Title
RESOLUTION APPROVING THE AGREEMENT OF PURCHASE AND SALE AND ESCROW INSTRUCTIONS BETWEEN NANCY M. OCEGUEDA, SUCCESSOR TRUSTEE OF THE J & N OCEGUEDA TRUST DATED MAY 15, 2008, AND THE CITY OF COMMERCE, FOR LAND IN THE CITY OF COMMERCE, CALIFORNIA
Recommendation
It is recommended that the City Council consider:
1. Adopting the proposed Resolution approving the Agreement to Sell Land and Escrow Instructions between Nancy M. Ocegueda, Successor Trustee of the J & N Ocegueda Trust dated May 15, 2008, and the City of Commerce, for Land located at 4615 E. Washington Boulevard, Commerce, California, 90040; Assessor’s Parcel Number (“APN”) 5243-027-025, 5243-027-027 and authorize the Mayor to sign the agreement on behalf of the City; and
2. Authorizing a budget appropriation of $1,350,000.00 from the General Fund Stability Reserves for the acquisition of 4615 E. Washington Boulevard, Commerce, California, 90040 including $1,350,00.00 purchase price and associated acquisition-related costs.