09/03/1985 - Laserfiche WebLink

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. . e escrow in the amount of $20,262.50 for cost of work to be completed by the Agency as follows: Paving - 14,000 sq.ft. @ $1.25 = $17,500.00 6" concrete curb = $ 2,762.50 Staff stated further that the net payment due to Erickson would be $15,370.00. It was then moved by Mr. Acosta, seconded by Vice Chairman Johnson and carried unanimously (5:0) that 1609 E. Edinger (A.P.N. 402-101-26) be acquired from Erickson Properties for an amount not to exceed $15,370.00. SALVATION ARMY - A-9 SITE (410-430 E. 4TH ST. - A.P.N. 398-507-01,02 & 03) AND A-I0 SITE (207 N. FRENCH ST. - A.P.N. 398-508-01,02,03,04,05,07,09,10 & 11) Staff gave the following information regarding the A-9 and A-lO Sites: Appraised value Land Appreciation to date $2,744,255 + 238,000 $2,982,255 Final Settlement Amount $3,083,750 (3% over appraisal) It was then moved by Mr. Hart, seconded by Vice Chairman Johnson and carried unanimously (5:0) that the Agency acquire the Salvation Army property in the A-9 and A-lO Sites for an amount not to exceed $3,083,750. Staff then advised the Agency of the following negotiations: The "As-Is" building at 410 E. 3rd Street (A.P.N. 398-482-30) had an appraised value of $526,750. The Agency will give a note to the Salvation Army for 100% of the value at 10% interest for 2 years, and the Salvation Army is to occupy the building for a maximum of 18 months, rent free. It was moved by Mr. Hart, seconded by Vice Chairman Johnson and carried unanimously (5:0) that the Agency authorize the Chairman and the Executive Director to sign a note to the Salvation Army for not more than $526,570.00 at 10% interest for 2 years, and give the Salvation Army the right to occupy the building for a maximum of 18 months, rent free. ADJOURNMENT There being no further business to come before the Agency, the -2-