Resolution No. 2324

RESOLUTION NO. 2324
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY
TO THE DISSOLVED SHAFTER COMMUNITY DEVELOPMENT AGENCY,
APPROVING A PURCHASE SALE AGREEMENT SELLING APN 089.230-45 TO CODE
PRECAST PRODUCTS,INC.
WHEREAS, pursuant to Health and Safety Code Section34I73(d), the City of Shafter is
the successor agency to the Shafter Community Development Agency ("Successor Agency"); and
WHEREAS, pursuant to Health and Safety Code Section34I73(g), the Successor Agency
is now a separate legal entity from the City; and
WHEREAS, Health and Safety Code Section 34191.5(b) requires the Successor Agency
to prepare a Long Range Property Management Plan ("Property Management Plan") that addresses
the disposition and use of the real properties of the former redevelopment agency; and
WHEREAS, Health and Safety Code Section 34191.5(b) also requires the Successor
Agency to submit the Property Management Plan to the Successor Agency's oversight board and
the Department of Finance for approval no later than six months following the issuance to the
Successor Agency of the Finding of Completion pursuant to Health and Safety Code Section
34179.7; and
WHEREAS, the Department of Finance issued the Successor Agency a Finding of
Completion on March 21,20131' and
\ilHEREAS, the Successor Agency approved a Property Management Plan that contains
all the information required under Health and Safety Code Section 34191.5 on April 16,2013 by
way of Resolution No.2268; and
WHEREAS, the Oversight Board of the Successor Agency approved the Property
Management Plan on April 23,2013 by way of Resolution No.8; and
WHEREAS, the Califomia Department of Finance reviewed the approved Property
Management Plan and provided staff with proposed changes to the plan which were incorporated
into the revised Property Management Plan; and
WHEREAS, the Successor Agency approved a revised Property Management Plan on
November 19,2013 by way of Resolution No.2303; and
\üHEREAS, the Oversight Board of the Successor Agency approved the revised Property
Management Plan on Novemb er 2I ,2013 by way of Resolution No. 12; and
WHEREAS, the California Department
Management Plan on November 22,2013; and
of
Finance approved the revised Property
\ilHEREAS, the approved revised Property Management Plan includes the disposal of
APN 089-230-45 through a sale at market value with the proceeds from that sale to be distributed
as property tax to the other taxing entities by was of the Kern County Auditor Controller; and
Shafter City Council, as the Successor Agency to the
Dissolved Shafter Community Development Agency Resolution 2324
February 4,2014
Page2
WHEREAS, APN 089-230-45 was appraised at the amount of $136,000 by Michael
Burger & Associates on February 25,2014, a copy of which is attached as Exhibit A; and
Successor Agency desires to implement the portion of the approved
Management
Plan pertaining to APN 089-230-45 by approving the sale of that
revised Property
parcel to Code Precast Products, Inc. for the amount of $ 1 3 6,000.
\ilHEREAS, the
NO\il, THEREFORE, THE BOARD OF' DIRECTORS OF THE SUCCESSOR
AGENCY TO THE FORMER SHAFTER COMMUNITY DEVELOPMENT ÄGENCY,
DOES HEREBY RESOLVE AS FOLLO\ilS:
Recitals. The Recitals set
Section 1.
incorporated into this Resolution by this reference.
forth above are true and correct and
are
Approval of the sale of APN 089-230-45 to Code Precast Products. The
Section 2.
Successor Agency hereby approves sale of APN 089-230-45 to Code Precast Products, Inc. and the
Purchase Sale Agreement regarding this sale in substantially the same the form as attached hereto
as Exhibit B.
Remittance of Proceeds from the sale. In accordance with the Long
Section 3.
Range Property Management Plan, the Successor Agency hereby direct that all proceeds from the
sale of APN 089-230-45 be remitted to the Kem County Auditor Controller for distribution as
property tax to other taxing agencies.
Execution and transmittal of the purchase sale asreement. The City
Section 4.
Manager and Administrative Service Director are hereby authorized and directed to take any action
necessary to carry out the purposes of this Resolution and comply with applicable law regarding
the Long Range Property Management Plan and the sale of APN 089-230-45 pursuant to that plan,
including but not limited to submitting the Purchase Sale Agreement to the Successor Agency's
oversight board for approval, and to the State of California Department of Finance.
Section 5.
Effectiveness. This Resolution shall take effect immediately upon its
adoption.
PASSED, APPROVED AND ADOPTED at a special meeting of the Successor Agency
to the dissolved Shafter Community Development Agency on the lOth day of March,2014
Jon
A
Christine Wilson, City Clerk
CERTIFICATE OF GOVERNING BODY'S ACTION
STATE OF CALIFORNIA
)
)
COLINTY OF KERN
SS.
)
I, Christine Wilson, City Clerk of the City of Shafter, California, DO HEREBY CERTIFY
that the above Resolution 2324, a Resolution of the City Council of the City of Shafter as the
Successor Agency to the Dissolved Shafter Community Development Agency, was duly passed and
adopted at a Special Meeting held on the lOth day of March,20I4,by the following vote:
AYES:
NOES:
ABSENT:
ABSTAINING:
Alvarado, Colvard, Florez, Johnston, and Prout.
None.
None.
None.
DATED
March 10,2014
(SEAL)
k//-nt,|
Clerk of the City of Shafter
EXHIBIT A
APPRAISAL
[Attached behind this page]
MB APPRAISALS
RESTRICTED APPRA¡SAL REPORT
PROJECT
Vacant Land
S. Beech Ave.
Shafter, CA
CLIENT
City of Shafter
Administrative Services Director
Shafter, CA 93263
Date of Valuation
February 25,2014
Date of Report
February 25,2014
Prepared by
Michael Burger, MAl, RA|ú-AC
Michael Burger & Associates
4915 Calloway Dr., Ste. 101
Bakersfield, CA 93312
Appraisal File No.l 58-14
Michael Burgcr & Associates
Rcal Fjstate Appraisal - ConsLlllation
February 25,2014
City of Shafter
Administrative Services Director
Shafter, CA
Re:
FILE#158-14 Restricted Appraisal Repo¡Í:
Vacant Land, S. Beech Ave., Shafter, CA
Attention:
Jim Zervis
Ladies and Gentlemen
ln execution of this appraisal assignment, I inspected the property referred to above on
February 25,2014, in order to determine market value of the fee simple estate in the
surface rights as of this date.
As a result of my investigation, it is my opinion market value based on a 6 month
exposure period, as of February 25,2014, is:
$136,000
(oNE HUNDRED THTRTY StX THOUSAwD DOLLARS)
This report conforms to FIRREA. No environmental site assessment was furnished.
For purposes of this appraisal, it is assumed no hazardous{oxic material contamination
has occurred. Therefore, the cost of clean-up, encasement or removal and its effect on
value, have not been considered.
a Restricted Appraisal Report, to which your
attention is directed. As a matter of policy, we request that you bring to our attention any
matters of concern, mistakes or erroneous assumptions we have made in this
assignment.
The value conclusion is the result of
Sincerely,
ae tc.B
CA Lic.#AG
MCB:mm
l, RA/V-AC
Exp.5-17-'14
F|LE #r58-r4
OWNER OF RECORD
City of Shafter
PROJECT
Vacant Land
PROJECT LOCATION
S. Beech Ave.
Shafter, CA 93263
ASSESSORS PARCEL
NO.
REFERENcE
CENSUS TRACT
MAP
089-230-45
Thomas Guide, Kern Co.:23591E2
4O.OO
TYPE oF
APPRAISAL
DATE oF
lNsPEcTloN February
EFFECTIVE DATE OF
INTEREST
VALUE
APPRAISAL
APPRAISED
PURPOSE/|NTENDED
Restricted Appraisal Report
25,2014
February 25,2014
Fee Simple Estate
UsE Determine
OP|N|ON
market value relative to establishing a sale price
$136,000
SCOPE
This Restricted Appraisal Report is intended to comply with reporting requirements set
forth in Standards Rule 2-2b oÍ the Uniform Standards of Professional Appraisal
Practice (USPAP). As such, it does not include discussions of the data, reasoning, and
analyses that were used in the appraisal process to develop the appraiser's opinion of
value. Supporting documentation concerning the data, reasoning, and analyses is
retained in the appraiser's file. The rationale for how the appraiser arrived at the
opinions and conclusions set forth in the report may not be understood properly without
additional information in the appraiser's workfile. Due to the restricted nature of this
report and abbreviated discussions, the report may not be understood properly without
examining the appraiser's work file.
This appraisal was requested by Jim Zervis, Administrative Services Director, City of
Shafter. He provided access and answered questions relative to property history.
