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z June 23, 1966 MEMORANDUM To: City Clerk From: Administrative Assistant to City Manager The following is a summary of the escrow transaction in pur- chasing the 17 acres of land and improvements located south of the runways at Redlands Municipal Airport and at the north end of Wabash Avenue. This area and improvements were the property of Redlands Flightline, Inc. On March 22, 1966, the City was authorized by the Council to purchase this property for the price of $165,796. The offer of sale was made as a right of first refusal retained by the City as a provision of the Field Use Agreement. The City Council elected to exercise its right of first refusal, when the property was offered for sale by the owners. The City in so electing was bound by the escrow which had been developed between the owners and the person in- terested in buying the property. In executing this purchase, the escrow agreement provided that the seller (Redlands Flightline) reserved the right to select a property or properties which might be acquired through this escrow in lieu of a portion of their equities. The buyer (City). agreed to cooperate in making such transactions as trade escrows. Any extra charges involved by such transaction would be borne by the seller (Redlands Flightline (Roy Haskins and Alexander Theos) The seller selected the following properties to be nominated as exchange escrows: a. Property at 1263 Brookside Avenue, Redlands (for Alexander Theos) $50,000 b. Property in Yucaipa, a total of 20 acres (selected by Roy Haskins) 70,000 c. Property at Lake San Marcos (selected by Roy Haskins) 27,500 The above three properties were purchased by the City of Redlands and simultaneously, after accepting the grant deeds involved, the property was immediately transferred via grant deed from the City to Mr. Theos and Mr. Haskins as specified, and the City given full credit for this amount by the escrow