HomeMy WebLinkAboutResolutions - No. 98-50RESOLUTION NO. 98-50
A RESOLUTION OF THE LODI CITY COUNCIL
APPROVING THE PURCHASE OF THREE PARCELS OF
PROPERTY LOCATED AT 1366-1460 E. LODI AVENUE
WHEREAS, in October 1997 staff presented the idea to the City Council of
purchasing property for future industrial development; and
WHEREAS, staff identified five parcels totaling approximately 40 acres which
would create logical development sites that then could be marketed as part of our
expanding business attraction program; and
WHEREAS, pursuant to Council direction, staff made offers on the property with
appropriate contingencies related to title reports, environmental clearance and appraisals;
and
WHEREAS, two of the three property owners accepted the City's offer and the City
has entered into escrow on three parcels containing approximately 21 acres in December
1997; and
WHEREAS, the purchase price for the three parcels is $40,000 per acre, with an
additional $2,000 being paid to the Bank of Stockton for the cost of the Phase 1
Environmental and the cost of the City's share of closing costs.
NOW, THEREFORE, BE IT RESOLVED that the Lodi City Council hereby
approves the purchase of the three parcels located at 1366-1460 E. Lodi Avenue from the
Bank of Stockton, trustee for the Revolving Loan Fund of San Joaquin County and Melva
L. Darnell in the amount of $842,000.
Dated: March 18, 1998
I hereby certify that Resolution No. 98-50 was passed and adopted by the City
Council of the City of Lodi in a regular meeting held March 18, 1998, by the following vote:
AYES: COUNCIL MEMBERS - Johnson, Land, Mann, Pennino and Sieglock
(Mayor)
NOES: COUNCIL MEMBERS - None
ABSENT: COUNCIL MEMBERS - None
ABSTAIN: COUNCIL MEMBERS - None
ALICE M. REI11/n 466E
CHE
City Clerk
98-50