City Manager executed Second Amendment to Option and Purchase and Sale Agreement (PSA) with Panattoni for Phillip Road Site
City of Roseville – Council Communication | Meeting Date: 10/19/2022
On October 19, 2022, City Manager executed Second Amendment to Option and Purchase and Sale Agreement (PSA) with Panattoni for Phillip Road Site.
BACKGROUND
On March 3, 2021, City Council approved a Memorandum of Option and Purchase and Sale Agreement (PSA) with Panattoni Development Company (Panattoni) to entitle, sell and develop a future jobs center, known as the Roseville Industrial Park. The property at 6382 Phillip Road is located within a portion of the Reason Farms property, and is an approximately 241 acre (with 176.5 developable acres) vacant greenfield parcel. The City acquired Reasons Farms in order to develop the Pleasant Grove Retention Basin Project. Since the Pleasant Grove Basin Project only required a portion of the property, it was determined the remaining portion of land would be available for other uses.
The PSA initially allowed Panattoni one year to conduct its due diligence with respect to the property and complete the entitlement process.
RESOLUTION NO. 22-395
APPROVING A SECOND AMENDMENT TO OPTION AND PURCHASE AND SALE AGREEMENT, BY AND BETWEEN THE CITY OF ROSEVILLE AND PDC SACRAMENTO LPIV, LLC, AND AUTHORIZING THE CITY MANAGER TO EXECUTE IT ON BEHALF OF THE CITY OF ROSEVILLE
WHEREAS, a Second Amendment to Option and Purchase and Sale Agreement for the unimproved property located at 63 82 Phillip Road, Roseville, CA, by and between the City of Roseville and PDC Sacramento LPIV, LLC, has been reviewed by the City Council; and
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Roseville that said Second Amendment is hereby approved and that the City Manager is authorized to execute it on behalf of the City of Roseville.
PASSED AND ADOPTED by the Council of the City of Roseville this 19th day of October, 2022, by the following vote on roll call:
AYES COUNCILMEMBERS: Houdesheldt, Alvord, Roccucci, Bernasconi
NOES COUNCILMEMBERS: None
ABSENT COUNCILMEMBERS: Mendonsa