06-01-1999 CC RPT 09 - Laserfiche WebLink

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( CITY OF RIVERSIDE Riverside ~_A.~ mr CITY COUNCIL MEMORANDUM People Serving People 1998 HONORABLE MAYOR AND CITY COUNCn. and REDEVELOPMENT AGENCY DATE: June 1, 1999 ITEM NO.: 9 SUBJECT: SURPLUS CITY PROPERTY AT CENTRAL AVENUE AND NEVA PLACE VACATED - TRANSFER TO REDEVELOPMENT AGENCY BACKGROUND: Through various means (grant, relinquishment, vacation and donation) beginning in the late 1950s with the latest acquisition in 1997, the City of Riverside has acquired two small parcels adjacent to the Riverside Freeway on the north side of Central Avenue at Neva Place vacated. A portion of the original combined parcel was transferred to the State of California and has been incorporated in the west bound freeway offramp. The balance of the original parcel is approximately one third of an acre but is of such an unusual shape that it cannot be developed. There have been a number of inquiries received through the years, but no serious proposals. In 1997, an additional approximately 7,600 square feet of landlocked land adjacent to what the City already owned. was donated to the City by the owner. This parcel was conveyed to the City with the City Council agreeing in concept to the transfer of that parcel to the Redevelopment Agency should a redevelopment project area be established, subject to Agency Board approval. CURRENT ISSUE:-,.z.t^ . D. /;V ~ 111~ I (,"'/~? On July 14, +999-, the Redevelopment Agency established a project area for Magnolia Center. At the time the second parcel was acquired, it was the City's intent that the two parcels, when combined, would serve as an excellent location for signage related to Magnolia Center. In order to have street frontage, it is necessary that the City's adjacent parcel be conveyed to the Redevelopment Agency. It would, therefore, be appropriate to convey property ownership of both parcels in their "as is" condition to the Redevelopment Agency in order to effectuate the intended signage in the Magnolia Center Redevelopment Project Area at a future time. FISCAL IMPACT: From available records, it does not appear that the City paid for any of the land that now makes up the two parcels owned in fee by the City, The land would be transferred to the Agency at no cost in its "as is" condition. ALTERNATIVES: The City can continue to hold this land and attempt to find a developer. COMMITTEE ACTION: Staff presented this item to the Development Committee on May 10, 1999. The Committee concurred in the 9-1