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AGENDA REPORT
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| | | | | | | | DATE:
| September 21, 2021
| TO:
| Mayor and City Council
| FROM:
| Stefan T. Chatwin, City Manager
| | SUBJECT: | Resolution 2021-231 of the City Council of the City of Fairfield Approving the Disposition and Development Agreement between the City of Fairfield and Valley Strong Credit Union |
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| | | | | | | | | RECOMMENDED ACTION | | Adopt resolution. |
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| | | | | | | | | STATEMENT OF ISSUE | | Adoption of a resolution approving the proposed Disposition and Development Agreement (“DDA”) between the City and Valley Strong Credit Union (“Valley Strong”). |
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| | | | | | | | | DISCUSSION | The City is the owner of the parcels known as APN’s 0167-110-070 & 110 located at 3660 Nelson Road. On May 12, 2021, the City accepted a Letter of Intent from Valley Strong to enter into negotiations to sell APN 0167-110-070 and a portion of 0167-110-110 (collectively “the Property”) to Valley Strong for the purpose of building an office building project as their northern California headquarters. The development will also include the replacement of the existing freeway pylon sign to allow for signage for Valley Strong, as well as additional advertising panels for adjacent retail businesses. The City would like to sell the Property to Valley Strong.
Valley Strong is proposing to purchase the Property at the appraised value of $1,003,000.
The proposed DDA states the above-mentioned terms as well as others by which the City is willing to sell the Property to Valley Strong.
The City declared the Property surplus on October 20, 2020, and has complied with all State Department of Housing and Community Development requirements to proceed with a sale of Property.
The proposed resolution approves the DDA and authorizes the city manager to execute all documents necessary for the acquisition of the Property.
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| | | | | | | | | FINANCIAL IMPACT | | The City will receive the purchase price of $1,003,000. These funds will be deposited into the Intergovernmental Loan Fund (Fund 551, Division and Responsibility Code 99-203-7301). |
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| | | | | | | | | PUBLIC CONTACT/ADVISORY BODY RECOMMENDATION | None.
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| | | | | | | | | ALTERNATIVE ACTION | | The council could decide not to approve the DDA, but the property would then go back out onto the open market for other potential buyers. |
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| | | | | | | | | STAFF CONTACT | Jennifer Rice, Real Estate Specialist II
(707) 428-7727
jrice@fairfield.ca.gov
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| | | | | | | | | COORDINATED WITH | City Attorney's Office
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| REVIEWERS: | | Reviewer | Action | Date | | Dalman, Dwayne | Approved | 9/13/2021 - 5:49 PM | | Alexander, Amber | Approved | 9/13/2021 - 6:02 PM | | Gassaway, David | Approved | 9/13/2021 - 6:01 PM | | Alexander, Amber | Approved | 9/13/2021 - 6:05 PM |
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