Purchase And Sale Agreement Form
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23PURCHASE AND SALE AGREEMENT
(Pallini Lane Remnant Parcel)
THIS PURCHASE AND SALE (this "Agreement") is made as of December __, 2012
(the "Effective Date") by and among the Successor Agency (the "Successor Agency") of
the Redevelopment Agency of the County of Mendocino, a separate public entity
("Successor Agency" or "Seller") and Dennis and Carol Thurston Revocable Trust, an
individual (the "Purchaser"). The Seller and the Purchaser are sometimes referred to in
this Agreement individually as a "Party" and collectively as the "Parties."
RECITALS
A.
The Redevelopment Agency of the County of Mendocino (the "Former
Redevelopment Agency") owned fee interest title to a 3,049 square foot parcel of land
(the "Property", as further described in Section 1.1) located at the terminus of Pallini
Lane in an unincorporated area of Mendocino County in the vicinity of Ukiah.
B.
Upon dissolution of the Former Redevelopment Agency on February 1,
2012, the ownership of the Property transferred to the Seller pursuant to Health and
Safety Code Section 34175(b), and the Seller is now responsible for the disposition of
the Property in accordance with the procedures and requirements of ABx1 26 and AB
1484 (the "Redevelopment Dissolution Statutes"), the statutes that govern the
dissolution of the Former Redevelopment Agency and the liquidation of its former
property.
C.
The Seller commissioned an appraisal and determined that the owner of
the land that surrounds the Property is the only potential buyer prepared to pay the
appraised value of the Property.
D.
In accordance with Health and Safety Code Section 34180(a), the Seller
has been directed by its oversight board (the "Oversight Board") to dispose of the
Property to the adjacent land owner for a purchase price equal to the Property's current
appraised value and pursuant to the terms of the Purchase and Sale Agreement.
E.
In accordance with Health and Safety Code Section 34191.5, the Seller
prepared and the its Oversight Board has approved a "Long-Range Property
Management Plan" that provides for the disposition of the Property as described herein
for the distribution of the purchase price proceeds as property taxes to the affected
taxing entities.
F.
The Seller desires to convey fee interest to the Property to the Purchaser
in a manner consistent with the Redevelopment Dissolution Statues, and to effectuate
the dissolution of the Former Redevelopment Agency by liquidating its former property.
IN CONSIDERATION of the foregoing Recitals, which are incorporated herein by
this reference, and the covenants contained in this Agreement, the Parties agree as
follows:
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