HomeMy WebLinkAboutS0 - Supplemental AgendaNEWPORT BEACH CITY COUNCIL
SUPPLEMENTAL AGENDA
REGULAR MEETING
August 22, 2006
S16. AUTHORIZATION TO PURCHASE 15.05 ACRES OF LAND AT SUPERIOR
AND WEST COAST HIGHWAY (CALTRANS PARCEL DD #40766 -01 -01 —
"SUNSET RIDGE PARK") FOR $5,000,000; AND APPROVE BUDGET
AMENDMENT.
Action: 1) Adopt Resolution No. 2006 -_ authorizing the purchase of
Sunset Ridge Park, authorizing the City Manager to execute
all relevant documents, and stating the City's agreement with
the terms of a Purchase and Sale Agreement and draft Deed;
2) Authorize the Mayor to execute a Purchase and Sale
Agreement for Caltrans Director's Deed #40766 -01 -01 ("Sunset
Ridge Park") for $5,000,000 paid over three fiscal years at
4.75% interest on any unpaid principal provided that the
Agreement is substantially similar to the attached Purchase
and Sale Agreement; and
3) Approve a budget amendment (07BA -012) as follows: $900,000
from Unappropriated Park In Lieu Reserves and $1,100,000
from Unappropriated General Fund Reserves to CIP Account
#7021- C5100515.