City Council

7. APPROVING A PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS, IN\nSUBSTANTIVE FORM, BY AND BETWEEN THE CITY OF BEVERLY HILLS AND WILSHIRE\nCOMMERCIAL HOLDINGS, LLC CONCERNING REAL PROPERTY LOCATED AT 8401\nWILSHIRE BOULEVARD IN BEVERLY HILLS; AND\nAPPROVAL OF AN APPROPRIATION FROM THE GENERAL FUND (FUND 001) IN THE\nAMOUNT OF $7,995,000, WHICH INCLUDES $20,000 FOR ESCROW FEES AND DUE\nDILIGENCE ACTIVITIES.\nComment: Staff recommends City Council approve a resolution that (i) authorizes the City Manager to\nexecute a purchase and sale agreement for the City’s acquisition of 8401 Wilshire Boulevard in the\namount of $7,995,000 (ii) finds the acquisition advances the goals and objectives of the General Plan and\nis in conformance with the General Plan, and (iii) finds that the acquisition is exempt from the California\nEnvironmental Quality Act (CEQA) pursuant to Section 15061(b)(3) of the State CEQA Guidelines\nregarding common sense exemptions. Staff also recommends City Council approve an appropriation in\nthe amount of $7,995,000, which consists of the purchase price plus $20,000 related to escrow fees and\ndue diligence activities.