SR-901-001 (10)
RMD:JM:JW:F:RESOURCE/STAFFREPORTS2004/Fifthstreetproperties.doc
Council Meeting: July 27, 2004Santa Monica, California
To: Mayor and City Council
From: City Staff
Subject: Authorization to Negotiate Terms and Conditions for Possible
Purchase of Real Properties Located 1554 and 1558 Fifth Street;
1415,1423,1427,1437, and 1445 Fifth Street and 501 Broadway;
and 1342, 1338 and 1334 Fifth Street.
Introduction
This report requests authorization to explore and negotiate the possible purchase
of properties located at 1554 and 1558 Fifth Street; 1415,1423,1427,1437, and
1445 Fifth Street and 501 Broadway; and 1342, 1338 and 1334 Fifth Street.
These properties are potentially useable for a variety of purposes, including but
not limited to, replacement public parking structures.
Discussion
On April 9, 2002 the City Council adopted the Downtown Parking Plan that called
for the replacement of Parking Structures one, three and six. On January 9, 2003
the City Council, Redevelopment Agency and Parking Authority took certain actions
to accomplish the seismic retrofit and/or replacement of these downtown parking
structures. In order to consider and effect demolition and replacement of these
existing three parking structures, the City must create interim and possibly
permanent alternative parking facilities.
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If City Council authorizes staff to explore the possible purchase of these
properties, and a proposed agreement to terms ensues, staff would return to
Council and the Redevelopment Agency for further authorization to purchase the
property on behalf of the City and/or its Redevelopment Agency.
Budget/Financial Impact
No budget or financial impact is incurred as a result of action on this
recommendation. Future budget or financial impact will be identified and
reported.
Recommendation
It is recommended that City Council authorize staff to explore the possible
purchase of the real properties located at 1554 and 1558 Fifth Street;
1415,1423,1427,1437,and 1445 Fifth Street and 501 Broadway; and 1342, 1338
and 1334 Fifth Street by the City and the Redevelopment Agency.
Prepared by: Jeff Mathieu, Director of Resource Management
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