pages: CityCouncil/2013-07-23.pdf, 8
This data as json
body | date | page | text | path |
---|---|---|---|---|
CityCouncil | 2013-07-23 | 8 | (13-365) Introduction of Ordinance Approving and Authorizing a Purchase and Sale Agreement with Catellus Alameda Retail, LLC and Joint Escrow Instructions for Sale of Remnant Parcel. Introduced. The Acting Community Development Director gave a brief presentation. Councilmember Tam inquired whether the property transfer tax for City owned land is based on the appraised value, and whether Catellus would pay the tax. The Acting Community Development Director responded the appraised value would be used for the property value on the tax rolls. Vice Mayor Ezzy Ashcraft stated the matter is addressed in Paragraph 6/1 of the closing procedures. The Acting Community Development Director read the paragraph: "Buyer shall pay all closing costs, escrow fees, recording costs and all City and County documented transfer taxes payable in connection with the purchase and sale of the Remnant Parcel. Buyer shall pay all premiums for the Title Policy, including costs of additional endorsements and surveys.' Mayor Gilmore inquired whether the amount is based on the one dollar sale price or the appraised value; stated documentary transfer tax can be read as the nominal fee paid to record the deed of trust as opposed to a transfer tax which is often thousands of dollars. The Acting Community Development Director responded the reference says City and County documentary transfer taxes, so she believes the City's transfer tax is included. Mayor Gilmore stated the term "documentary" gives her pause. Vice Mayor Ezzy Ashcraft stated the amount is based on the sale price. Councilmember Tam stated the question is whether the amount is one dollar or $120,000. The Finance Director stated documentary transfer tax is the transfer tax; both the County and City are mentioned because the county component is $1.10 per thousand and the City's rate is $15 per thousand. Mayor Gilmore inquired whether the amount is based on the one dollar purchase price or the appraised value. The City Attorney responded that she does not know if the matter was negotiated; stated the amount should be based on the full amount; $120,000 is the value; one dollar is being paid, but the benefit is $120,000, so the purchase price is $120,000. Regular Meeting Alameda City Council 7 July 23, 2013 | CityCouncil/2013-07-23.pdf |