Bellflower council authorizes purchase of promissory note tied to 9849 Flower Street

Bellflower City Council on Sept. 9 authorized the city manager to execute an assignment and assumption agreement to acquire a deed of trust and the associated promissory note affecting real property at 9849 Flower Street.

City staff described the transaction as a purchase of the note only, not an immediate acquisition of the underlying property. City staff said the note is for about $743,750 and the property is a two‑story, 5,532‑square‑foot building on a 6,301‑square‑foot parcel with four tenants, including the current property owner. Staff also said the current owner is paying interest‑only payments at a 7.5% rate on the note.

Jim Del Longo, the staff member who delivered the report, said the city has funds available in its property acquisition fund to cover the purchase. After brief discussion, Mayor Pro Tem Sanjay Nes moved to authorize the city manager to execute an assignment and assumption agreement in a form approved by the city attorney to acquire the deed of trust and associated note; Councilmember Coops seconded the motion. A roll call recorded ayes from Councilmember Coops, Councilmember Sanchez, Mayor Pro Tem Nes and Mayor Dutton; the motion carried. Councilmember Wendy Morris had been excused earlier in the meeting.

City staff told councilmembers that buying the note would give the city an option to pursue future acquisition of the property if it chose to do so; no immediate purchase of the underlying property was authorized by the action taken Sept. 9. Staff framed the purchase as an opportunity to support downtown development and to secure a financial instrument that yields a higher interest return than the city’s regular savings.

The council had first approved excusing Councilmember Wendy Morris’s absence at the start of the special meeting; that procedural motion was adopted without objection.

The council did not adopt any additional conditions or directives tied to a subsequent property purchase at the time it authorized the note acquisition. If the city pursues transfer of the deed in the future, staff said further council action would be required.