G.8 - SBCTA Agreement PowerpointCity of Grand Terrace
PURCHASE AND SALE OF REAL ESTATE AND JOINT ESCROW
INSTRUCTIONS WITH SBCTA –FEBRUARY 22, 2022
2030 Vision Statement
This staff report supports City Council
Goal #4,“Develop and Implement
Successful Partnerships”by allowing the
City to purchase from the San Bernardino
County Transportation Authority
(“SBCTA”).
Background
I.SBCTA currently owns the property with Assessor Parcel
Numbers 1167 -231 -10 and 1167 -237 -22.
II.The Property is generally located at the intersection of Barton
Road and Commerce Way in the City of Grand Terrace.
Discussion (Part I)
Price:
If approved,the Agreement will allow City to purchase the Property from SBCTA for
$141 ,000.
SBCTA Obligations:
SBCTA will pay for half of the customary escrow fees,the cost of the Title Insurance policy,
and any document preparation costs for documents prepared on their behalf
City Obligations:
City will pay half of the customary escrow fees,any documentary transfer tax,any
additional title coverage or endorsements that the City desires,and any document
preparation costs for documents prepared on the City’s behalf
Discussion (Part II)
Escrow opens on the date that the Escrow Holder (in this case,Fidelity
National Title Company)receives,executes,and dates acceptance of
the fully executed copy of the Agreement.The City will have to deposit
$4,230 within 10 days of opening escrow.
Escrow will close 30 days after opening,unless extended,and must
close with the recordation of a grant deed (with certificate of
acceptance).
Fiscal Impact
If the Agreement is approved and escrow successfully closes,then
the City will pay $141 ,000.00 for the purchase of the Property.
The City will also have to pay for other escrow/closing costs as
previously discussed.
Sale of Property in the Future
Sale of the Property,after it is acquired by the City,will be subject
to the Surplus Land Act.
Recommendation
(1) Approve the Agreement for Purchase and Sale of Real Estate and Joint Escrow Instructions;
and
(2) Authorize the Mayor to sign the Agreement subject to City Attorney’s approval as to form.
Questions?