05-10-2011 CC RPT 22 - Laserfiche WebLink

Home

City Council Memorandum TO: HONORABLE MAYOR AND CITY COUNCIL DATE: May 10, 2011 FROM: DEVELOPMENT DEPARTMENT ITEM NO: 22 WARDS: 1 and 3 SUBJECT: RIVERSIDE RENAISSANCE — PURCHASE AND SALE AGREEMENTS FOR THE PURCHASE OF REAL PROPERTY FOR THE STREETER AVENUE GRADE SEPARATION PROJECT ISSUE The issue before the City Council is whether to approve three agreements for the purchase of real property located at 6417 Streeter Avenue, 6437 Streeter Avenue and 5289 Appleton Street (Properties), bearing Assessor Parcel Numbers (APN's) 190 - 203 -006, 190 - 203 -004 and 226 -071- 007 as shown on the attached Exhibits "A" for the Streeter Avenue Grade Separation Project (Project). RECOMMENDATIONS That the City Council: 1. Approve the attached Purchase and Sale Agreements (Agreements — Exhibits "B ") for the purchase of 6417 Streeter Avenue, 6437 Streeter Avenue, and 5289 Appleton Street; and 2. Authorize the City Manager, or his designee, to execute the Agreements, including making minor, non - substantive changes, to sign all documents and instruments necessary to complete this transaction, and to expend up to $9,000 for title and escrow fees, and related miscellaneous closing costs, for a total of $614,000. BACKGROUND The City Council approved the Project on July 24, 2007, and appropriated a budget for right -of- way acquisition, relocation and structure demolition and clearance on October 5, 2010. The Project will result in the elimination of an at -grade railroad crossing and will improve safety on Streeter Avenue by allowing vehicular traffic to flow without having to stop for trains. It will construct an underpass allowing Streeter Avenue to pass under the Union Pacific (UP) railroad tracks. 6417 Streeter Avenue. The Property, which is required for the Project, is located at the southwest corner of Streeter Avenue and Dewey Avenue, and is improved with a one -story 1,141 square foot single family residence with an attached two -car garage and a 124 square foot enclosed patio on a 6,619 square foot lot. The purchase price of $220,000 is consistent with comparable sales and listings in the immediate area per the property appraisal. 6437 Streeter Avenue. The Property, which is required for the Project, is located on the west side of Streeter Avenue, 131 feet south of Dewey Avenue, and is improved with a one -story 1,136 square foot single family residence with an attached two -car garage on a 6,500 square foot lot. The purchase price of $185,000 is consistent with comparable sales and listings in the immediate 22 -1