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HomeMy WebLinkAboutItem 4.07 AgrmntCtyPrchsPrkLnd (2)CITY OF DUBLIN AGENDA STATEMENT City Council Meeting Date: January 13, 1986 SUBJECT: Agreement for City Purchase of Park Land at Dolan School Site EXHIBITS ATTACHED: Agreement, Plat Map ~ i~Approve agreement with Murray School RECOMMENDATION: '~-/~ District FINANCIAL STATEMENT: The agreement allows for the payment of $452,347.00 for the 4.03 acres, plus closing costs (approximately $2,200.00. DESCRIPTION: The General Plan designates a five-acre park site within the Dolan School site. The subdivider of the Dolan School site is dedicating 0.97 acres for park purposes as his parkland dedication requirement. The remainder of the 5-acre park site, 4.03 acres, is being purchased by the City from Murray School District from previously collected in-lieu parkland fees. The purchase price is fair market value, which is equal to the price per acre that the subdivider paid the school district for the remainder of the site. The attached agreement with the School District for the park land purchase will serve as escrow instructions for the transfer of the property. The Murray School District staff has reviewed the agreement and proposed to take it to their board on February 3, 1986. The agreement provides that the City would place the funds for purchase into an escrow account. These funds would accrue interest for the City during the term of the escrow. The agreement provides that the School District would be paid upon close of escrow which would run no later than 20 days after the date on which the City Council approves the final subdivision map for the property. ~%GREEMENT OF PURCHASE AND SALE THIS AGREEMENT OF PURCHASE AND SALE ("Agreement") is entered as of the day of January, 1986, by and between MURRAY SCHOOL DISTRICT ("Seller"), a California corporation, and the CITY OF DUBLIN ("Buyer"), a municipal corporation. THE PARTIES ENTER THIS AGREEMENT on the basis of the following facts, understandings and intentions: A. Seller is the owner of certain real property ("Property") located in the City of Dublin, County of Alameda, State of California. The Property is known as the Dolan School site and is more particularly described in Exhibit ~, attached hereto. B. Seller now desires to sell the Property to Buyer, and Buyer desires to purchase the Property, on all of the terms, covenants and conditions hereinafter set forth. NOW, THEREFORE, IN CONSIDERATION of the mutual covenants and promises of the parties, the parties hereto agree as follows: 1. Purchase and Sale. Seller shall sell the Property to Buyer, and Buyer shall purchase the Property from Seller, on all of the mutual terms, covenants and conditions set forth in this Agreement. 2. Escrow. Within five (5) days following the date of this Agreement, Buyer shall establish an escrow for the close of the purchase and sale of the Property at Transamerica Title Insurance Company ("Title Company"), 6850 Regional Street, Dublin, California. Upon the opening of escrow, Buyer shall deposit funds representing the purchase price into escrow with directions that said funds be deposited into an interest-bearing investment until such time as said funds are required to be paid to Seller. The interest earned shall be paid to Buyer, and Buyer may, at its discretion, apply the interest in payment of Buyer's share of the closing costs. 3. purchase price. Buyer shall pay Seller a purchase price for the Property in the amount of Four Hundred Fifty- Two Thousand Three Hundred Forty-Seven Dollars ($452,347.00). The purchase price shall be paid in cash at close of escrow. 4. Conditions of Title. a. Review and Approval of Title Report. Within five (5) days after receipt, Buyer shall review and approve the preliminary title report ("Title Report") for the Property, to be issued by Title Company. The matters set forth in any survey Buyer obtains for the Property (at Buyer's expense) and the conditions of title to the Property set forth in the Title Report, other than exceptions for liens of deeds of trust or other mortgage indebtedness, are hereinafter referred to as the "Conditions of Title." 2 b. Delivery of Title. Conclusive evidence of delivery of title to the Property by Seller to Buyer shall be the willingness of Title Company to issue, upon payment of Title Company's regularly scheduled premium, a standard form owner's policy of CLTA title insurance (the "Title Policy"), in the amount of the Purchase Price, showing title to the Property vested of record in Buyer, subject only to the Conditions of Title and the standard printed exceptions of the Title Policy. 5. Deposits Into Escrow. Prior to the Closing Date, as defined in Subsection 6.a, the parties shall deposit into escrow the funds and documents described in this Section 5. a. Seller. Seller shall deposit a duly executed and acknowledged Grant Deed conveying the Property to Buyer. b. Buyer. Buyer shall deposit the following: (1) The Cash Payment; and (2) Additional cash in the amount necessary to pay Buyer's share of closing costs and prorations, as hereinafter set forth. 