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<br />I"" '''' <br /> <br />FORMER LIBRARY <br />SITE <br /> <br />PROPOSED AGREEHENT <br /> <br />1100 <br /> <br />trNDEXED <br /> <br />1 <br /> <br />11,,5703 <br /> <br />MINUTES <br /> <br />CITY COUNCIL OF THE CITY OF ARCADIA <br /> <br />ADJOURNED REGULM NEETU1G <br /> <br />, <br /> <br />JUNE 26, 1962 <br /> <br />Pursuant to the oruer of aujournment of the reeular meeting of the <br />City Council of June 19, 1962, the City CeuncU of the City of Arcadia <br />met in adjourned regular session in the Council Chamber of the City <br />Hall at 7:00 P.H., June 26, 1962. <br /> <br />PRESENT: <br />AIlSENT: <br /> <br />Councilmen Ilalser, Phillips, Reibold, Turner, Butterworth <br />None <br /> <br />The City Council, having adjourned to. this date and time for the <br />primary purpose of receiving the Council Negotiation Committee's <br />(Councilmen Phillips and Turner) report and recommendatien on the <br />dispesitien of the former library site, received, reviewed and <br />discussed at lenGth said repert. <br /> <br />The City to ent~r into an agreement ..<lIth Dcntco, a Cali[orni.a <br />Corporation, 25 llorth Santa Anita Avenue, Arcadia, California. <br /> <br />The lease agreement and purchase option i.s basically as folloWG: <br /> <br />Dentco to pay the City $3,000 as land rental for a period ending <br />December 31, 1962. Dentco to make no structural changes on the <br />property except seil tests and other things preliminary to <br />construction. <br /> <br />Denteo has to December 31, 1')62 to submit to the City construction <br />plans for a structure or structures containing not less than three <br />stories nor more than six stories above ground floor level and base- <br />ment, if any, so designed that open court and landscape area is <br />provided. Failure to produce such construction plans, meeting the <br />approval ef the City, shall result in forfeiture ef initial rental <br />payment. <br /> <br />Upon exercise of the option on or before December 31, 1962 annual land <br />rental of $4000 shall be paid to the City. Dentco agrees to commence <br />'\.vithin six months from date of ba:;ic base period. (J.:1l1uary 1, 1963) the <br />destruction of the existing atructurcs and the cOllGtruction of tile new <br />buildings und improvements and such construction shall be completed <br />within one year from such date. <br /> <br />The lease commencin::; January 1, 1963, with an annual land lease 'of <br />$4000, except as hereinafter specified. <br /> <br />The purchase price of saId property shall be $97,000. Ih addition to <br />the basic land rental of $4000 a year, Lessee shall pay a supplemental <br />rental of 10% of tile gross rentals received by Lessee in connection <br />with leasine or subleasing any and all faci.1ities, said supplemental <br />rentals to apply to purchase price. <br /> <br />When supplemental payments, totaline $29,000 or more, have been paid <br />by Lessee, then the basic land rental shall be changed to. an amount <br />equal to 6% of the unpaid balance. <br /> <br />In any case the total purchase price shall be paid \vithill 10 years <br />from January 1, 1963. Lessor has the right to pay the unpaid balance <br />at any time after the completion of the building at which time all <br />rentals shall cease and a deed shall be delivered to Dentco CorporRtion. <br /> <br />] . <br /> <br />6-26-62 <br />