City Council

4. PURCHASE AND SALE AGREEMENT WITH CAZ LLC FOR THE COMPETITIVE OFFERING OF 150 E. FIRST STREET Consideration of a Purchase and Sale Agreement between CAZ LLC and the City of Tustin for the sale of City-owned property located at 150 E. First Street within Development Area 2 of the Downtown Commercial Core Specific Plan. Recommendation: Recommend the City Council: 1. Approve and authorize the City Manager to execute the Purchase and Sale Agreement between CAZ LLC and the City in the form attached hereto, subject to any non-substantive modifications as may be recommended by the City's special real estate counsel or the City Attorney; and 2. Authorize the City Manager to take all actions and to approve and execute all other agreements, attachments and documents necessary or appropriate to complete the transaction. Fiscal Impact: The purchase price for the property is $2,200,000. Final net proceeds will be deposited into the City's General Fund.