City Council

8. Approval of Purchase and Sale Agreement Between Robert L. Persson, Robert G. Wedeen, Tasha Sounart, Kelsey Hendrix, Hunter Persson, Prestin Wittbrodt, and Robert G. Wedeen Trust, and the City of Burbank, For the Property Commonly Known As 110 W. Olive Street, Located in the City of Burbank, County of Los Angeles, State of California, APN Nos. 2451- 007-019, 2451-007-20 And 2451-007-026 and Amend the Fiscal Year 2025-2026 Budget by $13,500,000 - Community Development Department Recommendation: 1. Find that the proposed acquisition of the subject property is being undertaken without plans for any specific use or development of the property at this time, and therefore the mere change in title ownership does not have the possibility of causing any potentially significant impact on the environment and therefore is exempt from environment review under the California Environmental Quality Act pursuant to Pub. Res. Code § 21065, CEQA Guidelines §§ 15060(c)(2)-(3), 15061(b)(3), 15378). As such, no additional environmental analysis is required at this time; 2. Find that the proposed acquisition of the subject property is consistent with the City’s adopted General Plan; 3. Approve, as to form, the Purchase and Sale Agreement and Escrow Instructions and authorize the City Manager to close escrow to finalize the purchase of the Property; 4. Authorize the City Manager or his designee to execute the final Purchase and Sales Agreement Between Robert L. Persson, Robert G. Wedeen, Tasha Sounart, Kelsey Hendrix, Hunter Persson, Prestin Wittbrodt, and Robert G. Wedeen Trust and the City of Burbank, for the property commonly known as 110 W. Olive Street, located in the City of Burbank, County of Los Angeles, State of California, APN Nos. 2451-007-019, 2451- 007-20 and 2451-007-026 in the amount of $14,000,000; 5. Amend the Fiscal Year 2025-26 Budget to appropriate $13,500,000, the remainder of the sales price ($14,000,000 minus $500,000 deposit); and 6. Authorize City staff to collect rent on the existing lease and appropriate the funds. SR - Purchase and Sale Agreement Att1 - Agreement and Escrow Att2 - Legal Description Att3 - Survey Att4 - Asbestos and Lead Paint Study Att5 - Structural Assessment Att6 - Environmental Site Assessment