HomeMy WebLinkAboutResolution No. 14-7466 - Approving a Purchase & Sale Agreement Between F1 Downey LLC & the City of Downey For Property Located At 8008 Firestone Blvd., DowneyRESOLUTION NO. 14-7466
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY
APPROVING A PURCHASE AND SALE AGREEMENT BETWEEN F1
DOWNEY LLC AND THE CITY OF DOWNEY FOR PROPERTY LOCATED AT
8008 FIRESTONE BOULEVARD IN THE CITY OF DOWNEY
WHEREAS, the Paramount Boulevard at Firestone Boulevard intersection is a junction
of two major arterial streets and designated truck routes within the city and is expected to
experience a 22% increase in traffic volume by 2030, resulting in the deterioration in the level-
of-service at this intersection to unacceptable levels; and,
WHEREAS, improvements will be needed to this intersection, consisting of additional
turn lanes in order to provide additional capacity to the intersection to accommodate the
anticipated traffic volume growth and to maintain an acceptable level-of-service at the
intersection during peak hours, as well as the reconstruction of the existing curb returns to
facilitate right-turn truck movements at the intersection in a safe and efficient manner; and,
WHEREAS, the construction of the additional turn lanes and reconstruction of the curb
returns will require the acquisition of right-of-way from three properties located on the south side
of Firestone Boulevard on the southwest and southeast corners of the intersection, including a
1,341 square foot partial acquisition and from the property currently occupied by the CVS
Pharmacy located at 8008 Firestone Boulevard; and,
WHEREAS, a property appraisal for the acquisition of right-of-way from the property
located at 8008 Firestone Boulevard has been completed, based on which the just
compensation amount for the proposed partial acquisition of right-of-way is $52,300; and,I
WHEREAS, the City has negotiated a purchase and sale agreement (“Agreement”) with
F1 Downey LLC (“Seller”) to obtain the property interests for the necessary right-of-way for an
amount not to exceed $52,300; and,
WHEREAS, Seller has agreed to the sale of said property interests at the appraised just
compensation amount of $52,300 and has signed the Agreement; and,
WHEREAS, the City Council has determined that the approval of the Agreement and the
sale transaction contemplated thereby, are in the best interest of the City and the public health,
safety and welfare.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DOWNEY DOES
HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The City Council of the City of Downey hereby (i) approves the
Agreement, a copy of which is attached hereto as Exhibit “A“ and is on file with the City Clerk,
(ii) if applicable, authorizes and directs the City Manager to make final changes to the
Agreement consistent with the City Council’s direction, and (iii) authorizes and directs the Mayor
to execute the final agreement and any other documents and agreements necessary to
complete the sale transaction contemplated by the Agreement.
RESOLUTION NO. 14-7466
PAGE 2
SECTION 2. The City Council of the City of Downey hereby determines that the
acquisition of said property interests is exempt from the California Environmental Quality Act
(CEQA) under Section 15301 of the CEQA Guidelines as an existing facility.
SECTION 3.The City Clerk shall certify to the adoption of this resolution.
APPROVED AND ADOPTED this 28th day of January, 2014.
(X
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ATTEST:
mHTMREFEhT
City Clerk
I HEREBY CERTIFY that the foregoing Resolution was adopted by the City Council of
the City of Downey at a regular meeting held on the 28tF' day of January, 2014, by the following
vote, to wit:
AYES:
NOES:
ABSENT:
ABSTAIN
Council Members:
Council Member:
Council Member:
Council Member:
Brossmer, Guerra, Saab, Marquez, Mayor Vasquez
None
None
None
- JlclJ-/
AmF@–inmB3iE
City Clerk