REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF THE COUNTY OF SAN BERNARDINO
AND RECORD OF ACTION
February 9, 2021
FROM
TERRY W. THOMPSON, Director, Real Estate Services Department
SUBJECT
Title
Amendment No. 11 to the Purchase and Sale Agreement with Watson Land Company for County Surplus Property
End
RECOMMENDATION(S)
Recommendation
Approve Amendment No. 11 to the Purchase and Sale Agreement and Escrow Instructions for Auction Sales, Contract No. 14-429, with Watson Land Company to authorize the extension of the close of escrow for a period not to exceed December 31, 2022 to provide the County with the time necessary to remove a United States Department of Agriculture Deed Restriction concerning a 14.81-acre portion of the 60.65 acres of land sold to Watson Land Company, situated west of Hellman Avenue in the City of Chino.
(Presenter: Terry W. Thompson, Director, 387-5252)
Body
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.
Pursue County Goals and Objectives by Working with Other Agencies.
FINANCIAL IMPACT
This amendment will not result in the use of additional Discretionary General Funding (Net County Cost). There is no cost associated with executing this Amendment and the County will receive revenue in the amount of $2,835,000, to be deposited in the Chino Agricultural Preserve Special Revenue Fund (7801132734), from the sale of the 14.81 acres to Watson Land Company (Watson) at the close of escrow. In April 2016, the County closed escrow on the sale of the 45.84 acres of the 60.65-acre transaction and received $12,500,000 in revenue; upon the close of escrow for this 14.81-acre portion of the sale, the County will receive total revenue of $15,335,000 for the 60.65 acres sold to Watson.
At the initial opening of escrow for the entire 60.65 acres, Watson deposited a $1,533,500 good faith ...
Click here for full text