HomeMy WebLinkAboutReso SPA 7-1986 RESOLUTION NO. SPA-7-86
SURPLUS PROPERTY COMMISSION, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION REQUESTING THE CITY COUNCIL TO PROVIDE
FUNDS FOR COMPLETION OF THE PURCHASE OF THE OYSTER
POINT PROPERTY FROM THE GENERAL SERVICES ADMINISTRATION
WHEREAS, the Municipal Federal Surplus Property Authority Law, Government
Code Section 40500 et seq. (hereinafter "Act") authorizes Surplus Property
Commissions to purchase federal surplus real property; and
WHEREAS, pursuant to said Act the Surplus Property Authority of the City
of South San Francisco purchased the property commonly known as the Oyster
Point Property for the sum of one million four hundred seventy-five thousand
Dollars ($1,475,000.00); and
WHEREAS, there remains a balance due of seven hundred sixty-four thousand
one hundred fifty-one dollars and fifty-eight cents ($764,151.58) on the property
and the existing loan is at an interest rate of thirteen and one-eighth percent
(13-1/8%) per annum; and
WHEREAS, it would be economically advantageous to pay off the loan with
monies from the City of South San Francisco and then reimburse the City;
NOW, THEREFORE, BE IT RESOLVED that the Surplus Property Commission of the
City of South San Francisco requests the City Council of the City of South San
Francisco %o provide funds for completion of the purchase of the Oyster Point
Property.
BE IT FURTHER RESOLVED that the Surplus Property Commission authorizes its
President and its Executive Director to take all actions necessary to complete
said transfer of funds and purchase.
I hereby certify that the foregoing Resolution was regularly introduced and
adopted by the Surplus Property Commission of the City of South San Francisco
at a special meeting held on t~e lOth day of September , 19 86
by the following vote:
AYES: Commissioners Mark N. Addiego, John "Jack" Drago, Gus Nicolopulos,
and Roberta Cerri Teglia
NOES: None
ABSENT: Richard A. Haffey
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