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10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. R-84-15 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON <br />TO AMEND THE FISCAL YEAR 2015-2016 BUDGET TO INCREASE <br />REVENUES AND EXPENDITURES REGARDING THE SALE OF CITY <br />PROPERTY PURSUANT TO THAT CERTAIN DISPOSITION AND <br />DEVELOPMENT AGREEMENT BY AND BETWEEN THE CITY OF <br />COLTON, THE COLTON HOUSING AUTHORITY AND EVERGREEN — <br />COLTON & MT. VERNON, L.L.C. <br />WHEREAS, the City of Colton ("City") currently owns in fee that certain real property <br />generally located at the northwest corner of Colton Avenue and Mt. Vernon Avenue in the City <br />(APN 0161-221-03-0000) (the "City Parcel"); and <br />WHEREAS, the Colton Housing Authority ("Authority") owns that certain real property <br />generally located at the northwest corner of Colton Avenue and Mt. Vernon Avenue, adjacent to <br />the City Parcel (APNs 0161-221-04, 05, 06, 37, 67, 70) (the "Authority Parcels"); and <br />WHEREAS, EVERGREEN - Colton & Mt. Vernon, L.L.C. ("Developer") wishes to <br />purchase the City Parcel and the Authority Parcels for the development of a Smart & Final Extra <br />and an additional retail/restaurant building (the "Project"); and <br />WHEREAS, pursuant to an appraisal of the City Parcel and the Authority Parcels <br />conducted by a licensed appraiser, Smothers Appraisal Services, the City Parcel and the Authority <br />Parcels was appraised for a fair market value of $1,040,000, and Developer has offered to purchase <br />the City Parcel and Authority Parcels for $1,050,000 (the "Purchase Price"); and <br />WHEREAS, City and Developer have negotiated a Disposition and Development <br />Agreement ("Agreement") for Developer to acquire the City Parcel from the City, in the amount <br />of $530,250, for development of the Project; and <br />WHEREAS, the City Parcel, comprised of approximately 1.47 acres represents 50.5% of <br />the total Purchase Price less the respective percentage of estimated real estate commissions <br />($31,815), finder's fee ($37,875), and escrow closing costs ($5,000); and <br />WHEREAS, a budget appropriation/expenditure for the sale and purchase of the City <br />Parcel pursuant to the terms of the Agreement, not listed in the 2015-16 Fiscal Year budget, is <br />required and must be approved by resolution of the City Council. <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF COLTON <br />RESOLVES AS FOLLOWS: <br />SECTION I. INCORPORATION OF RECITALS. The recitals set forth above are <br />true and correct and are hereby incorporated into this Resolution. <br />23152.06001\9383102.2 <br />