HomeMy WebLinkAboutReso 2501-1957142
RESOLUTION NO. 2501
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SOUTH SAN
FRANCISCO OFFERING A CO~PROMISE TO STATE ALLOCATIONS BOARD
AND SOUTH SAN FRANCISCO UNIFIED SCBOOL DISTRICT'S DERAND
THAT TITLE TO HAGNOLIA SCHOOL BE REVESTED IN THE SCHOOL DISTRICT
WHEREAS, on the 4th day of September 1956, the South San Francisco Unified
~ohool District, a unified school district of the County of San Narco, transferred by
deed the property known as I~agnolia School located in South San Francisco, California,
and mere particularly described in that deed dated the 4th day of September recorded in
Book 3156 at page 253 official records oflthe County of'San ~ateo, and
WHEREAS, the State Allocation~ Board and the ~hool District thereafter
raised legal objection to the transfer, based on inadequate consideration, and
WHEREAS, the State Allocations Board, pursuant to said objection required
with action of May 23, 1957, that the District be revested with record title to Magnolia
School and same be disposed of for adequate consideration, and
WHEREAS the South San Francisco Unified School District in co~pliance with
the State Allocations Board's action has demanded that the City reconvey the said
Magnolia School property to the District, or legal action will be taken to require said
reconveyance, and
WHEREAS, the City of South San Francisco desiring to use said building and
premises for expansion of its public and recreational activities, and further desiring
to avoid litigation and possible loss of said premises, does consider ~ advisable to
offer a compromise to the District and Allocations Board.
NOW, TB~gREFOltE, BE IT Rg~OLVED that the City comncil of the City of South San
Francisco proposes the following compromise to the SOuth san Francisco Unified'School'
District and the State Allocations Board:
That in consideration for the District and State foregoing claiM, demands
and suits for the reconveyance of that certain parcel ofrealproperty known as
Magnolia School, said parcel being more particularly described-in that certain deed
dated the 4th day of September 1956 and recorded in Book 3156, Page 253 of Official
Records, County of San Mate.; and further in consideration for the District and State
confirming the sale and conveyance to the City and granting, selling, transferring, con-
veying, setting over and assigning any and all interest in and to said property to City,
City offers to pay to District and State the sum of $150,000, said sum to be paid as
follows:
A down-payment of $24,000 (said su~ having already been paid to the
District) and the balance of $126,000 carried at 3.42~ to be paid in
installments over a period of ten (10) years commencing with October 1,
1958, said installments not to be less than $12,600 plus interest. City
shall be entitled to pay more than $12,600 in any one year and may retire
the full balance at any time without payment of penalty.
District and State agree to procure from a title insurance company, approved
by City, a purchaser's policy of title insurance, insuring the City to the full amount
of said purchase price against loss or damage by reason of defect in the title of the
District and/or State~ to the said described premises or by reasons of encumbrances or
liens not assumed by City. District and State agree to indemnify City for any loss
occasioned by reversion of title caused by transfer of the said property.
City, District and State agree to execute any and ali necessary documents to
carry into effect this agreement.
I hereby certify tlmtt the fm~mWo~n~ rmmolution wam regularly
introduced and adopted by tbeC&tyCouncil of the City of 8~uth 8aa Francisco
at a :special meeting held on the 23rd~:.day of July, 1957, by the following vote:
AYeS,
~NOKS,
Councilmen G. J. Rossi, euilio Cort#i and
Leo J. Ryan
None
ABSENT, Councilmen Andrew Rocca and Francis Lucchio
ATTEST:
Arthur A. Rodondi
City Clerk
By:
Louise Elliott
~epoty City clerk