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City Council/ Redevelopment <br />Agency Memorandum <br />TO: HONORABLE MAYOR, CITY COUNCIL DATE: January 25, 2011 <br />AND AGENCY MEMBERS <br />ITEM NO: 19 <br />FROM: DEVELOPMENT DEPARTMENT WARD: 1 <br />SUBJECT: AGREEMENTS BETWEEN THE REDEVELOPMENT AGENCY AND RIVERSIDE <br />PUBLIC UTILITIES FOR REID PARK AND A PORTION OF THE FORMER <br />RIVERSIDE GOLF COURSE LOCATED ON THE NORTH SIDE OF COLUMBIA <br />AVENUE BETWEEN MAIN AND ORANGE STREETS — PUBLIC BENEFIT <br />FINDINGS - MERGED DOWNTOWN/ AIRPORT INDUSTRIAL - HUNTER <br />PARK /NORTHSIDE REDEVELOPMENT PROJECT AREA <br />ISSUE <br />The issue jointly before the City Council and Agency Board is whether to approve Agreements <br />between the Redevelopment Agency and Public Utilities paying $720,000 to Public Utilities for <br />Reid Park land, identified as assessors parcel number 246- 060 -010, and paying $4,837,500 to <br />acquire 64 acres of the former Riverside Golf Course as identified on Exhibit A, located on <br />portions of assessors parcel numbers 246- 060 -001, 206 - 070 -002 and 003. <br />RECOMMENDATIONS <br />That the City Council: <br />1. Adopt the attached Resolution (Exhibit B) making certain findings regarding the payment to <br />Public Utilities for the value of Reid Park land that is of benefit to the Project Area. <br />2. Authorize and approve the preparation and execution of agreements and a promissory note <br />providing $720,000 to Public Utilities for Reid Park land and $4,837,500 for the acquisition of a <br />64 acre portion of the former Riverside Golf Course, based on a fair market value, secured by <br />a note, financed over a 20 year term, at the Public Utilities surplus fund interest rate. <br />3. Authorize the City Manager, or designee, to execute all documents and instruments including <br />making minor non - substantive changes necessary to implement and carry out the transaction. <br />That the Redevelopment Agency: <br />1. Adopt the attached Resolution (Exhibit B) making certain findings regarding the <br />reimbursement to Public Utilities for the Reid Park land that is of benefit to the Project Area. <br />2. Authorize and approve the preparation and execution of agreements and a promissory note <br />providing $720,000 to Public Utilities for Reid Park land and $4,837,500 for the acquisition of a <br />64 acre portion of the former Riverside Golf Course, based on the fair market value, secured <br />by a note, financed over a 20 year term, at the Public Utilities surplus fund interest rate. <br />3. Authorize the Executive Director, or designee, to execute all documents and instruments <br />including making minor non - substantive changes necessary to implement and carry out the <br />transaction. <br />19 -1 <br />