FACILITIESPENDING

City of Thousand Oaks Council Meeting Agenda Packet April 14 2026

City Plans $4.6 Million Purchase of Downtown Property

$4,585,000 ($4,500,000 purchase price; $50,000 leaseback value; $35,000 escrow and title services)City of Thousand Oaks1868 T.O. LLCApril 14, 2026

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Description

The City of Thousand Oaks plans to purchase the property at 1868 Thousand Oaks Boulevard from 1868 T.O., LLC for a total budgeted amount of $4,585,000, including purchase price, leaseback consideration, and closing costs. The deal includes a 14‑month post-closing leaseback to the seller and will secure land needed for the Downtown Project’s Main Street and related public improvements.

Contract Details

Contract Amount

$4,585,000 ($4,500,000 purchase price; $50,000 leaseback value; $35,000 escrow and title services)

Vendor

1868 T.O. LLC

Agency

City of Thousand Oaks, CA

Contract Type

FACILITIES

Document Date

April 14, 2026

Contract Term

Purchase closes anticipated May 15, 2026; 14-month post-closing leaseback to seller

Renewal Date

2027-07-15

Renewal Info

Single real property acquisition with no renewal; includes a one-time 14-month post-closing leaseback to the seller with no extension or holdover rights beyond a tenancy at sufferance.