City Council

D. Authorize the City Manager to Complete Negotiations for an Amended and Restated Grant Deed and\nOption to Purchase Property for Ocean Park Villas\nRecommended Action\nStaff recommends that the City Council:\n1. Authorize the City Manager to complete negotiations for an amended and restated Grant\nDeed and Option to Purchase property located at 2019 and 2219 Fifth Street (Ocean\nPark Villas) based upon a 58-42 split of the surplus cash flow with an upfront payment to\nthe City of $250,000; and\n2. Adopt a finding that the action to approve the amended and restated Grant Deed and\nOption to Purchase is exempt from CEQA pursuant to CEQA Guidelines sections 15301,\n15326, and 15061(b)(3).\na. Land Sale Agreement - Ocean Park Villas\nb. Grant Deed - Ocean Park Villas\nc. Third Amendment to Grant Deed\nd. Updated Summary of Options for Preservation – February 2025