06-23-2015 CC SA MINUTES - Laserfiche WebLink

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COUNCILMEMBERS CITY COUNCIL — AND SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY MINUTES ' TUESDAY, JUNE 23, 2015, 2 P.M. ART PICK COUNCIL CHAMBER Cit ofArts Unnovation CITY HALL City 3900 MAIN STREET WARDS G R D N E R 1 M L E N D R E z 2 S UO I I R O U S 3 D V I S 4 M C A R T H U R 5 P R R Y 6 A A M S 7 Roll Call: Present X X X X X X X Mayor Bailey called the meeting to order at 2 p.m. in the Art Pick Council Chamber with all Councilmembers present. DISCUSSION CALENDAR Councilmember Melendrez disqualified himself from participating in the following matter as he owns property within 500 feet of the project and left the Art Pick Council Chamber. A PURCHASE AND SALE AGREEMENT - 3750 UNIVERSITY AVENUE - SUPPLEMENTAL APPROPRIATIONS - RESOLUTION Following discussion, the City Council (1) approved expenditure of $37,995,000 inclusive of the purchase price, due diligence, title and escrow fees, and related miscellaneous closing costs for purchase of the Mission Square Office Building and parking structure; (2) approved a supplemental appropriation in the amount of $37,950,000 from the Unappropriated Electric Fund balance (Fund 510) to Building and Improvements Account 6000010-462050; (3) approved a supplemental appropriation in the amount of $1,200,000 from the Unappropriated Electric Fund balance to Building Maintenance Account 6000010-424130, representing the net cost between the first year operating expenses and the amount already budgeted for the Mission Square lease costs included in the proposed Fiscal Year 2015/16 Operating Budget; (4) approved an increase in estimated revenues for the proposed Fiscal Year 2015/16 Budget in the amount of $2,200,000 to Electric Fund Land and Building Rental Account 0000510-373100 to reflect tenant income from commercial operation of the building; (5) adopted the appropriate reimbursement resolution to provide the future option of using bond funds instead of operation funds for the capital financing requirements; (6) approved the purchase and sale agreement with NNN Mission Square, LLC, for purchase of the Mission Square Office Building and parking structure located at 3720 University Avenue; and (7) authorized the City Manager, or his designee, to execute the Agreement, including making minor non -substantive changes and to sign all documents and instruments necessary to complete the transaction; whereupon, the title having been read and further reading waived, Resolution No 22863 of the City Council of the City of Riverside, California, Declaring Its Official Intent to Reimburse Qualified Capital Expenditures Relating to the Electric Utility's Mission Motion X Square Acquisition from Anticipated Bond Proceeds, was presented and Second X adopted. All Ayes 100-355