COMMUNICATIONS FROM THE DEPARTMENT OF GENERAL SERVICES (GSD) and ORDINANCE FIRST CONSIDERATION relative to determining that certain City-owned real property is no longer required for the use of the City, and that the public interest or necessity requires the sale thereof, and ordering the sale thereof by oral bids at public auction, pursuant to Division 7, Chapter 1, Article 4, Section 7.24 of the Los Angeles Administrative Code.

Recommendations for Council action, SUBJECT TO THE APPROVAL OF THE MAYOR:

1. DETERMINE that the real property, as described on the draft Ordinance and Notice of Sale, is no longer required for the use of the City and that the public interest or necessity require their sale.
   
   
2. PRESENT and ADOPT the accompanying ORDINANCE and Notice of Sale establishing the proposed minimum bid as set forth in said Ordinance and Notice of Sale.
   
   
3. INSTRUCT the GSD, Real Estate Services Division to complete the transaction as outlined in the Ordinance and Notice of Sale and deposit the net proceeds of the sale into the appropriate account(s) as provided by law.

Fiscal Impact Statement: The GSD reports that the sale of the property will generate one-time gross revenue to the City of approximately $1.95 million based on the minimum bid set for the parcel, prior to the payment of the costs of sale. The net proceeds will be deposited in the appropriate account as provided by law. The sale will eliminate the need for continued maintenance of the property. In addition, it will return the property to the County tax rolls and will generate annual revenues from the payment of property taxes.

Community Impact Statement: None submitted.

(Entertainment and Facilities and Homelessness and Poverty Committees waived consideration of the above matter)

ATTEST:  Holly L. Wolcott, CITY CLERK

By

          Council Clerk                                  PRESIDENT OF THE CITY COUNCIL