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REQUEST FOR <br /> <br />U NCIL ACTION <br /> <br />CITY COUNCIL MEETING DATE: <br /> <br />FEBRUARY 2, 2004 <br /> <br />TITLE: <br /> <br />PURCHASE AND SALE AGREEMENT <br />WITH W/%3-~UT STREET S .A. , <br />U · S. A. , LLC FOR CERTAIN <br />PROPERTY LOCATED AT 110 WEST <br />FIRST STREET <br /> <br /> CITY MANAGER <br /> <br />CLERK OF COUNCIL USE ONLY: <br /> <br />APPROVED <br /> <br />[] As Recommended <br />[] As Amended <br />[] Ordinance on 1st Reading <br />[] Ordieance on 2nd Reading <br />[] implementing Resolution <br />[] Set Public Hearing For <br /> <br />CONTINUED TO <br />FILE NUMBER <br /> <br />RECOMMENDED ACTION <br /> <br />Direct the City Attorney to prepare, and authorize the City Manager and <br />~lerk of the Council to execute, a Purchase and Sale Agreement with <br />Walnut Street S.A., U.S.A., LLC for certain real property located at 110 <br />West First Street (APN 398-278-03), for the consideration of $1.00 plus <br />specified improvements to the subject and adjoining properties. <br /> <br />DISCUSSION <br /> <br />The block bounded by First, Main, Sycamore and Walnut Streets is a major <br />gateway to the City's Downtown. Walnut Street S.A., U.S.A., LLC (Caribou <br />Industries) owns a majority of the block, and is in escrow to purchase <br />two additional lots located at 114-120 West First Street. The only <br />remaining lot located at 110 West First Street is owned by the City of <br />Santa Aha (Exhibit 1). The City-owned property, which has been vacant <br />for several years, is approximately 6,250 square feet in size. <br /> <br />In November 2003, the City entered into a Right of Entry and License <br />Agreement with Walnut Street S.A. U.S.A., LLC for temporary use of the <br />subject lot. Meanwhile, Walnut Street has recently obtained approvals to <br />develop its properties with a mixed-use development including a <br />restaurant and residential units. Specifically, the proposal includes <br />the rehabilitation of the ~United Automotive" building at the southwest <br />corner of First and Main Streets for use as a restaurant, as well as the <br />'ehabilitation of the nine existing residential units on the second <br />loot. Along with Walnut Street's plans, the City's Planning Division <br />also processed a zone change and General Plan amendment for the entire <br />block to encourage future development of residential lofts. <br /> <br /> Page 89 25'H . <br /> <br /> <br />