City Council

F.1 - Staff Report - Purchase and Sale of 975 W. Foothill Blvd. W. FOOTHILLFISCAL YEAR 2026/27 BUDGET AMENDMENTSRECOMMENDED ACTION: Successor Agency: 1) Adopt Successor Agency Resolution 2026-R07 approvingthe Purchase and Sale Agreement for the sale of 975 W. Foothill Boulevard (APNs 8605-019-906 and 8605-019-After Los Angeles County Consolidated Oversight Board and the State of California approval, authorize theExecutive Director, or designee, to execute the Purchase and Sale Agreement and all documents reasonablynecessary to implement the transaction, subject to approval as to form by Successor Agency Counsel; and 3)Direct staff to submit the Successor Agency's action and required transaction documents to the Los AngelesCounty Consolidated Oversight Board and the California Department of Finance, as applicable. City Council andUtility Board: 1) Conduct the joint public hearing regarding the proposed Fiscal Year 2026/27 General Fund andElectric Utility Fund budget amendments for acquisition of the Property; 2) Adopt the attached CityCouncil/Utility Board Resolution 2026-C50 approving the acquisition of 975 W. Foothill Boulevard (APNs8605-019-906 and 8605-019-907) from the Successor Agency for $3,580,000, plus applicable acquisition andclosing costs, and approving the Purchase and Sale Agreement; 3) Approve funding of the acquisition on a 50/50basis between the General Fund and Electric Utility Fund, consisting of $1,790,000 from each fund for thepurchase price, plus up to $50,000 from each fund for applicable acquisition and closing costs, and authorize thecorresponding Fiscal Year 2026/27 budget amendments, for a total appropriation not to exceed $3,680,000; and4) After Los Angeles County Consolidated Oversight Board and the State of California approval, authorize theCity Manager, or designee, to execute the Purchase and Sale Agreement and all documents reasonably necessaryto complete the acquisition, subject to approval as to form by the City Attorney. Total Cost: $3,680,000 Is the costof this item budgeted? No Fund/Account No: General Fund/10-90-000-000-7105 (50%) and Electric Fund/33-00-000-000-7105 (50%)