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AGENDA ITEM
| Agenda Title: | Jacobs Property Update and Options | | | | Meeting Date: | August 29, 2024 | | | | Item: | Discussion |
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| WHAT (the board is asked to discuss, receive, approve, or adopt) | The Governing Board is asked to receive an update regarding the Jacobs property, and review and discuss options for the potential disposition of the property.
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| | WHY (briefly explain why the action or discussion is important; and if applicable, how it is connected to site, district, or strategic plans) | AMG Communities - Jacobs, LLC (AMG) was unable to close on the Jacobs property swap by the August 9, 2024, deadline stipulated in the Second Amendment to the Agreement for Exchange of Real Property. The Board of Trustees did not authorize an additional extension of the Agreement, and requested that staff come back to the Board with options for consideration and direction at the late August meeting.
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| STRATEGIC PLAN/PRIORITY AREA:
| Applied to the "Fiscal Integrity of the District" portion of the Strategic Plan
| HISTORY (list previous staff or board action(s) with dates if possible) | The District originally convened a Property Advisory Committee to evaluate several district properties, including Jacobs, between October 2007 and January 2008, recommending the Jacobs property be declared surplus in February 2008. The Board of Trustees took action to declare the property surplus in April 2008, and again in June 2019. After negotiations with different entities, the Board adopted Resolution # 23-24-023 on December 14, 2023, which approved the exchange of real property between the District and AMG pursuant to Education Code section 17536. On April 4, 2024, the Board approved the First Amendment to the Agreement. The First Amendment allowed additional time for AMG to cure the conditions on the I Street property and for the District to complete the survey work and subdivision process for the Jacobs site. On July 10, 2024, the Board approved the Second Amendment, which extended Close of Escrow to August 9, 2024. No action was taken by the Board to allow AMG an additional time extension to close escrow. As a result, the District is out of contract with AMG, and the pending escrow between the parties has been terminated.
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| | HOW MUCH(list the revenue amount $ and/or the expense amount $) | Not applicable.
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| | WHO(list the name of the contact person(s), job title, and site location) | | Paul Ziegler, Assistant Superintendent of Business Services |
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