CC - 1985-22 - Sale of 9702 Guess Street• 11
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RESOLUTION NO. 85-22
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF ROSEMEAD DECLARING THE
PROPERTY AT 9702 GUESS STREET TO BE
EXCESS PROPERTY AND ESTABLISHING
PROCEDURES FOR ITS SALE
THE CITY COUNCIL OF THE CITY OF ROSEMEAD HEREBY
RESOLVES AS FOLLOWS:
.SECTION 1. The City Council finds, determines and
declares:
(a) The City of Rosemead acquired the property
located at 9702 Guess Street as part of the acquisition
of right-of-way for the purpose of street improvements;
and
(b) The property is not now necessary for right-
of-way purposes.
SECTION 2. The City Council hereby directs the property
to be sold, at a public auction, pursuant to the following
procedures:
(a) The minimum bid price shall be the sum of
$65,000, which amount is the appraisal amount..
(b) The auction shall be conducted in the Council
Chambers, Rosemead City Hall, at 11:00 a.m. on July 23,1985
(c) Notice of the auction sale shall be published
once at least ten (10) days prior to the sale date.
(d) The property will be available for inspection
by prior arrangement with the Assistant City Manager.
(e) In order to take part in the auction, a bidder
must bring an amount equal to ten percent (100) of the
bid in cash or cashier's check, payable to the City of
Rosemead, to the auction. This amount will become the
successful bidder's deposit, which will. open an escrow
between that bidder and the City of Rosemead.
(f) The property will be sold to the highest
bidder. In the event the high bidder is unable to
obtain financing or otherwise close escrow, the property
will be offered to the next high bidder over the
appraised amount.
SECTION 3. The City Clerk shall cause a Notice of
Auction sale to be published and posted.
SECTION 4. The City Clerk shall certify to the
adoption of this Resolution.
PASSED, APPROVED and ADOPTED this 11th day of
June , 1985.
CHAIRMAN
ATTEST:
SECRETARY