Special Notice / Hearing:
Newspaper notice published pursuant to
Cal. Gov't Code ? 25350
Vote Required: Majority
To: Honorable Board of Supervisors
From: Michael P. Callagy, County Executive
Subject: Purchase and Sale Agreement for the Acquisition of real property and improvements located at 626 Walnut Street, 640 Walnut Street and 648 Walnut Street, City of San Carlos, County of San Mateo.
RECOMMENDATION:
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Adopt a resolution:
A) Declaring the Board of Supervisors' intent to purchase the real property located at 626 Walnut Street; 640 Walnut Street; and 648 Walnut Street in San Carlos, California (Assessor's Parcel Numbers 050-131-060, 050-131-070 and 050-131-080) ("Property"), for a total purchase price of $8,000,000; and
B) Authorizing the President of the Board of Supervisors to execute a Real Estate Purchase and Sale Agreement and Escrow Instructions ("Agreement") with the owners of the Property, Dragonfly Assets C-50, LLC, a Delaware limited liability company ("Sellers"), for the County's acquisition of the Property; and
C) Authorizing the County Executive, or designee, to execute the Certificate of Acceptance and any and all notices, escrow instructions, and documents required to facilitate the purposes of the Agreement.
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BACKGROUND:
The Property is located within a residential and commercial area of the City of San Carlos within San Mateo County. The Property is comprised of three parcels with existing improvements on each, which includes a 2-story commercial building, 1-story commercial building and 2-story residential building, on a combined lot size of approximately 26,500 square feet in size.
DISCUSSION:
The County has determined the Property would provide an appropriate location for affordable housing. The Property is located within one of the highest resource areas in the County, as determined by the State Department of Housing and Community Development and the Tax Credit Allocation Committee, re...
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