2015/11/10 City Council Resolution 2015-178RESOLUTION NO. 2015 -178
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROHNERT PARK
DESIGNATING THE USE OF PROCEEDS FROM THE SALE OF 5870 LABATH
AVENUE
WHEREAS, the City of Rohnert Park ( "City ") is owner of property at 5870 Labath
Avenue, consisting of approximately 12.25 acres of the aforementioned land ( "Property "); and
WHEREAS, the City adopted Resolution No. 2015 -134 on August 11, 2015, approving a
Purchase and Sale Agreement ( "Agreement ") with 356 Advisors, Inc. and MJW Investments,
LLC (`Buyers ")for the sale of the Property; and
WHEREAS, the purchase price in the Agreement was for $7,150,000. Of this amount,
approximately $935,500 will be paid to repay a loan from the former Community Development
Commission, a reimbursement agreement with Costco, and payment of the brokers' commission.
The net revenue is estimated to be $6.2 million; and
WHEREAS, the City purchased the Property in 1968 with $115,000 in sewer revenue
bonds that had a 20 -year term. The principal and interest on the sewer revenue bonds is now
$184,557.95; and
NOW, THEREFORE, the City Council of the City of Rohnert Park does hereby resolve,
determine, find and order as follows:
Section 1. Recitals. The above referenced recitals are true and correct and are
incorporated into and form a material part of this Resolution.
Section 2. Environmental Review. The designation of sale proceeds from the purchase
and sale transaction between the City and Buyers is exempt from CEQA review under CEQA
Guidelines section 15061(b)(3) because there is no possibility for the designation of the use of
the sale proceeds to have an effect on the environment.
Section 3. Assignment of Proceeds. The City Council hereby assigns $184,557.95 of the
proceeds from the sale of the Property to be paid to the Sewer Enterprise Fund.
Section 4. Other Actions Authorized. Subject to review and acceptance by the City
Attorney, the Mayor and City Manager, as appropriate, are hereby authorized and directed to
take all actions necessary or reasonably required to carry out, give effect to, and consummate the
transactions contemplated by this Resolution and to take all action necessary in conformity
therewith.
DULY AND REGULARLY ADOPTED this 10" day of November, 2015.
CITY OF ROHNERT PARK
Amy O. Ahanotu, Mayor
ATTEST:
Anne Buergler, City Clerk'-)
CALLINAN pf� MACKENZIE: !` l�e STAFFORD: A-je BELFORTE k-11C AHANOTU:
AYES: ( 5 ) NOES: ( ( ) ABSENT: ( C) ) ABSTAIN: ( () )
2015 -178