SUBJECT: Authorization to Purchase a 5.06-Acre Property at the Northwest Corner of Childs Avenue and B Street from the County of Merced for $1,080,000 for Purposes of Land Acquisition Towards the Development and Construction of the “Childs and B Street” Affordable Housing Project, Approval and Execution of a Purchase and Sale Agreement with the County of Merced, and Approval and Execution of Other Necessary Documents and Other Actions Related to the Purchase REPORT IN BRIEF Considers authorizing the purchase of land from the County of Merced for the purpose of developing affordable housing units for low-income households for the Childs Avenue and B Street Affordable Housing Project. RECOMMENDATION City Council - Adopt a Motion: A. Approving the purchase and sale agreement with County Merced to purchase the 5.06-acre parcel generally known as 1137 B Street at Assessor’s Parcel Number 035-010-071 in the amount of $1,080,000 using Low and Moderate Income Housing Asset funds held for low-income housing; and, B. Authorizing the City Manager or the Assistant City Manager to execute the Purchase and Sale Agreement with the County of Merced for the land purchase specified above; and, C. Authorizing the Finance Officer to make any necessary budget adjustments and issuance of funds; and, D. Authorizing any necessary and related actions or processes, including the establishment of an escrow account.

Committee

City Council/Public Finance and Economic Development Authority/Parking Authority

Requested by

Development Services Department

Introduced

December 3, 2019

On agenda

December 16, 2019

Passed

December 16, 2019