Loading...
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 -2-