The property was inspected on February 25, 2014, which is the effective date of this
appraisal. Subsequent to inspection, further specifics relative to the site were
investigated, to include flood hazard classification, utility availability, and zoning.
Regional, area, and neighborhood trends are developed to support projections.
Vacant Land
S. Beech Ave.
Shafter, CA
2
F|LE #158-r4
As part of this appraisal, a number of independent investigations and analyses have
been conducted. Market data, including land sales, rentals and improved sales have
been verified and analyzed for applicable comparable data in the area. Data sources
include public records, assessor's records, buyers/sellers, real estate appraisers, and
real estate agents.
The Cost, lncome, and Sales Comparison Approaches were considered. As the subject
property consists of vacant land, the Cost and lncome Approaches are not considered
effective methods of valuation to achieve credible results. Comparative sales of similar
vacant parcels are analyzed in application of the Sales Comparison Approach. The
market data has been collected, confirmed, and analyzed. Comparable sales were
chosen for their similar highest and best uses as outlined within the report. All
comparables were analyzed and compared to the subject propefi based on their
similarities and dissimilarities. These approaches were considered and judged in
reaching a final estimate of value.
INTENDED USE
This appraisal report is intended to determine market value relative to establishing a
sale price. lt has been prepared for the exclusive benefit of City of Shafter and persons
specifically authorized by the client; state enforcement agencies and such third parties
as may be authorized by due process of law; and a duly authorized Appraisal lnstitute
peer review committee. lt may not be used or relied upon by any other party. Any party
who uses or relies upon any information in this report, without the preparer's written
consent, does so at his own risk.
lnherent in the use of this restricted report format is the premise that the client, City of
Shafter, is the only intended user of this appraisal. This report is not designed to be
used or relied upon by anyone other than the client nor for any other function than that
detailed herein. Reliance upon the information or conclusions indicated within the
report by anyone other than the client or for any reason other than the indicated
purpose is inappropriate and could be misunderstood. This appraisal is made subject to
the definitions and assumptions and limiting conditions which are outlined in the
Addenda to this report.
REASONABLE EXPOSURE TIME
Based on current market trends, interviews with real estate brokers and other
professionals experienced in this property type, as well as my analysis of exposure
times for comparable properties, reasonable exposure time is 6 months.
AREA ANALYSIS
The property consists of a single vacant parcel fronting the east side of S. Beech Ave.,
four parcels north of Los Angeles St., within an incorporated area of Shafter.
State Route 43 is a north-south state highway in the U.S. State of California, routed
along the southern San Joaquin Valley connecting the towns of Shafter, Wasco,
Hanford, and Selma, running roughly parallel to SR 99. Caltrans has plans to widen SR
3
Vacant Land
S. Beech Ave
Shafter, CA
FtLE #r58-r4
43 between the Kings County/Fresno County line and SR 99. On/Off ramps are located
600' southwest of the subject. Lerdo hwy. is T, mile north of the subject and connects
with the Hwy.99, STzmlles to the east.
The City of Shafter has recently extended its borders, extending east to Hwy. 99 and
south to 7th Standard Rd. Shafter is at th southerly end of the San Joaquin Valley,
approximately 15 miles northwest of Bakersfield. lt is an agricultural community
experiencing relatively steady growth and diversification to commercial and industrial
development.
The community provides elementary and high schools, neighborhood parks and
shopping. Governmental offices, to include police and sheriffs departments, fire
department, post office, and library, are centrally located.
SURROUNDING USE
Architectural Supplements, an industrial facility, is adjacent to the north of the subject.
Shafter Autobody & Paint is adjacent to the south of the subject. Code Precast
Products occupies a 4.87 ac. parcel adjacent to the east of the subject, extending south
with frontage on Los Angeles St. A 1.93 ac. City sump/water retention basin, also
owned by the City of Shafter, is located at the northwest corner of S. Beech Ave. and E.
Los Angeles St., to the west of the subject.
Helena Chemical owns a 4.45 ac. vacant parcel across the street to the west of the
subject, as well as an adjoining 7.28 ac. parcel which contains their facility. Their facility
extends west to the BNSF railroad tracks and fronts the south side of Ash Ave. at its
cul-de-sac termination. An industrial building is across Ash Ave. to the north of that,
with vacant parcels at the northwest and southwest corners of E. Ash Ave. and
S. Beech Ave. An industrial building is located at the northeast corner of the
intersection. lnsect Lore - Bugseum is to the north of the subject at the southeast
corner of Beech and Ash Aves. The Community Correctional Facility fronts the south
side of Ash Ave., east of that. Global Properties owns a 12.07 ac. industrial parcel
adjacent to the east of that.
Other uses along S. Beech Ave. to the north include U Lock lt Up Storage, C. Handel &
Sons Potato Growers/Shippers, Jeffrey Brothers CFN Cardlock facility, a former car
dealership at the southeast corner of S. Beech Ave. and Lerdo Hwy., a 1-acre vacant
parcel for sale at the southwest corner with Shafter Transmission and Smog to its west,
Church of Christ at the northwest corner, and a two-tenant retail building occupied by a
dentist and Mission Bank at the northeast corner.
A residential neighborhood is north of the retail building. Homes were built in the 1960's
and 70's and range from 1,040 to 2,908 sq.ft. The Plaza, a multi{enant retail center
with two buildings containing approximately 18,800 sq.ft., is east of the retail building.
East of the former car dealership are two older houses, with vineyards to their east and
south.
Vacant Land
S. Beech Ave.
Shafter, CA
4
FILE #158-14
Shafter Self Storage facility fronts the south side of Lerdo Hwy., extending south to
Elm St. According to Kern County Assessor's records, vacant land adjacent to its west,
extending to the AT & SF railroad tracks, is owned by the BNSF Railway. Land to its
south, owned by Brown & Bryant is identified on the assessor's records as having a
toxic hazard on-site.
National Health Services is across the railroad tracks to the west. Uses west of the
BNSF railroad tracks, include vacant commercial sites, small stores, a church, offices, a
car wash, retail. Older, residential neighborhoods are to their south extending to Ash
Ave., typically developed from the latter 1920's to the mid 1940's. Tract 5726is south of
Ash Ave., one block east of Shafter Ave., extending south to Los Angeles St. This
subdivision was developed in 1997 and 1998 to homes ranging from 1,120 to 1,524
sq.ft., initially priced from $90-105,000. Undeveloped land is to the east, to include
29.4O acres purchased in May 2005 planned for subdivision development.
West of the church at the northwest corner of Lerdo Hwy. and Beech Ave. are a variety
of older, retail commercial uses to include a drive-in restaurant, mini market, car wash,
and a real estate office. Tract 5769, north of Lerdo Hwy., consists of vacant commercial
acreage at the northeast corner of the intersection, with seven, To-acre residential lots to
its north, fronting Minter Ave. Tract 5903, Montoya Court, containing six, similar size
lots, is one block to its east. A horse boarding and training facility is next to this tract.
Homes in the neighborhood range from 1,200 to 4,000 sq.ft. valued from $60,000 to
$350,000.
A1.07 ac. parcel owned by the City of Shafter, which appears to be a drainage sump is
located at the northeast corner of E. Los Angeles St. and S. Beech Ave. A 10 ac.
orchard is at the southeast corner of the intersection. Orchards and open farmland
continue to the east and west along the south side of Los Angeles St.Mobile home
parks are located at the northeast corner of Los Angeles St. and Shafter Ave. and at the
southeast corner of Ash Ave. and Thompson St., east of the subject.
TREND
Shafter denotes a strong labor market. The area predominantly consists of agricultural
farmland with scattered oil fields and industrial uses. 7th Standard Rd. sets the
southerly and Zerker Rd. the easterly boundary for the city limits of Shafter. The
unincorporated area of North Bakersfield extends past 7th Standard Rd., east of Hwy.
65. Development continues in the ITTC and east of Hwy. 65, at 7th Standard Rd.,
seven miles to the southeast.
PROPERTY HISTORY
The property has been under the same ownership for an extended period. There is no
listing of marketing history within the last 3 years.
RESTRICTIONS
A preliminary title report was not available to the appraiser. No adverse easements or
encroachments are evident, with confirmation by a current title report recommended.
Land
Vacant
S. Beech Ave
Shaffer, CA
5
FtLE #158-14
TOXIC WASTE INFORMATION
An environmental site assessment has not been furnished or reviewed. For purposes of
this appraisal, it is assumed no toxic-hazardous material contamination exists.
Therefore, the cost of clean-up and its effect on value have not been considered.
FLOOD ZONE
ZONING
F.E.M.A.Panel No.06O29C1775E; Zone "X," areas of minimal
flooding.
l-
lndustrial
l:
lndustrial. According to the City of Shafter Development Code, the primary purpose
of the lndustrial zone district is to provide appropriate regulations and suitable locations
for manufacturing, research and development, warehousing and distribution, and multitenant industrial uses, in addition to administrative support, professional offices, and
commercial activities on a limited basis. This zone district is intended to provide an
area for the establishment of light industrial and limited service commercial uses which
meet high perofrmance standards, but which usually cannot meet site development
standards applicable to planned research and development parks.
Generally permitted uses within the lndustrialZone include:
. Bakery/Food Preparation.
. Carpenter and cabinet shops.
. Processing frozen food products.
. Bottling Plants.
. Manufacture and maintenance of electrical and
other signs.
. Office and related machinery
. Rubber and metal stamp manufacturing
. Oiland gas exploration and production
. Contracators' storage yards
. Ministorage
a
a
. Ambulance services
. Appliance repair
. Auction house
Appliance center
Athletic and health clubs
Automotive repair
Blueprinting and photocopying
. Bakery shops
. Boat and camper repairs
. Cleaning and pressing establishments
. Restaurants
. lnstruments: Electronic and precision; medical
a
and dental;timing and measuring.
Vacant Land
S. Beech Ave.
Shafrer, CA
Cement products manufacturing.
Electronics.
Furn iture upholstering.
Laboratories.
Manufacturing, compounding, assembly or
treatment of previously prepared materials
Pharmaceuticals
Welding shops
General Wholesale, storage and distribution
Recreational vehicle storage
Vehicle storage/towing services
6
Car wash
Furniture store (repair and upholstery)
Tire shops
Taxidermist Fruit, vegetable, and plant products
processing, and retail services, including cold
storage, packing, preserving, canning, and
shipping.
FtLE #158-14
SITE DATA
The subject is legally identified as a Portion of Parcel 3, Parcel Map 9901. As shown on
the enclosed Parcel Map 9901, Parcel 3 contains a total of 0.96 ac. net of roadway
dedications. The subject is a 162.79' x 209.03' portion of this parcel. The subject site
size is as follows.
162.79'x 209.03'
=
34,028 sq.ft.
Sfreef Improvements
Utilities
Curb
Gutter
Sidewalk
Concrete
Available
Concrete
Available
Sewer
None
Available
Gas
None
Pavinq
Available
Electricitv
Per Mr. Zaruis, no utilities are currently connected to the site. Water and sewer lines run under
Beech Ave., and there are PG&E power lines across the street but not on the subject parcel itself.
Water
HIGHEST AND BEST USE
The property consists of a vacant parcel. Development to uses allowed by zoning, upon
demand represents highest and best use.
METHOD OF VALUATION
According to "The Dictionary of Real Estate Appraisal, Fourth Edition," published by the
Appraisal lnstitute, the three approaches utilized in property valuation are defined as
follows:
Cost Approach: A set of procedures through which a value indication is derived for the
fee simple interest in a property by estimating the current cost to construct a reproduction
of, (or replacement for), the existing structure, including an entrepreneurial incentive,
deducting depreciation from the total cost, and adding the estimated land value.
Adjustments may then be made to the indicated fee simple value of the subject property
to reflect the value of the property interest being appraised.
lncome Capitalization Approach: A set of procedures through which an appraiser
derives a value indication for an income-producing property by converting its anticipated
benefits (cash flows and reversion) into property value. The conversion can be
accomplished in two ways. One year's income expectancy can be capitalized at a
market-derived capitalization rate or at a capitalization rate that reflects a specified
income pattern, return on investment, and change in the value of the investment.
Alternatively, the annual cash flows for the holding period and the reversion can be
discounted at a specified yield rate.
Sales Gomparison Approach: A set of procedures in which a value indication is derived
by comparing the property being appraised to similar properties that have been sold
recently, then applying appropriate units of comparison and making adjustments to the
sale prices of the comparables based on the elements of comparison. The sales
comparison approach may be used to value improved properties, vacant land, or land
being considered as though vacant; it is the most common and preferred method of land
valuation when an adequate supply of comparable sales are available.
Vacant Land
S. Beech Ave
Shafter. CA
7
FtLE #158-14
As already discussed, only the Sales Comparison approach is utilized in valuing the
subject property, as follows:
SALES COMPARISON APPROACH
COMPARABLE SALES DATA
ln valuation of the subject, sales of similar vacant parcels have been analyzed, with full
detailed sheets contained in the addenda. Sales are summarized as follows:
Sun¡n¡nnv Or Reconoeo
Date
lnstrument
Sale
Recorded
Book/Paqe
1
5t10t11
5
9t25t12
11t29t12
12t5t12
5t13t13
6
6t26t13
2
3
4
1
1-060868
12-135370
12-171256
12-174345
I 3-66633
1
3-89756
G¡antor
D¡rl
Location
Grantee
Ashwood Custom Homes, lnc.
Gerald Smith Trust
Arthur & Yolanda Plaza
City of Shafter
Dabco Properties, LLG
Bruce C & Shirley A. Smith
Pedro & Minerva Hidalgo Trust 3920 Buck Owens Blvd., Bakersfield
Thomas Way, Bakersfield
Rigby Properties, LLC
E. Lerdo Hwy. west of Elm St., Shafter
Manuel & Maria Flores
Beech Ave., Shafter
Helena Chemical
4609 Kimber Ave., Bakersfield
Mark William Blackburn
S. Union Ave., north of Hosking Rd.,
Mountainside Disposal, lnc.
Bakersfield
These transactions have been verified with buyer, seller or agent. Prices and physical
characteristics are further detailed as follows:
Suumanv Or Srre Srles
Deed
Assesso/s Parcel
Sale
Date
Number
1
4t27t11
332-110-02
332-172-10
028-124-04
2
3
4
5
b
9t4t12
10t31t12
12t5t12
5/6/13
6t21t13
028-180-71
173-390-14
51 8-080-01
Gash Equiv.
Sales Price
$120,000
$24,000
$110,000
$385,666
$100,000
$75,500
Size
fSo.Ft.l
14,200
11,088
16,553
193,842
24,000
27,255
Size
(Acrel
.33
.25
.38
4.45
.55
.62
Price/
So.Ft.
Zonino
$8.45
$2.16
$6.65
$1.99
$4.17
s2.77
M-1
M-3
GC
GC
M-2
M-2
Sale 1 is located on the east side of Buck Owens Blvd., one parcel south of Brittan Rd.
It was purchased for development of an office/warehouse building for owner occupancy.
The seller financed $95,000 at market rate. The site was formerly occupied by a towing
company. Prior to sale, the site was cleared of all improvements.
Sale 2 fronts the north side of Thomas way. lt is located in the Rosedale Oilpatch, west
of Hwy. 99 and north of Rosedale Hwy. (Hwy. 58).
Sale 3 fronts the north side of E. Lerdo Hwy., west of Elm St. in Shafter 1,20O ft. east of
State Route 43. Location is superior for which a downward adjustment is required.
Sale 4 fronts the west side of S. Beech Ave. one parcel south of the southwest corner of
S. Beech and Ash Aves. lt was purchased by Helena Chemical as an expansion to
their existing facility which extends west to the railroad tracks and north to Ash Ave.
Vacant Land
S
Beech Ave.
Shafter, CA
I
F|LE #158-r4
Sale 5 is located on the south side of Kimber Ave., one parcel east of Workman St. lt is
improved with curb and gutter. The property is used as a gravel parking lot. Overall
location is equivalent.
Sale 6 fronts the east side of S. Union Ave., north of Hosking Rd. lt has all utilities
except sewer. lt was purchased by the owner of the adjoining parcel to the south. The
buyer intends to put up a fence and extend his existing storage yard.
Sales range from $1.99 to $8.45lsq.ft. All sales occurred for cash or on cash equivalent
terms.
ln addition to sales shown, the following listings for vacant land in Shafter are also
applicable:
Listing
APN
Parcel Size
Sale Price
Price/Sq.Ft.
Location
SWC of Lerdo Hwy. and Carsen
Wav. Shafter. CA
1
091 -1 80-04
48,352 sq.ft. or
1 11 ac. net
$250,470
$s.'t 7
2
091 -1 80-06
204,732 sq.ft.
or 4.70 ac. net
$669,626
$3.27
3
091 -1 80-08
39,211 sq.ft. or
.90 ac. net
sr62.043
$4.1 3
4
091 -1 80-09
39,212 sq.ft. or
.90 ac. net
$162,043
$4.1 3
5
091 -1 80-1 0
sq.ft. or
0 ac. net
s226.512
$4.73
6
091 -1 80-1
sq.ft or
0 ac. net
$207,346
$4.25
7
091 -1 80-1 5
43,190 sq ft. or
.99 ac. net
$226.512
$5.24
Shafter, CA
I
091 -1 80-1 6
202,991 sq.ft.
or4.66 ac. net
$716.562
$3.53
East side of Carver Rd. south of
Lerdo Hwv.. Shafter. CA
I
089-230-59
.51 ac.
$150,000
s672
North side of Ash Ave east of
Beech Ave.. Shafter. CA
10
089-230-60
22,335 sq.ft. or
.51 ac
$1s0,000
$6.72
North side of Ash Ave. east of
Beech Ave.. Shafter. CA
11
089-230-61
.53 ac.
$150,000
$6.47
North side of Ash Ave. east of
Beech Ave.. Shafter. CA
089-230-43
30,492 sq.ft. or
7 ac.
$r98,000
$6.49
of Hwy. 43
47 ,916
1 .1
47 ,916
1
1 .1
22,335 sq.ft or
089-230-44
Shafter, CA
South side of Lerdo Hwy., (between
Carsen Wy. and Carver Rd.)
Shafter. CA
South side of Lerdo Hwy , (between
Carsen Wy. and Carver Rd.)
Shafter, CA
South side of Lerdo Hwy., (between
Carsen Wy. and Carver Rd.)
Shafter. CA
SWC of Lerdo Hwy. and Carver Rd.,
23,175 sq.ft. or
12
West side of Carsen Way, south of
Lerdo Hwv.. Shafter. CA
South side of Lerdo Hwy., (between
Carsen Wy. and Carver Rd.)
North side of Los Angeles St., west
Listings 1-8 are located on the south side of Lerdo Hwy., between CarverRd. and
Carsen Way. They are currently listed for sale by ASU & Associates. The available
parcels range in size from .93 acres to 4.73 acres with the asking prices ranging
between 93.27 to $5.24lsq.ft. Electricity and water are connected. The majority of the
parcels are connected to sewer with the exception of APN's 091-180-06 & 16 which are
on septic/dry sewer per the listing brochure.
Vacant Land
S. Beech Ave.
Shaffer, CA
9
FtLE #158-14
Listings 9-11 shown above are three contiguous parcels each containing a total site
area of .50 to .53 ac. or 1.56 ac. total an asking price for all three parcels sold as one is
$450,000 or $6.63/sq.ft. These parcels front the north side of Ash Ave. one parcel east
of the northeast corner of Beech and Ash Aves., directly across the street from the
Community Correctional Facility. According to the listing agent, James Graddy, the
asking price is excessive and they have not received any offers. ln his opinion, the
asking price should be in the range of $40-50,000 for each individual parcel or $1.79 to
$2.24tsq.ft.
Listing 12 consists of two contiguous parcels fronting the north side of Los Angeles St.,
zoned general commercial. lt is offered for sale by Tim McCrary. According to the
listing, the owner may be willing to carry paper with a sizeable down payment, there
have been no offers.
There is a large supply of competing parcels available in Shafter. Asking prices appear
EXCCSSIVC.
VALUE BY SALES COMPARISON APPROACH:
Therefore, in consideration of sales and listings shown and the size of the subject,
market value of the underlying land is estimated at $4.00/sq.ft. summarized as follows:
=
34,028 sq.ft. @ $4.00/sq.ft.
$136,227
Round To: $136,000
APPRAISAL DEFINITIONS
Market Value: According to Federal Reserve System 12 CFR, Parts 2O8 and 225,
(Regulation H, Regulation Y; Docket No. R-0685) Appraisal Standards for Federally
Related Transactions, Section 225.62 Definitions, [fl, market value is defined as follows:
"Market value means the most probable price which a property should bring in a
competitive and open market under all conditions requisite to a fair sale, the buyer
and seller each acting prudently and knowledgeably, and assuming the price is not
affected by undue stimulus.
lmplicit in this definition is the consummation of a sale as of a specified date and
the passing of title from seller to buyer under conditions whereby:
1.
2.
3.
4.
Buyer and seller are typically motivated;
both parties are well informed or well advised, and acting in what they consider
their own best interests;
a reasonable time is allowed for exposure in the open market;
payment is made in terms of cash in U.S. dollars or in terms of financial
arrangements comparable thereto; and
Vacant Land
S. Beech Ave.
Shafrer, CA
10
FtLE #158-14
5.
the price represents the normal consideration for the property sold, unaffected
by special or creative financing or sales concessions granted by anyone
associated with the sale."
Leased Fee Estate: According to The Dictionary
Edition, published by the Appraisal lnstitute,
of Real Estate Appraisal, Foutth
"An ownership interest held by the landlord with the rights of use and occupancy
conveyed by lease to others. The rights of the lessor (the leased fee owner) and
the lessee are specified by contract terms contained within the lease."
Fee Simple Estate: According to The Dictionary
Edition, published by the Appraisal lnstitute,
of Real Estate
Appraisal, Fourth
"Absolute ownership unencumbered by any other interest or estate, subject only
the limitations imposed by the governmental powers of taxation eminent domain,
police power, and escheat."
ASSUMPTIONS AND LIMITING CONDITIONS
The repoft itself may contain limiting conditions, qualifications and disclaimers beyond those
contained herein.
This is a restricted appraisal report which is intended to comply with the reporting requirements set forth
under Standard Rule 2-2(Ð of USPAP. As such, it does not include discussions of the data, reasoning, and
analyses that were used in the appraisal process to develop the appraiser's opinion of value. Supporting
documentation concerning the data, reasoning, and analyses is retained in the appraiser's file. The
information contained in this report is specific to the needs of the client and for the intended use stated in
this report. The appraisers are not responsible for unauthorized use of this report.
2.
The date of value to which the conclusions and opinions expressed in this report apply, is set forth in the
letter of transmittal. Further, the dollar amount of any value opinion rendered is based upon the purchasing
power of the American dollar existing on that date
3.
The appraiser's assume no responsibility for economic or physical factors which may affect the opinlons in
this report which occur after the date of the letter transmitting this report.
4.
5.
The information furnished by others is believed to be reliable. However, no warranty is given for its accuracy
6
No opinion as to title is rendered. Data related to ownership and legal description was obtained from Kern
County Assessor's Office 2013-14 tax roll records and is considered reliable. Title is assumed to be
marketable and free and clear of all liens and encumbrances, easements and restrictions, except those
specifically discussed in the report. The property is appraised assuming it to be under responsible
The appraiser's reserve the right to make such adjustments to the analyses, opinions and conclusions set
forth in this report as may be required by consideration of additional data or more reliable data that may
become available.
ownership and competent management, and available for its highest and best use.
7
The appraiser's assume no respons¡bility for hidden or unapparent conditions of the property, subsoil, or
structures that render it more or less valuable. No responsibility is assumed for arranging for engineering
studies that may be required to discover them.
8.
The property is appraised assuming it to be in full compliance with all applicable federal, state, and local
regulations and laws, unless otherwise stated.
9. The property
Vacant Land
S. Beech Ave.
Shafrer, CA
is appraised assuming that all applicable zoning and use regulations and restrictions have
1'l
F|LE #158-14
been complied with, unless otherwise stated.
1
0. The property is appraised assuming that all required licenses, certificates of occupancy, consents, or other
legislative or administrative authority from any local, state, or national government or private entity or
organization have been or can be obtained or renewed for any use on which the value estimate contained in
this report is based, unless otherwise stated.
11. No engineering survey has been made
by the appraiser. Except as specifically stated, data relative to size
and area was taken from sources considered reliable and no encroachment of real property improvements is
considered to exist.
12. No opinion is expressed as to the value of subsurface oil, gas or mineral rights or whether the property
is
subject to surface entry for the exploration or removal of such materials, except as is expressly stated.
13. Maps, plats and exhibits included in this part are for illustration only, as an aid in visualizing
matters
discussed within the report. They should not be considered as surveys or relied upon for any other purpose,
nor should they be removed from, reproduced, or used apart from this report.
14.
No op¡n¡on is intended to be expressed for matters which require legal expertise or specialized investigation
or knowledge beyond that customarily employed by real estate appraisers.
15. The distribution, if any, of the total valuation in this report between land and improvements applies only
under the stated program of utilization. The separate allocations for land and buildings must not be used in
conjunction with any other appraisal and are invalid if so used.
16. That possession of this report, or a copy of it, does not carry with it the right of publication. lt may not be
used for any purpose by any person other than the party to whom it is addressed without the written consent
of the appraiser, and in any event only with proper written qualification and only in its entirety.
17.
Unless otherwise stated in this report, the existence of toxic or hazardous material, which may or may not be
present on the property, was not observed by the appraiser. The appraisers have no knowledge of the
existence of such materials on or in the property. The appraisers, however, are not qualified to detect such
substances. The presence of substances, such as asbestos, urea-formaldehyde foam insulation, or other
potentially hazardous mater¡als may affect the value of the property. The value estimate is predicated on the
assumption that there is no such material on or in the property that would cause a loss in value. No
responsibility is assumed for any such cond¡tions, or for any expertise or engineering knowledge required to
discover them. The client is urged to retain an expert in this field, if desired.
18. Because
no title policy was made available to the appraisers, they assume no responsibility for such items
of record not disclosed by his customary investigation.
19. No detailed soil studies covering the subject property were available to the appraisers. Therefore,
any
premises as to soil qualities employed in this report are not conclusive but have been discussed with the
client and considered consistent with information available to the apprarser.
20. The
liability of Michael Burger & Associates, its employees and associates is limited to the client only and to
the amount of the fee actually received. There is no accountability, obligation, or liability to any third party.
lf the appraisal report is disseminated to anyone other than the client, the client shall make such party or
parties aware of all limiting conditions and assumptions affecting the appraisal assignment. Michael Burger
& Associates, lnc. is not responsible for any costs incurred to discover or correct any physical, financial,
and/or legal deficiencies of any type present in the subject property. ln the case of limited partnerships or
syndication offerings or stock offerings in real estate, the client agrees that, in the event of a lawsuit brought
by a lender, a partner or part owner in any form of ownership, a tenant or any other party, the client will hold
Michael Burger & Associates, lnc. completely harmless in such action with respect to any and all awards of
settlement of any type in such lawsuit.
Vacant Land
S. Beech Ave.
Shafrer, CA
12
F|LE #158-14
CERTIFICATION
I certify that, to the best of my knowledge and belief...
1
The statements of fact contained in this report are true and correct.
2.
The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting
conditions, and are my personal, impartial and unbiased professional analyses, opinions, and conclusions.
3.
I have no present or prospective interest in the property that is the subject of this report, and no personal
interest or bias with respect to the parties involved,
4.
I have no bias with respect to the property that is the subject of this report or the parties involved with the
assignment.
5.
My engagement in this assignment was not contingent upon developing or reporting predetermined results.
Conclusions are not subject to approval of a loan.
6.
My compensation for completing this assignment is not contingent upon reporling of a predetermined value
or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a
stipulated result or the occurrence of a subsequent event directly related to the intended use of this
appraisal.
7
My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity
with the Uniform Standards of Professional Appraisal Practice (USPAP), adopted by the Appraisal
Foundation, minimum appraisal standards mandaled by Title Xl of the Financial lnstitutions Reform,
Recovery and Enforcement Act (FIRREA), the Code of Ethics and the Standards of Professional Practice of
the Appraisal lnstitute.
8.
The use of this report is subject to the requiremenls of the Appraisal lnstitute relating to review by its duly
authorized represenlatives.
9.
I have made a personal observation of the property that is the subject of this report.
10.
I have not performed a previous appraisal or performed professional services involving the subject property
within the three years prior to the acceptance of this assignment,
11.
As of the date of this report, l, Michael C. Burger, MAl, R^/V-AC, have completed requirements of the
continuing education program of the Appraisal lnstitute and I have completed the Standards and Ethics
Education Requirement
of the Appraisal lnstitute for Associate Members. I am a Certifìed
General
Appraiser, per the Office of Real Estate Appraisers, State of California, license number 4G003817.
12.
No one provided significant professional assistance to the person signing this report
Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the
appraiser or the firm with which he is connected, or any reference to lhe above appraisal organizations and
designations) shall be disseminated to the public through advertising media, public relations media, news media,
sales media or any other public means of communication, or to any other third parties, without the prior written
of thç. undersigned.
consent and
&-as-l
APPRAISER
M
c
#CA AGOO38
Vacant Land
S. Beech Ave.
Shafter, CA
I, RM-AC
.5-17-14
13
Professionol Quolificolions of Michoel C. Buroer, MAl. R/W-AC
Probole Referee of lhe Countv of Kern
Reol Eslqle Approisol ond Consullqlion
4915 Collowoy Dr., Ste. l0l, Bokerslield, CA 93312
Phone: (ó61) 587-1010 FAx (óôl) 834-0748
E-Mail: [email protected] Web Site: www.bakersfieldappraisers.com
Mr. Burger has appraised all types of real estate,
commerðial and inrJustrial propertiês, and right-of-way
-
old
(lR
ls,
se
Appra
Right
Apþra
consu
t
p
Wa
th t
r
hom_esl ap_artments, ag.ricultural,
e holds the MAI designation of the
designation from the lnternational
as a Certified General Real Estate
& Associates is a full service real estate appraisal and
ValleY.
EDUCATION
Graduate, California Polytechnic State University, San Luis Obispo, CA, 1987
Major:
AgriculturalManagement
Concentration: Real Estate Finance and Appraisal
Business Professional Courses
Business Professional Course, Aji Network:
Leadership, lnnovation, Entrepreneurship and Power, Aji Network:
Real Estate Courses Successfullv Completed:
Cal Poly
RuralAppraisal
Real Estate
Finance
Principle of Real Estate
1999-2001
2001- Present
Cal Poly
5-89
CalPoly
Appraisal lnstitute Courses Successfullv Completed
3-88
Course 1A:1, Real Estate Principles
Course 1A:2, BasicValuation Procedures 8-88
Course I B:A, Capitalization Theory & Tech., 6-89
(19- to 40-hour courses)
Standards of Professional Practice, Parts A &
The Appraiser's Complete
Condemnation
Review
Appraising
Part A
Course 1B:A, Capitalization Theory & Tech., 2-91
Part B
9-91
Course 2-1, Case Studies in Real Estate
Valuation
6-92
Course 2-2, Report Writing & Valuation
Analysis
lnternational Riqht Of Wav Association Course
Course 401, The Appraisal of
Partial
Acquisitions
Course 803, Eminent Domain Law Basic
2-99
C
Course 800, Separating Real & Personal
Property From lntangible Business Assets
B
1l-94
1-96
10-98
11-99
9-02
(19- To 40-Hour Courses,)
Course 502, Business Relocation
1-04
The FHA and the Appraisal Process
Appraisal of Nonconforming Uses
Appraisal of Nursing Facilities
9-99
5-00
2-01
10-97
Technology and the Appraisal Process
9-01
10-97
NationalUSPAP Update
8-03
5-99
AppraisingComplexResidentialProperties 9-94
Appraisal
O.R.E.A. Federal & State Laws &
Regulations
Loss Prevention Program for Real Estate
Appraisers
Real Estate Appraiser Expert Witness
Trends in the Hospitality lndustry
Standards of Professional Practice, Part
Completed
Real Estate Appraisal Seminars Successfullv Completed
Understanding Limited Appraisals - General 6-94
Non-Residential Demonstration
12-87
Basic Real Estate Appraisal:
Bakersfield College,
Advanced Real Estate Appraisal
Bakersfield College,
4-95
Report
6-98
8-98
8-98
Valuation Considerations Regarding a Partial
Acquisition
3-99
Valuation of Detrimental Conditions
7-99
A Review of 1-4 Residential Form
lnternet Sources for the California Appraiser 7-99
Appraising Manufactured Housing
Litigation Seminar
Business Practices and Ethics
Vineyard Valuation & Ag Symposium
Uniform Appraisal Dataset (UAD)
11-04
11-04
12-06
7-09
7-11
WORKEXPERIENCE
.......9-l-ll to Present
PROBATE REFEREE OF THE COUNTY OF KERN....
MICHAEL BURGER & ASSOCIATES, REAL ESTATE APPRAISAL AND CONSULTATION .......7.97 to Present
6-87 Io7-97
Bruce Beaudoin & Associates, lnc., Real Estate Appraisers and Consultants, Bakersfield, CA
Alpha Gamma Rho, Vice President Finance (NationalAgricultural Fraternity) San Luis Obispo, CA.. 10-85 to 12-86
..............6-85 to 9-85 + 6-86 to 9-86
John K. Richardson, General Contractor, Sea Ranch, C4...............
PROFESS'O N AL CREDENTIALS
American Society of Farm Managers and Rural
Appraisers
Scholarship 8-86
State of California
Certified GeneralAppraiser, Real Estate Lic. #
AG003817
Appraisal lnstitute
MAl, Member No. 11,093
FHA Approved, Lender Selection Roster of Appraisers U.S. Department of Housing and Urban Development
lnternational Right of Way Association
RM/-AC, Member No. 3314, 12101105
Appointed Probate Referee of the County of Kern (9-1State of California
11)
PROPERTY TYPES VALUED
Assignments have included the valuation of apartment complexes, condominiums, PUD's, mobile homes, single
family residences, affordable housing projects, bank branches, convenience stores, industrial parks, mini-storage
comþlexes, motels/hotels, office buildings, restaurants, retail stores, shopping centers, and warehouse complexes.
Special purpose and agricultural properties include a boxing arena, race track, almond huller, churches, fruit & nut
oichards, vlneyards, mèdical health centers, mixed-use properties, rights-of-way, truck stops, Veteran's hospital,
veterinary hospitals, open farm and rangeland, etc.
CL'E'VTS SERYED
Federally insured financial institutions, real estate companies, developers, insurance companies, attorneys, private
investors, mortgage companies, relocation companies, governmental agencies, etc.
CIVIC, VOLUNTEER AND PROFESS'O'VAL AFFILIATIONS
1998
President
Director (Past)
Director and Secretary
Class of 2000
2003 Director
Treasurer
President
Bakersfield Chapter Appraisal lnstitute
Alpha Gamma Rho AlumniAssociation
(Past) Bakersfield Active 20130 Club
Greater Bakersfield Chamber of Commerce
Bakersfield East Rotary Club
Executives Association of Kern County
Executives Association of Kern County
-
Leadership Bakersfield
Additionally, Mr. Burger provided pro bono real estate appraisal and consulting services to the Bakersfield Police
Activities League, Bakersfield Museum of Art, American National Red Cross, Habitat for Humanity, Salvation Army,
and Kern Veteran's Memorial Foundation. He served on the Urban Decay Advisory Team of the City of Bakersfield
Planning Department. He has had speaking engagements and was guest lecturer for the Advanced Real Estate
Appraisal class at Bakersfield College, Agricultural Management Course 101 at Cal Poly State University, the
Bakersfield Board of Realtors, Executive Association of Kern County, KERN 1410 Talk Radio, the Kern County
Taxpayers Association, Kern Kiwanis, McKinzie Real Estate, and Watson Realty Corporation.
STATE OF CALIFORNIA
.
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File #158-14
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EXHIBIT B
PURCHASE SALE AGREEMENT
[Attached behind this page]
AGREEMENT OF PURCHASE AND SALE
AND ESCROW INSTRUCTIONS
THIS AGREEMENT OF PURCHASE AND SALE AND ESCROW INSTRUCTIONS
(,,Agreement") is dated for reference purposes as of this l lth day of March, 2014, by and
bEtWEEN THE SUCCESSOR AGENCY TO THE DISSOLVED SHAFTER COMMI.]NITY
DEVELOPMENT AGENCY, a public entity ("Seller"), and CODE PRECAST PRODUCTS,
INC., a Califomia corporation ("Buyer"). This Agreement is made with reference to the
following facts:
RECITALS
Agency ("Agency") to the Shafter Community
is
("CDA").
Seller the owner of certain real property located in the City
Development Agency
of Shafter, Kern County, Califomia, more particularly described in Exhibit "4" attached hereto
A.
Seller
is the Successor
("Agency Property").
Recent California legislation has resulted in the disestablishment of the CDA.
The sale and conveyance of the Agency Property to Buyer requires the approval of Seller's
oversight board ("Oversight Board") and the California Department of Finance ("DOF")'
Such approvals have been obtained, as set forth herein.
B.
C.
Buyer desires to purchase and acquire the Agency Property from Seller and Seller
desires and is authorized to sell and convey the Agency Property to Buyer.
THE PARTIES THEREFORE AGREE AS FOLLOV/S:
1.
Purchase and Sale. Upon the terms and conditions described below, Buyer agrees
to purchase and Seller agrees to sell and convey the Agency Property to Buyer.
2.
Purchase Price. The purchase price for the Agency Property is One Hundred
Thirty Six Thousand Dollars ($136,000.00) ("Purchase Price").
Payment of Purchase Price. Buyer will pay the Purchase Price to Seller in
immediately available funds (cash, cashiers or certified check or wire transfer of funds) through
Escrow, as follows:
3.
3.1
Deposit. Concurrent with the execution of this Agreement by both Parties,
Buyer will deposit with Escrow Holder the sum of Ten Thousand Dollars ($10,000) ("Deposit").
The Deposit witl be applicable to the Purchase Price and will be non-refundable to Buyer except
in the event of an election by Buyer to terminate this Agreement as set forth in Section 4, below.
3.2
Balance. The balance of the Purchase Price will be deposited by Buyer
with Escrow Holder (as defined below) not later than one (1) business day prior to the Closing
Date (as defined below).
24545.00000\8652202 2
1
4.
Due Diligence.
4.1
Due Diligence. For a period of thirty (30) days following the Opening
Date (as defined below) ("Due Diligence Period"), Buyer shall have the right to conduct a Due
Diligence investigation of the Property and of all matters which Buyer may deem relevant to
Buyer's purchase of the Property.
4.2
Right of Entr)'. During the Due Diligence Period, Buyer, its agents and
employees, shall have the right to enter upon the Property to conduct inspections, tests, surveys,
investigations, environmental assessments and engineering studies. All expenses of Buyer's Due
Diligence shall be paid by Buyer. Following such entry, Buyer shall restore the Property to its
prior condition and keep the Property free and clear of any mechanic's liens arising out of
Buyer's Due Diligence activities.
4.3
Indemnification. Buyer shall defend, indemnity and hold Seller harmless
from and against any and all loss, liability, damage, cost or expense arising from Buyer's Due
Diligence investigation of the Property and exercise of the right of entry as described above.
Buver's Aooroval: isht to Terminate. On or before 5:00 p.m. on the date
of expiration of the Due Diligence Period, Buyer may provide written notice to Seller and
Escrow Holder of Buyer's disapproval of the Property, which approval of disapproval shall be in
Buyer's sole and absolute discretion. The failure of Buyer to provide such notice shall be
deemed approval by Buyer of the condition of the Property. If Buyer timely disapproves the
Property, the Deposit shall be returned by Escrow Holder to Buyer and this transaction and the
Escrow described herein will be cancelled.
4.4
5.
Title.
5.1
Preliminary Title Report. Buyer and Seller have obtained and Buyer has
reviewed a preliminary report prepared by Ticor Title Company of California ("Title
Company"), Order No.14-18348-SM, dated as of February 28, 2014 ("Report"). By its
execution of this Agreement, Buyer conhrms that it approves the status of title as disclosed in the
Report.
5.2
Title Policy. At Close of Escrow (as defined below), Seller will convey
good and marketable title to the Agency Property to Buyer as evidenced by a CLTA Standard
Form Owners Policy of Title Insurance ("Title Policy"), issued by the Title Company in an
amount equal to the Purchase Price, subject to the title exceptions described therein.
6.
Escrow.
6.1
Escrow Instructions. This Agreement shall constitute instructions of
Buyer and Seller to Ticor Title Company of California which is hereby named as the Escrow
Holder for this purchase and sale. ("Escrow Holder"). Escrow Holder is located at 10000
Stockdale Highway, Suite 101, Bakersfield, CA 93311. The parties agree to execute such
additional pro forma instructions as Escrow Holder may reasonably require; however, in the
event of a conflict, the terms and provisions of this Agreement shall govern.
24s4s 00000\8652202.2
2
6.2
Opening of Escrow. Upon execution of this Agreement, Buyer and Seller
shall cause an escrow to be opened with Escrow Holder by depositing with Escrow Holder a
fully executed copy of this Agreement. Escrow shall be deemed opened as of the date this
Agreement is deposited with Escrow Holder ("Opening of Escrow" and the date thereof, the
"Opening Date").
6.3
Closins f)ate. "Close of Escrow" shall mean the date
Close of
on which the Grant Deed conveying title from Seller to Buyer is recorded in the Official Records
of the County Recorder of Kern County, California. The form of the Grant Deed will be as set
forth in Exhibit "B" attached hereto. Escrow shall close on or before ninety (90) days following
the Opening Date ("Closing Date"). By causing the Close of Escrow to occur, Escrow Holder
shall be deemed to have irrevocably committed to cause the Title Company to issue the Title
Policy. If the County Recorder of Kern County, California is closed on the last day for closing
escrow, then the parties agree that Escrow Holder shall have until the next day the Recorder is
open to record the Grant Deed and close escrow.
6.4
Documents and Funds from Buyer. Not later than one (1) business day
prior to the Closing Date, Buyer will deliver or will assure that the following documents and
funds have been delivered to Escrow Holder:
(a)
Purchase
Price. The balance of the Purchase Price,
as described
in
Section 3.2 above.
Preliminary Change of Ownership Statement. A Preliminary
Change of Ownership Statement or in lieu thereof, the appropriate fee, to be provided to the
(b)
Recorder's offtce at Close of Escrow.
(c) Other Sums and Documents. All other sums and documents
Holder
according to this Agreement to carry out and close the Escrow.
by
Escrow
required
6.5
Documents and Funds from Seller. Not later than one (1) business day
prior to the Closing Date, Seller will deliver or will assure that the following documents and
funds have been delivered to Escrow Holder:
(a)
Grant Deed. A fully executed and acknowledged Grant Deed
conveying the Agency Property to Buyer, in fee simple.
(b)
FIRPTA Affidavit. Original affidavits, using Escrow Holder's
standard forms, certifying whether Seller and this transaction are subject to the withholding
requirements of the Foreign Investment in Real Property Tax Act and equivalent California
legislation.
(c) Other Sums and Documents. All other documents and sums
Holder
according to this Agreement to carry out the Escrow.
Escrow
required by
6.6
Electronic/Counterpart Documents. In the event Buyer or Seller utilizes
"facsimile" or other electronically transmitted signed documents, the parties hereby agree to
accept and instruct Escrow Holder to rely upon such documents as if they bore original
24s 4 5.00000\86s2202.2
J
signatures. Buyer and Seller hereby agree, if requested by Escrow Holder, to provide to Escrow
Holder within seventy-two (72) hours after transmission, such documents bearing the original
signatures. Buyer and Seller further acknowledge and agree that electronically transmitted
documents bearing non-original signatures will not be accepted for recording and that the parties
will provide originally executed documents to Escrow Holder for such purpose. Escrow Holder
is authorized to utilize documents which have been signed by Buyer and Seller in counterparts.
6.7
Costs of Escrow. At Closing, Buyer will pay the costs and expenses
Title
Policy (including any extended coverage andlor endorsements that
associated with the
Buyer may desire), all escrow fees, and documentary transfer tax. Because of the status of Seller
as a public agency, no recording fee will be payable (pursuant to Government Code $ 27383)
with respect to the Grant.
6.8
Property Taxes and Assessments. Under Seller's ownership, the Agency
Property has not been subject to real property taxes or assessments. The Property will become
liable for payment of real property taxes and assessments after Closing. All such post-closing
real property taxes and assessment associated with the Agency Property shall be the
responsibility of the Buyer.
7.
Notices. Any and all notices required or permitted to be given hereunder shall be
in writing and shall be personally delivered, sent by recognized overnight delivery service or
mailed by certified or registered mail, return receipt requested, postage prepaid, to the parties at
the addresses indicated below:
To Seller:
The Successor Agency To The Dissolved Shafter Community
Development Agency
336 Pacific Avenue
Shafter, CA 93263
Attn: City Manager
Telephone: (661) 746-5001
Facsimile: (661) 746-1002
Copy to:
Best Best & Krieger LLP
2855 East Guasti Road, Suite 400
Ontario, CA 91761
Attn: Stephen P. Deitsch, Esq.
Telephone: (909) 989-8584
Facsimile: (909) 944-1441
To Buyer:
Code Precast Products, Inc.
1050 East Los Angeles, Ave.
Shafter, CA 93263
Attn: Abe Morales
Telephone: (661) 746-0466
Facsimile: (661) 746-3716
24545. 00000\86 52202.2
4
To Escrow
Holder:
Ticor Title Company of California
Attn: Brenda Amble
10000 Stockdale Highway, Suite 101
Bakersfield, CA 93311
Telephone: (661) 847 -7056
Facsimile: (661) 847 -7 146
To Title
Company
Ticor Title Company of California
Attn: Scott Murray
8050 N. Palm Avenue, Suite 110
Fresno, CA 93711
Telephone: (559) 261-8950
Facsimile: (559) 261-8980
Any party may change its address by a notice given to the other party in the manner set forth
above. Any notice given personally shall be deemed to have been given upon service, notices
sent by overnight service shall be deemed received on the next business day and any notice given
by certified or registered mail shall be deemed to have been given on the third (3rd) business day
after such notice is mailed.
As-In Acquisition. Buyer's election to purchase the Agency Property will be
based upon and will constitute evidence of Buyer's independent investigation of the Agency
Property, its use, development potential and suitability for Buyer's intended use, including
(without limitation) the following: the feasibility of developing the Agency Property for any
purposes intended by Buyer and the conditions of approval for any entitlements; the size and
dimensions of the Agency Property; the availability, cost and adequacy of water, sewerage and
any utilities serving or required to serve the Agency Property; the presence and adequacy of
current or required infrastructure or other improvements on, near or affecting the Agency
Property; any surface, soil, subsoil, fill or other physical conditions of or affecting the Agency
8.
Property, such as climate, geological, drainage, air, water or mineral conditions; the condition of
title to the Agency Property; the existence of govemmental law, statutes, rules, regulations,
ordinances, limitation, restrictions or requirements concerning the use, density, location or
suitability of the Agency Property for any existing or proposed development thereof including
but not limited to zoning, building, subdivision, environmental or other such regulations; the
necessity or availability of any general or specific plan amendments, rezoning, zoning variances,
conditional use permits, building permits, environmental impact reports, parcel or subdivision
maps and public reports, requirements of any improvement agreements, requirement of the
California Subdivision Map Act, and any other governmental permits, approvals or acts
(collectively "Permits"); the necessity or existence of any dedications, taxes, fees, charges, costs
or assessments which may be imposed in connection with any govenìmental regulations or the
obtaining of any required Permits or entitlements; the presence of endangered plant or animal
species upon the Agency Property; and all of the matters conceming the condition, use,
development or sale of the Agency Property. Seller will not be liable for any loss, damage,
injury or claim to any person or property arising from or caused by the use or development of the
Agency Property by Buyer.
24s4s. 00000\86 52202.2
5
Except with respect to the default by Seller under this Agreement, Buyer expressly
waives any of its rights granted under California Code Section 1542, which provides as follows:
"A
general release does not extend to claims which the creditor
does not know or suspect to exist in his or her favor at the time of
executing the release, which if known by him or her must have
materially affected his or her settlement with the debtor."
Seller's Initials:
Buyer's Initials:
g.
Liquidated Damages. IF, FOLLOV/ING EXPIRATION OF THE FEASIBILITY
PERIOD AND BUYER'S ELECTION OR DEEMED ELECTION TO PROCEED WITH THE
PURCHASE OF THE PROPERTY, BUYER MATERIALLY DEFAULTS HEREI.]NDER,
SELLER SHALL, AS ITS SOLE AND EXCLUSNE REMEDY FOR SUCH DEFAULT, BY
WRITTEN NOTICE TO BUYER AND ESCROW HOLDER, TERMINATE THIS
AGREEMENT, V/HEREUPON ESCROV/ HOLDER SHALL DELIVER TO SELLER THE
DEPOSIT AND SELLER SHALL RETAIN THE SAME AS SELLER'S LIQUIDATED
DAMAGES FOR BUYER'S DEFAULT. BUYER AND SELLER EXPRESSLY
LINDERSTAND AND AGREE THAT SELLER'S ACTUAL DAMAGES RESULTING FROM
BUYER'S DEFAULT WOULD BE SUBSTANTIAL BUT EXTREMELY DIFFICULT TO
ASCERTAIN AND THAT SUCH LIQUIDATED AMOUNT IS A REASONABLE SUM
CONSIDERING ALL OF THE CIRCUMSTANCES EXISTING AS OF THE DATE HEREOF.
Seller's Initials:
Buyer's Initials:
10.
Oversight Board/DOF Approval. Seller hereby conf,trms to Buyer that Seller's
Long Range Property Management Plan ("Plan") has been approved by the DOF and that the
transaction described in this Agreement has been approved by the Oversight Board and the DOF.
1.
Real Estate Brokerage Commissions. Buyer and Seller each acknowledge and
agree that neither has been represented in this transaction by a real estate broker, agent, finder or
oiher party entitled to a commission, finder's fee or other compensation based upon the
transaction described herein. Buyer and Seller each agree to indemnity and hold the other
harmless from and against all claims, liabilities, losses, damages, costs and expenses (including
attorneys' fees and court costs) related to or arising out of a claim to such a commission or
compensation by any broker, finder or other intermediary as a result of the activities of the
indemniffing party.
1
12.
Miscellaneous.
12.l Integration. This Agreement supersedes all prior agreements and
understandings between the parties relating to the subject matter hereof. Neither of the parties
has relied upon any oral or written representation or oral or written information given to it by any
representative of the other party.
Assignment/Binding Effect. Neither party may assign its rights or
obligations under this Agreement without the prior written consent of the other, which may be
12.2
24s4s. 00000\86 s2202.2
6
granted or withheld in the sole discretion of such party. This Agreement shall bind and inure to
the benefit of the parties, their permitted successors and assigns.
Amendment/Modification. No change or modihcation of the terms or
provisions of this Agreement shall be deemed valid unless in writing and signed by both parties.
12.3
12.4
Governing LadVenue. This Agreement shall be construed, interpreted
and applied in accordance with the laws of the State of California. Any litigation or arbitration
t"gu.ãittg the Agency Property or this Agreement will be brought in Kern County Superior Court
or conducted in Kern County.
Business Days. Reference herein to "business days" means any day
excluding Saturday, Sunday and any day which is a legal holiday under the laws of the State of
Califomia or in the City of Shafter.
12.5
shall be construed as a
breach of any
subsequent
any other or
12.6 Waiver. No waiver of any breach or default
continuing waiver of any provision or as a waiver of
provision contained in this Agreement.
Attorneys' Fees. In the event of any action or proceeding to enforce or
construe any of the provisions of this Agreement, the prevailing party in any such action or
proceeding shall be entitled to reasonable attorneys' fees and costs.
12.7
12.8
Time of Essence. Time is of the essence with respect to all provisions of
this Agreement.
l2.g
Counterparts. This Agreement may be executed in counterparts and when
so executed by the parties, shall become binding upon them and each such counte{part will be an
original document.
REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
SIGNATURE PAGE FOLLO\ilS
2454
5.
00000\86 52202.2
7
IN WITNESS V/HEREOF, the parties have executed this Agreement the day and year
first above written.
SELLER:
THE SUCCESSOR AGENCY TO THE
DIS SOLVED SHAFTER COMMLINITY
DEVELOPMENT AGENCY,
a public entity
By:
Its:
Chairperson
ATTEST:
Successor Agency Clerk
BUYER:
CODE PRECAST PRODUCTS, INC.,
a California corporation
By:
Its
24545. 00000\8ó 52202.2
8
CONSENT AND ACKNOWLEDGMENT OF ESCROW HOLDER
Ticor Title Company of California hereby agrees to (i) accept the foregoing Agreement,
(ii) act as the Escrow Holder under said Agreement and (iii) be bound by said Agreement in the
performance of its duties as Escrow Holder.
Ticor Title Company of California acknowledges receipt on the date hereof of originals
or counterparts of the foregoing Agreement fully executed by Seller and Buyer.
Ticor Title Company of Califomia advises the parties that the date of the Opening of
Escrow is
Dated:
TICOR TITLE COMPANY OF
2014
CALIFORNIA
By:
Its
24545. 00000\86 52202.2
9
EXHIBIT A
LEGAL DESCRIPTION OF AGENCY PROPERTY
PARCEL "L'' OF LOT LINE ADJUSTMENT NO. 01-10, AS PER CERTIFICATE OF
COMPLIANCE RECORDED MARCH 20, 2OO3 AS DOCUMENT NO. 0203052679 OF
OFFICIAL RECORDS, BEING AN ADJUSTMENT OF PARCEL H AS DEFINED BY CITY
OF SHAFTER LOT LINE ADJUSTMENT OO-9 RECORDED IN DOCUMENT NUMBER
O2OOO5T522 ON APRIL 28,2000, ALSO BEING A PORTION OF LOT 9 OF SECTION 14,
TOWNSHIP 28 SOUTH, RANGE 25 EAST, MOUNT DIABLO BASE AND MERIDIAN
LOCATED WITHIN THE CITY OF SHAFTER, COUNTY OF KERN, STATE OF
CALIFORNIA, THE LEGAL OF WHICH IS HEREBY INCORPORATED BY REFERENCE
HERETO AS THOUGH FULLY SET FORTH HEREIN.
EXCEPTING THEREFROM the south 110 feet thereof as conveyed to Nicolas Torrez, Jr. and
Alicia Tonez in deed recorded September 12, 2000 as Document No. 0200113804 of Official
Records.
ALSO EXCEPTING therefrom /, of all oil, gas, other hydrocarbon substances and minerals
within or underlying said land reserved by Flornce Schultz McWilliams, et. al. in deed recorded
December 3I,1974 in Book 4875,Page 532 of Official Records.
APN: 089-230-45-00-5
24s4s. 00000\86 52202.2
A-1
EXHIBIT B
GRANT DEED
[See Attached]
Exhibit B
2454s. 00000\86 52202.2
RECORDING REQUESTED BY:
and WHEN RECORDED
MAIL TO:
Code Precast Products, Inc.
1050 East Los Angeles, Ave.
Shafter, CA 93263
Attention: Abe Morales
Exempt from Recording Fees per GoW. Code $27383
Assessor's Parcel No. 089-230-45
GRANT DEEI)
FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged,
THE SUCCESSOR AGENCY TO THE DISSOLVED SHAFTER COMMUNITY
DEVELOPMENT AGENCY, a public entity ("Grantor") does hereby GRANT to CODE
PRECAST PRODUCTS, INC., a California corporation ("Grantee") the real property located in
the City of Shafter, County of Kern, State of California, described in Exhibit "l" attached hereto.
Subject to:
1.
Non-delinquent real property taxes and assessments;
covenants, conditions, restrictions, reservations, rights, rights of way,
easements and other matters of record or apparent from an accurate survey of the Property.
2.
All
3.
The Grantee herein covenants by and for itself, its successors and assigns, and all
persons claiming under or through them, that there shall be no discrimination against or
segregation of, any person or group or persons on account of race, color, cteed, religion, sex,
marital status, nation origin, or ancestry in the sale, lease, sublease, transfer, use, occupancy,
tenure, or enjoyment of the premises herein conveyed, nor shall the Grantee or any person
claiming under or through it, establish or permit any such practice or practices of discrimination
or segregation with reference to the selection, location, number, use or occupancy of tenants,
lessees, sub-tenants, sub-lessee, or vendees in the premises herein conveyed. The foregoing
covenants shall run with the land.
Date:
THE SUCCESSOR AGENCY TO THE DISSOLVED
SHAFTER COMMUNITY DEVELOPMENT
AGENCY,
a public entity
By:
Its
2454
s.
00000\86 52202.2
1
ACKNOV/LEDGEMENT
STATE OF CALIFORNIA
COUNTY OF
)
before me,
,
Notary Public, personally appeared
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) isiare
subscribed to the within instrument and acknowledged to me that he/she/they executed the same
in his/her/their authorized capacity(ies), and that by hisiher/their signature(s) on the instrument
the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
On
I certifr under PENALTY OF PERJURY under the laws of the State of California that the
foregoing paragraph is true and correct.
WITNESS my hand and official seal.
(Seal)
Signature
2454s. 00000\86 52202.2
2
EXHIBIT
1
LEGAL DESCRIPTION OF PROPERTY
PARCEL "L" OF LOT LINE ADJUSTMENT NO. 01-10, AS PER CERTIFICATE OF
COMPLIANCE RECORDED MARCH 20, 2OO3 AS DOCUMENT NO. 0203052679 OF
OFFICIAL RECORDS, BEING AN ADJUSTMENT OF PARCEL H AS DEFINED BY CITY
OF SHAFTER LOT LINE ADJUSTMENT OO-9 RECORDED IN DOCUMENT NUMBER
0200051522 ON APRIL 28,2000, ALSO BEING A PORTION OF LOT 9 OF SECTION 14,
TOWNSHIP 28 SOUTH, RANGE 25 EAST, MOUNT DIABLO BASE AND MERIDIAN
LOCATED WITHIN THE CITY OF SHAFTER, COUNTY OF KERN, STATE OF
CALIFORNIA, THE LEGAL OF WHICH IS HEREBY INCORPORATED BY REFERENCE
HERETO AS THOUGH FULLY SET FORTH HEREIN.
EXCEPTING THEREFROM the south 110 feet thereof as conveyed to Nicolas Torrez, Jr. and
Alicia Torrez in deed recorded September 12,2000 as Document No. 0200113804 of Offrcial
Records.
ALSO EXCEPTING therefrom /, of all oil, gas, other hydrocarbon substances and minerals
within or underlying said land reserved by Flornce Schultz Mc'Williams, et. al. in deed recorded
December 3I,1974 in Book 4875,Page 532 of Offrcial Records.
APN: 089-230-45-00-5
2454
5.
00000\86 52202.2