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Purchase, Sale and Use Agreement with RCCD • Page 2 <br />st <br />RCCD will make annual maintenance payments due on July 1 of every year for the <br />initial amount of $15,958. Thereafter, the annual amount shall increase based on the <br />Consumer Price Index (CPI). <br />Should the City determine to make any capital improvements on the property at any time <br />during or after the initial thirty (30) year period, RCCD shall pay its pro rata share for <br />those capital improvements. <br />– Section 3. Buy-Back—City has the right to re-purchase some or all of the spaces at any <br />time subject to twelve (12) months prior written notice to RCCD. City shall pay current <br />fair market value of the spaces to be repurchased, but in no case shall the buy-back rate <br />be less than the purchase rate established in this Agreement. <br />– Section 4. Use —Parking spaces shall be used solely for the parking of motorized <br />vehicles. All other uses are strictly prohibited. <br />– Section 5. Management—City shall be responsible for the supervision and management <br />of the property, including control of access to the property at all times, as well as <br />monitoring and abatement of any nuisance or illegally parked vehicle. City shall provide <br />all enforcement services within the property, including the designated parking spaces for <br />RCCD. <br />– Section 6. Transfer of Spaces—RCCD is prohibited from selling the spaces unless it has <br />first given to City the right of first refusal. RCCD must give to City notice of its intent to <br />sell 180 days prior to any potential sale. Said notice must be in writing. City shall have <br />90 days in which to respond. Any sale will be at fair market value. <br />The RCCD Board of Trustees approved the Agreement at its regular meeting held on Tuesday, <br />September 20, 2011. <br />FISCAL IMPACT: <br />The Parking Fund will receive a lump sum payment in the amount of $2,602,600 for the 100 <br />spaces, which will be used to reduce existing debt for parking facilities. The Parking Fund will <br />also receive annual payments for maintenance costs in the initial amount of $15,958 which will <br />increase annually based on the CPI, as well as any reimbursement for RCCD’s pro rata share of <br />capital improvements. <br />Prepared by: Siobhan Foster, Public Works Director <br />Certified as to availability <br />of funds: Paul C. Sundeen, Assistant City Manager/CFO/Treasurer <br />Approved by: Deanna Lorson, Assistant City Manager <br /> for Scott C. Barber, Interim City Manager <br />Approved as to form: Gregory P. Priamos, City Attorney <br />Attachment: <br />1. Purchase, Sale and Use Agreement <br />