HomeMy WebLinkAboutMINUTES - 06221999 - C182 TO: BOARD OF SUPERVISORS
FROM: Barton J. Gilbert, Director of General Services Cont
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DATE: June 22, 1999 Coon
SUBJECT: INDEMNITY AGREEMENT FOR THE PURCHASE OF 2530 ARNOLD DRIVE, MARTIN
SPECIFIC REQUESTS OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION g
I.
RECOMMENDATION I
i
APPROVE an Indemnity Agreement, commencing June 22, 1999, with Old Republic Title
Company for the premises at 2530 Arnold Drive, Martinez, and AUTHORIZE the Director of
General Services to EXECUTE, on behalf of the County, said Indemnity Agreement, and any
additional documents required to establish an escrow to reimburse the Lessor for improvements
requested by the County, and authorize the County Auditor to fund said escrow in an amount
not to exceed $300,000.00.
II. FINANCIAL IM ACT
Payments required are to come from restricted capital projects bond proceeds already
appropriated.
III, REASONS EOR RECOMMENDATION / BACKGROUND
The County has a lease with option to purchase for the building at 2530 Arnold Drive, Martinez.
This Board approved the purchase of the building on March 9, 1999. In accordance with the
lease, the County has requested the Landlord perform certain Tenant Improvements, which are
not yet complete. In order to complete the purchase in a timely fashion, an escrow must be set
up to hold funds due the Landlord but not fully payable until the construction of the Tenant
Improvements is complete. The escrow holder has required the Indemnity Agreement, and this
action is to accomplish the construction escrow,
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
K APPROVE OTHER
SIGNATURE'S:
ACTION OF BOARD ON June 22 1999 APPROVED AS RECOMMENDED XX OTHER
VOTE OF SUPERVISORS
_X UNANIMOUS(ABSENT — — — — )
AYES: NOES:
ABSENTS: ABSTAIN:
MEDIA CONTACT: BARTON J.GILBERT(393-7100)
CC: County Administrator(via L/M) 1 HEREBY CERTIFY THAT THIS IS A TRUE
CountyAuditor-Controller via L/M) AND CORRECT COPY OF IN TESACTOF TAKEN B
{ 1 AND ENTERED ON THE MINUTES O€ _FTE BOARD
Old Republic Title Company(via L/M) OF SUPERVISORS ON THE DATE SHOWN.
County Counsel(via L/M)
Risk Management(via L/M) ATTESTED97, 1gggs
Orlg:General Services Department-L/M PHIL BAT HELOR,CLERK OF THE BOARD OF
SUPERVISOR AND COUNTY INISTRATOR
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DEPUTY
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