City Council

9. APPROVING A PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS, IN\nSUBSTANTIVE FORM, WITH EMCAP BHL, LLC, IA GALE, LLC, NES 111, LLC, AND GSH GALE,\nLLC CONCERNING REAL PROPERTY LOCATED AT 111 NORTH GALE DRIVE IN BEVERLY\nHILLS, AND\nAPPROVAL OF AN APPROPRIATION FROM THE GENERAL FUND IN THE AMOUNT OF\n$8,419,000, WHICH INCLUDES $20,000 FOR ESCROW FEES AND DUE DILIGENCE\nACTIVITIES.\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 111 North Gale Drive in the amount\nof $8,399,000, (ii) finds the acquisition advances the goals and objectives of the General Plan and is in\nconformance with the General Plan, and (iii) finds that the acquisition is exempt from the California\nEnvironmental Quality Act. Staff also recommends City Council approve an appropriation in the amount\nof $8,419,000, which includes $20,000 for due diligence activities.\nAPPROVAL OF: