REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF THE COUNTY OF SAN BERNARDINO
AND RECORD OF ACTION
August 20, 2019
FROM
TERRY W. THOMPSON, Director, Real Estate Services Department
SUBJECT
Title
Amendment No. 2 to Purchase and Sale Agreement for the Sale of 74.57 Acres of Real Property Located at 8315 Merrill Avenue in Chino
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RECOMMENDATION(S)
Recommendation
Approve Amendment No. 2 to Purchase and Sale Agreement No. 17-150 with Scannell Development Company, an Indiana Corporation, to extend the Entitlement Period an additional 68 days from August 10, 2019 to October 17, 2019, revise the close of escrow to occur 30 days following the expiration of the Entitlement Period, and to allow both parties to extend the close of escrow an additional 90 days upon mutual agreement in order to provide Scannell Development Company with the additional time necessary to obtain all entitlements from the City of Chino.
(Presenter: Terry W. Thompson, Director, 387-5252)
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COUNTY AND CHIEF EXECUTIVE OFFICER GOALS & OBJECTIVES
Operate in a Fiscally-Responsible and Business-Like Manner.
Ensure Development of a Well-Planned, Balanced, and Sustainable County.
FINANCIAL IMPACT
This amendment will not result in the use of Discretionary General Funding (Net County Cost). There is no cost associated with executing this amendment and the proceeds of the sale of the 74.57 acres in the amount of $65,500,000 will be placed in the County Buildings Acquisition and Retrofit Project budget (Fund 7700003100, WBSE 10100011). A previous item approved by the Board of Supervisors (Board) on August 5, 2014 (Item No. 44) specified this funding be allocated to the County Buildings Acquisition and Retrofit Project reserve, however, based on the estimated project needs for 2019-20 the department needs the proceeds from the sale to go directly into the project budget.
BACKGROUND INFORMATION
The recommended action will approve an amendment to the Purchase and Sale Agreement No. 17-1...
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