July 26, 2000

Mr. Dios Marrero

Burbank-Glendale-Pasadena

            Airport Authority

2627 Hollywood Way

Burbank, California 91505

 Dear Dios, 

Under the Title Transfer Agreements that the City and the Authority executed last November, the City was afforded an option to purchase the portion of the B-6 Property that is presently held by the trustee.  The City has until July 31, 2000 to exercise the option. 

The City Council has directed me to inform you that the City will not be exercising the option to purchase all or a portion of the Trust Property.  Consequently, the Title Transfer Agreements obligate the Authority to sell the property for non-airport purposes.  The City and the Authority have agreed that the City will cooperate in the marketing and sale of the Trust Property, and that the City will allow the property to be developed to its highest and best use, consistent with the City’s zoning ordinances and other land use laws.  The City stands ready to fulfill its obligations in the sale of the Trust Property. 

Sincerely,

Robert R. Ovrom

City Manager

 c:         City Council

            Trustee

            Burbank Commissioners

            Mayor Dave Weaver

            Mayor Bill Bogaard