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CITY OF RIVERSIDE REDEVELOPMENT AGENCY MEMORANDUM Honorable Mayor and Agency Board Members Date: February 15, 2000 Item No.: 2 Subject: Request Authority to Exchange Parcels of Property - Fourteenth Streets and Sedgewick Avenue - University Corridor/Central Industrial Project Area Background Redevelopment Agency Staff was notified in September of 1999 of a request by the Department of Public Works to exchange a parcel of land located approximately at Fourteenth and Sedgewick Streets in the Eastside neighborhood with a portion of a large adjacent parcel owned by Public Works. This land exchange is necessary to facilitate a street widening and signalization project along Fourteenth Street to be carried out by Public Works. The Agency owned parcel of land (6,376 Square Feet) that is subject to the above request was acquired in 1992. Current Issue Staff now requests authority to execute the attached Grant Deed that will allow the Public Works Department to exchange ownership of a portion of an adjacent Public Works owned parcel with the Agency owned property. A map is attached that details the physical transaction. A Grant Deed, prepared by the Surveyor of the City of Riverside, is also attached. Analysis This proposal for property exchange will leave the Agency with a larger (8,500 Square Feet), although irregularly con figured parcel. Agency Staff is exploring opportunities to develop a single family homeownership opportunity for the area and believes that the new parcel would be developable as a single-family house. Fiscal Impact This proposal is for a straight land swap. There is no fiscal impact to the Agency. Alternatives Not to approve this proposal. The Agency and Public Works would have to negotiate an alternate solution to the land requirement necessary for the street widening and signalization project. Committee Action Staff presented this item to the Development Committee on January 24, 2000. The Committee concurred in the suggested recommendation and then moved this item forward for consideration by the Agency Board. Recommendations That the Redevelopment Agency: 1. Approve the exchange of an Agency owned parcel of land (APN# 221-110-012) located at 14th and Sedgewick Streets with a portion of an adjacent parcel owned by the Department of Public Works (APN#221-110-013); and 2. Authorize the Executive Director or his designee to execute the attached Grant Deed, making minor corrections as necessary, for the purposes of carrying out the land exchange as detailed above. ~cLaughlin Housing Coordinator 2-1 Approved by: ~ales, PE Executive Director