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ARTICLE. CLOSED SESSION CONFERENCE WITH LEGAL COUNSEL—EXISTING LITIGATION
Tuesday, 2/18/2020 6:00pm
CONFERENCE WITH REAL PROPERTY NEGOTIATORS (Govt. Code section 54956.8)
Property: 880 Stone Pine Road (APN 056-260-180)
City Negotiators: Matthew Chidester (Deputy City Manager), John Doughty (Public Works Director), and Catherine Engberg (City Attorney)
Negotiating Parties: Daniel Olstein, Peninsula Open Space Trust Under negotiation: Price and terms of potential acquisition.
City Council Meeting Agenda for 2/18/2020
[pdf-embedder url=”https://www.coastsidebuzz.com/wp-content/uploads/2020/02/city-agenda-2182020.pdf” title=”city agenda 2:18:2020″]
Order of Events
June 17, 2004 ~ POST entered into an option agreement to purchase the 22‐acre property at 880 Stone Pine Road from Nurserymen’s Exchange for $3.1 million.
September 21, 2004 ~Half Moon Bay City Council approved acquisition of the property from POST.
October 12, 2004 ~ Assignment Agreement between POST and City of Half Moon Bay for POST to assign its rights and obligations under the Option Agreement to the City and for POST to provide the City with an option to obtain funding from POST was approved.
October 15, 2004 Deed of Trust was signed between City of Half Moon Bay and POST. Promissory Note was for $3.1 million due October 15, 2007. In the event of a failure to pay the entire principal within three years from date, the note shall be deemed in default, and shall, bear interest as the rate of 10% until paid.
October 10, 2006 POST Board of Directors authorized to offer City a one‐year extension of the note evidencing the $3.1 million interest free loan on condition that if the land is sold or used for any other purpose than a community park, 10% interest will run from the original date of the loan (October 15, 2004).
October 15, 2007 POST Board of Directors authorized amending the original one‐year extension of payment of principal and interest to two years, terminating on October 15, 2009.
July 23, 2009 The City officially transferred title of the property to POST in satisfaction of the promissory note.
July 23, 2009 The City Council officially abandoned plans to build park and entered into a License and Maintenance Agreement with POST which among other things allows the City to maintain its City Corporation Maintenance Yard on the site.
June 21, 2013 Revised License and Maintenance Agreement executed.
November 9, 2017 POST sent a letter indicating its desire to sell the property and to offer the City the first opportunity to purchase.
From Agenda January 16, 2018
The City recently received a letter dated November 9, 2017 from Walter T. Moore, President of Peninsula Open Space Trust (see Attachment 1).
The letter requests discussions with the City regarding potential purchase of the 21+‐acre parcel at 880 Stone Pine Road (APN 056‐260‐180) as well as the possible interim lease of property currently used for the City Corporation Maintenance Yard.
The property (880 Stone Pine Road) was acquired by the City in 2004 from Nurserymen’s Exchange for $3.1 million. The City Council purchased the property for construction of a community park.
The purchase was made possible by a loan from POST. The initial Promissory Note and Deed of Trust (recorded October 18, 2004) provided for a no interest loan until October 15, 2007. The loan was due and payable on October 15, 2007.
[pdf-embedder url=”https://www.coastsidebuzz.com/wp-content/uploads/2020/02/City-report-12018-880-stone-pine.pdf” title=”City report 1:2018 880 stone pine”]
Author: Coastside Buzz
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