CITY OF MERCED - File #: 19-505

• File #: 19-505
• Version: 1
• Type: Consent Item
• Status: Passed
• File created: 8/22/2019
• In control: City Council/Public Finance and Economic Development Authority/Parking Authority/Successor Agency to the Redevelopment Agency
• On agenda: 9/3/2019
• Final action: 9/3/2019
• Title: SUBJECT: Authorization to Submit a Formal Letter of Intent to Purchase for the Property Located at the Corner of Childs Avenue and B Street from the County of Merced for the Childs Court Apartments REPORT IN BRIEF Considers approving the formal letter of intent to purchase the property located at the corner of Childs Avenue and B Street from the County of Merced to support the Childs Court Apartment development. RECOMMENDATION City Council - Adopt a motion authorizing the City Manager or the Assistant City Manager to sign the formal "Notice of Intent" letter to purchase the property located at 1137 B Street from the County of Merced.
• Sponsors: Development Services Department, Mark Hamilton

Date	Ver.	Action By	Action	Result
9/3/2019	1	City Council/Public Finance and Economic Development Authority/Parking Authority/Successor Agency to the Redevelopment Agency	approved	Pass

Report Prepared by: Scott McBride, Director of Development Services

Title
SUBJECT: Authorization to Submit a Formal Letter of Intent to Purchase for the Property Located at the Corner of Childs Avenue and B Street from the County of Merced for the Childs Court Apartments

REPORT IN BRIEF
Considers approving the formal letter of intent to purchase the property located at the corner of Childs Avenue and B Street from the County of Merced to support the Childs Court Apartment development.

RECOMMENDATION
City Council - Adopt a motion authorizing the City Manager or the Assistant City Manager to sign the formal "Notice of Intent" letter to purchase the property located at 1137 B Street from the County of Merced.

Body
ALTERNATIVES
1. Approve, as recommended by staff; or,
2. Approve, subject to modifications (identify specific changes to be addressed in the motion); or,
3. Deny; or,
4. Refer to staff for reconsideration of specific items (to be addressed in the motion); or,
5. Continue to a future meeting (date and time to be specified in the motion).

AUTHORITY
Section 200 of the City of Merced Municipal Code.

CITY COUNCIL PRIORITIES
As provided for in the Fiscal Year 2019-20 Budget.

DISCUSSION
Staff is requesting Council to considering authorizing the City Manager to sign the Letter of Intent (Attachment 1) to purchase the property located at 1137 B Street. Over the past year, staff has been working with the Richman Group (Developer) to submit an application to the Strategic Growth Council (SGC). An important piece of the application is the approval of the Lease Agreement between Merced County and the City to obtain site entitlements related to the Childs Court Apartment project.

In 2018, City Council approved the Lease Agreement with the County of Merced for 1137 B Street with an option to purchase. The lease agreement had a four (4) year term with an option to purchase, provided either a 9% Tax-Credit application or the Affordable Housing and Sus...