6. Close of Escrow. a. Time. The Property and contiguous property purchased from the Seller by Sacramento Developers, Inc., is the subject of Tentative Subdivision Map 5402 which has been approved by the City Council of the City of Dublin. A Final Subdivision Map for said property has not yet been approved by the City Council. Escrow shall close on a date that is not later than twenty (20) days after the date ~n which the City Council approves the Final Subdivision Map for said property. b. procedure. Title Company shall close escrow as follows: (1) Record the Deed and deliver the Deed to Buyer; (2) Deliver a certified copy of the recorded Deed to Seller; (3) Pay to Seller the Cash Payment reduced by Seller's share of closing costs and prorations, as hereinafter set forth; and (4) Deliver the Title Policy to Buyer. c. Special Instruction to Title Company. Buyer and Seller may deposit separate escrow instructions with Title Company provided that the additional escrow instructions do not change or conflict with the terms of this Agreement. d. Incorporation of Escrow Instructions. Buyer and Seller hereby incorporate the standard provisions of the escrow agreement commonly used by Title Company in the Dublin area. This Agreement shall serve as escrow instructions, and an executed copy of this Agreement shall be deposited by Seller with Title Company following execution hereof. The parties agree to execute for the benefit of Title Company such additional escrow instructions 4 as Title Company shall require, provided that the additional escrow instructions do not change the terms of this Agreement but merely offer protection for Title Company. e. Closing Costs. Buyer shall pay all recording costs, escrow fees and title insurance premiums. Seller shall pay all documentary transfer taxes. 7. Sucessors and Assigns. The terms, covenants and conditions herein contained shall be binding upon and inure to the benefit of the successors and assigns of the parties hereto; provided, however, that Buyer shall not, prior to the Close of Escrow, assign Buyer's interest in this Agreement and the Property without the prior written consent of Seller, which consent may be withheld in Seller's sole and absolute discretion. 8. Survival. The terms, covenants and conditions herein contained which are required to be operative after delivery of the Grant Deed in order to be fully effective, shall be so operative and shall not be deemed to have merged in the Grant Deed. 9. Entire Agreement. This Agreement contains all of the covenants, conditions and agreements between the parties and shall supersede all prior correspondence, agreements and understandings, both verbal and written. No addition or modification of any term or provision shall be effective unless set forth in writing and signed by both Seller and Buyer. 10. Attorneys' Fees. In the event of any litigation regarding the rights and obligations of the parties under this Agreement, the prevailing party shall be entitled to reasonable attorneys' fees and court costs. 11. Notices. All notices or other communications required or permitted hereunder shall be in writing and either delivered by hand or deposited in the United States mail, first-class, postage prepaid, and addressed as follows: To Seller: Richard Cochran Superintendent Murray School District 7416 Brighton Drive Dublin, CA 94568 To Buyer: Richard C. Ambrose city Manager City of Dublin P.O. Box 2340 Dublin, CA 94568 The foregoing addresses may be changed by written notice to the other party as herein provided. 12. ~. ~ is attached hereto and incorporated herein by reference thereto. 13. ~overning Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California. 14. Captions. All captions and headings in this Agreement are for the purpose of reference and convenience and shall not limit or expand the provisions of this Agreement. 15. Time. Time is of the essence for every provision herein contained in this Agreement. 16. Counterparts. This Agreement may be executed in counterparts, each of which shall be an original, but all counterparts shall constitute one instrument. IN WITNESS WHEREOF, the parties hereto have executed one or more copies of this Agreement, on the date(s) set forth below, as of the day and year first above written. "Seller" MURRAY SCHOOL DISTRICT By Its Date: "Buyer" CITY OF DUBLIN, a Municipal corporation By Its Date: EXHIBIT PARCEL A A BE~H~"A F'ORTION OF 'THAT CERTA~H PROPERTY CONVEYED TO MURRAY scHOOL DIS'lrRIC'r'OF_ALAMEOA.COUNTY,'~'S]'ATE OF.'CALIFORNIA.. A PUR, LIC CORF'ORATIOH, AS DESCRIBED IN THE DEED RECORDED DECEMBER 13, 1~66, REEL 1887, IMAGE 224, RECORDED DECEMBER 16~ 1~66~ REEL 188Q~ IMAGE 816, AND DOCUMEHT RECORDED JANUARY 16, 1776, IN REEL 4230, IMAGE 383~ ALAMEDA COUNTY RECORDS, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT A' POINT THAT BEARS HORTH 03~2~' 07' WEST 144g.84 FEET; THENCE~ NORTH 54" 27' 50~ EAST 270.00 FEET FROM THE SOUTHWEST CORNER OF SAID F'ROF'ERTY, SAID SOUTHWEST CORNER ALSO BEING THE SOUTHWEST CORNER OF THAT CERTAIN RECORD OF SURVEY FILED MAY 27, 1776 IN BOOK ~10 OF RECORD OF SURVEY, F'AGE I~,-7HENCE, LEAVING SAIO POINT OF BEGINNING NORTH 54" ~7' 50' EAST 172.3~ FEET; THEHCE,~NORTH 37~ 30' 00' EAST 111.47 FEET; THENCE NORTH 4~~ 30'-':.00' EAST 91.72 FEET; THENCE ALONG THE ARC OF A CURVE CONCAVED TO THE NORTHEAST AND HAVING 'A RADIUS OF 1075.00 FEET, SAID CURVE BEING SUB, TENDED BY A CHORD THAT BEARS SOUTH 55~. 06' 24' EAST 207.26 FEET, SAID CURVE HAVIHG A DELTA OF 11~ 10' 15' -AND AN ARC OF 20~.5~ FEET; THENCE LEAVING SAID CURVE SOUTH 17" -04' 52' WEST 574.51 FEET; THEHCE NORTH 87~ 2~' 07' WEST 20.16 'FEET; :'.~IHENCE ALONG THE ARC OF A 310 FOOT RADIUS CURVE CONCAVEO 70 THE SOUTHEAST' SAID CURVE HAVING A DELTA OF 22" 00' 00' AND AN ARC LENGTH OF 119.03 FEET~ SAID CURVE BEING SUBTENDED BY A CHORD BEARING SOUTH 77~ 30' 53' WEST ~118.30 .FEETI THENCE LEAVIHG -SAID ARC RADIALLY NORTH 21~ 2~' 07' WEST 87.00 FEET; THENCE NORTH 03~ 27' 07' WEST 194.00 FEET; THENCE NORTH-20~ 32' 10" WEST 121;00 .FEET; THENCE NORTH 35~ 32' 10' WEST 90.00 FEET TO THE TRUE POINT OF BEGINNING, AND CONTAINING 4..04 ACRES MORE OR LESS. ~4f ~ 7'R#CT 7'R.~,~ 7-