CITY OF MERCED - File #: 22-667

• File #: 22-667
• Version: 1
• Type: Consent Item
• Status: Passed
• File created: 8/10/2022
• In control: City Council/Public Finance and Economic Development Authority/Parking Authority
• On agenda: 9/19/2022
• Final action: 9/19/2022
• Title: SUBJECT: Approval of a Proposed Purchase and Sale Agreement with Dkota Investments, Inc., for a ?3.1-Acre Site in the Airport Industrial Park for $434,005.70 Located at 157 Hawk Drive Also Known as APN 059-420-012 for the Construction of a Warehouse Building REPORT IN BRIEF Considers the terms contained in the Purchase and Sale Agreement for the disposal of a 3.1-acre in the Airport Industrial Park for $434,005.70 for the construction of an 11,478 square-foot warehouse building. RECOMMENDATION City Council - Adopt a motion: A. Approving the terms of the Purchase and Sale Agreement with Dkota Investments, Inc.; and, B. Appropriating $26,041 from the proceeds of the sale to pay for Real Estate Commission; and, C. Authorizing the City Manager or Deputy City Manager to execute the necessary documents.

Date	Ver.	Action By	Action	Result
9/19/2022	1	City Council/Public Finance and Economic Development Authority/Parking Authority	approved	Pass

Report Prepared by: Taylor Gates, Economic Development Associate

Title
SUBJECT: Approval of a Proposed Purchase and Sale Agreement with Dkota Investments, Inc., for a ?3.1-Acre Site in the Airport Industrial Park for $434,005.70 Located at 157 Hawk Drive Also Known as APN 059-420-012 for the Construction of a Warehouse Building

REPORT IN BRIEF
Considers the terms contained in the Purchase and Sale Agreement for the disposal of a 3.1-acre in the Airport Industrial Park for $434,005.70 for the construction of an 11,478 square-foot warehouse building.

RECOMMENDATION
City Council - Adopt a motion:

A. Approving the terms of the Purchase and Sale Agreement with Dkota Investments, Inc.; and,

B. Appropriating $26,041 from the proceeds of the sale to pay for Real Estate Commission; and,

C. Authorizing the City Manager or Deputy City Manager to execute the necessary documents.

body
ALTERNATIVES
1. Approve as recommended by Staff; or
2. Approve, subject to conditions as specified by the City Council; or,
3. Refer to staff for reconsideration of specific items as requested by the City Council; or
4. Defer action until a specific date; or
5. Deny the request.

AUTHORITY
Charter of the City of Merced, Section 200; Merced Municipal Code Section 2.36.20

CITY COUNCIL PRIORITIES
City of Merced 2022-2023 Adopted Budget, Section 7, Economic Development, Objective #1 - "Create a business-friendly culture branding Merced as go to City for business investment."

DISCUSSION
Staff has been in negotiations with representatives from Dkota Investments, Inc., for the purchase and development of 3.1-acres in the Merced Airport Industrial Park. The subject site consists of one whole lot located at 157 Hawk Drive and is also known as Assessor's Parcel Number 059-420-012 (Attachment 1). The developer agrees to purchase the subject site for $434,005.70 subject to the terms and conditions contained in the Purchase and Sale Agreement in its "as-is" condition (Attachmen...