HomeMy WebLinkAboutItem 3 Steering PPP - 18350 Mt. Langley Purchase18350 Mt. LangleyPurchase and Sale Agreement
Rob Thompson
Director of Engineering
September 27, 2017
Property Adjacent toTarget Headquarters Parcels
New Signal and Entrance
OCSD
OCSD
Sukut
Parcels
18350
Mt.
Langley
18350 Mt Langley Deal Points
•Price $10,150,000 ($228/sf)
•$150,000 deposit + $100,000 after due diligence
•45 day due diligence period
•Seller pays broker commissions
•30-day Escrow after “Put” option (12-month max)
•No new leases or extensions without OCSD approval
Recommendations
•Approve a Standard Offer, Agreement and Escrow Instructions for Purchase of Real Estate (Purchase Agreement) with K&A Investments LP for Property at 18350 Mt. Langley Street, Fountain Valley, in a form approved by General Counsel, for $10,150,000; and
•Authorize the General Manager and General Counsel to Execute the following:
•Preliminary Title Report Consistent with the Standard Offer, Agreement and Escrow Instructions;
•Title Approval Letter;
•Deeds and other evidences of title to the parcels of property that are the subject of the Purchase Agreement;
•Preliminary Change of Ownership Report;
•Acceptance of the Grant Deed to certain real property from K&A Investments LP;
•Approved Estimated Closing costs;
•Seller’s Mandatory Disclosure Statement acknowledging receipt of this document;
•Property Information Sheet acknowledging receipt of this document;
•Natural Hazard Disclosure Report acknowledging receipt of this document; and
•Any and all other instruments related to the transaction.