City Council

4.\nPURCHASE AND SALE AGREEMENT WITH CAZ LLC FOR THE\nCOMPETITIVE OFFERING OF 150 E. FIRST STREET Consideration of a\nPurchase and Sale Agreement between CAZ LLC and the City of Tustin\nfor the sale of City-owned property located at 150 E. First Street within\nDevelopment Area 2 of the Downtown Commercial Core Specific Plan.\nRecommendation: Recommend the City Council: 1. Approve and\nauthorize the City Manager to execute the Purchase and Sale Agreement\nbetween CAZ LLC and the City in the form attached hereto, subject to any\nnon-substantive modifications as may be recommended by the City's\nspecial real estate counsel or the City Attorney; and 2. Authorize the City\nManager to take all actions and to approve and execute all other\nagreements, attachments and documents necessary or appropriate to\ncomplete the transaction. Fiscal Impact: The purchase price for the\nproperty is $2,200,000. Final net proceeds will be deposited into the City's\nGeneral Fund.