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CITY COUNCIL MEETING DATE: 08/18/2026
AGENDA REPORT AGENDA HEADING: Consent Calendar
AGENDA TITLE:
Consider ratifying the Purchase Agreement for the acquisition of 2 Peppertree Drive.
RECOMMENDED COUNCIL ACTION:
(1) Adopt Resolution No. 2026-__ A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF RANCHO PALOS VERDES, CALIFORNIA, RATIFYING THE CITY COUNCIL’S PRIOR APPROVAL OF THE PURCHASE AGREEMENT FOR THE ACQUISITION OF 2 PEPPERTREE DRIVE AND AUTHORIZING THE CITY
MANAGER, OR DESIGNEE, TO EXECUTE ALL DOCUMENTS NECESSARY TO
COMPLETE THE ACQUISITION
(2) Approve an additional appropriation of $289,000 for acquisition costs, funded by the General Fund’s Unallocated Fund Balance and allocate to Non-Department – Land.
FISCAL IMPACT: The acquisition of this property has been authorized by the CityCouncil at a cost of up to $289,000 plus customary closing costs, pursuant to the executed Purchase Agreement. If approved, the amount will be funded from the General Fund’s Unallocated Fund Balance (projected at $10.2 million) and allocated to Non-Department – Land. VR
Amount Budgeted: $25,000
Additional Appropriation: $289,000
Account Number(s): 101-400-2999-8803
(General Fund – Non-Department – Land) VR
ORIGINATED BY: Brandy Forbes, Director of Community Development REVIEWED BY: Catherine Jun, Deputy City Manager CJ
APPROVED BY: Ara Mihranian, AICP, City Manager
ATTACHED SUPPORTING DOCUMENTS:
A. Draft Resolution No. 2026-__(Page A-1)
1 CITYOF RANCHO PALOS VERDES
01203.0055 2176013.1
BACKGROUND:
The City Council previously approved, during a duly noticed Closed Session, the acquisition of the real property located at 2 Peppertree Drive. Following that direction, the parties executed a Residential Purchase Agreement identifying the City as purchaser and establishing the terms of the acquisition.
DISCUSSION:
The escrow holder has requested formal evidence that the City Council authorized the acquisition and that the City Manager is authorized to execute documents necessary to close escrow. Although the City Council previously approved the acquisition, the escrow holder is requesting satisfaction of the escrow requirements through a formal resolution identifying the City's authorized representative. The attached resolution (Attachment A) confirms the City Council's prior approval by ratifying the Purchase Agreement, authorizes the City Manager (or designee) to execute all escrow and closing documents, and is intended solely to facilitate completion of escrow.
ADDITIONAL INFORMATION:
Escrow will close 70 days after the Court issues a new order approving the sale. The hearing is on September 22. If the Court signs the order the same day as the hearing, escrow will close on or before December 1.
Once escrow closes, City staff will request quotes for the demolition of the structures and any site restoration to be completed for City Council consideration at a future meeting.
CONCLUSION:
Based on the above discussion, the City Council is being asked to consider that Staff recommends adoption of the attached resolution and appropriate the funds needed to purchase the property.
ALTERNATIVES:
In addition to Staff’s recommendation, the following alternative actions are available for the City Council’s consideration:
1. Receive and file this report and take no other action.
2. Adopt the attached Resolution with alternative direction.
3. Take other action as the Council deems appropriate.
2 01203.0055 2176020.1
RESOLUTION NO. 2026-___
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF RANCHO PALOS VERDES, CALIFORNIA,
RATIFYING THE CITY COUNCIL'S PRIOR
APPROVAL OF THE PURCHASE AGREEMENT FOR
THE ACQUISITION OF 2 PEPPERTREE DRIVE AND
AUTHORIZING THE CITY MANAGER, OR
DESIGNEE, TO EXECUTE ALL DOCUMENTS
NECESSARY TO COMPLETE THE ACQUISITION
WHEREAS, the City Council previously considered and approved, in Closed Session, the acquisition of the real property commonly known as 2 Peppertree Drive; WHEREAS, the parties thereafter entered into a Residential Purchase Agreement for the acquisition of the property; and
WHEREAS, the escrow holder has requested formal evidence of the City's authorization and of the authority of the City's authorized representative to execute closing documents.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RANCHO PALOS VERDES RESOLVES:
Section 1. The foregoing recitals are true and correct.
Section 2. The City Council confirms and ratifies its prior approval of the acquisition of the real property located at 2 Peppertree Drive pursuant to the executed Purchase Agreement.
Section 3. The City Manager, or designee, is authorized to execute and deliver escrow instructions, certificates, affidavits, closing statements, deeds, and any other documents necessary or convenient to complete the acquisition.
Section 4. City staff are authorized to take all ministerial actions necessary to implement this Resolution.
Section 5. This Resolution shall take effect immediately upon adoption.
A-1
01203.0055 2176020.1
PASSED, APPROVED AND ADOPTED this 18th day of August, 2026.
Paul Seo, Mayor
ATTEST:
Teresa Takaoka, City Clerk
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss
CITY OF RANCHO PALOS VERDES )
I, Teresa Takaoka, City Clerk of the City of Rancho Palos Verdes, hereby certify that the above Resolution No. 2026-__ was duly and regularly passed and adopted by the said City Council at a regular meeting thereof held on August 18, 2026.
Teresa Takaoka, City Clerk
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