission of $480,000 (2%) and payment of closing costs; and WHEREAS, the Property owner, Aria Investments, LLC, has executed the Purchase and Sale Agreement (“PSA”) (attached as Exhibit 2 to the June 24, 2025 staff report), which PSA outlines the terms and conditions for the sale including a fifteen (15) day contingency period as part of a 30-day escrow; a non-refundable good faith $500 deposit, a refundable one and a half (1.5%) percent ($360,000) deposit (refund based on seller default or failure of contingencies) to be applied to the final purchase price at closing, plus title and property condition contingencies, and closing conditions; and 2 WHEREAS, in addition to the $24M purchase price, staff requests an additional $700,000 to cover the broker commission and estimated closing costs and prorations which will be settled at the close of escrow; and
WHEREAS, in addition to the requested approval of associated resolutions of appropriate to fund the purchase, staff is recommending Council authorize the City Manager to execute the Purchase and Sale Agreement (PSA) for the Property attached as Exhibit 2 to the June 24, 2025 Staff Report, which PSA shall be subject to the review and approval of the City Attorney.
NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF GLENDALE, CALIFORNIA:
1. That the foregoing facts are deemed to be a true and correct and a basis for dispensing with competitive bidding;
2. That the City Council hereby authorizes the City Manager to execute the Purchase and Sale Agreement for the acquisition of the real property fee interest and improvements located at 1000 S. Glendale, Avenue, and to execute all documentation required to effectuate the purchase, subject to the review and approval of the City Attorney; and
3. The Interim Director of Finance – Purchasing, is authorized to approve and execute necessary agreements to implement this resolution.
Adopted this ______ day of ______________________, 2025. _________________________
Mayor
ATTEST:
City Clerk
STATE OF CALIFORNIA )
) SS
COUNTY OF LOS ANGELES )
I, Suzie Abajian, Ph.D., City Clerk of the City of Glendale, certify that the foregoing Resolution was adopted by the Council of the City of Glendale, California, at a regular meeting held on the __________ day of ________________, 2025, and that same was adopted by the following vote:
Ayes:
Noes:
Absent:
Abstain:
_________________________
City Clerk