01-21-11 BPU RPT 11 B - Laserfiche WebLink

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W A T E R E N RIVERSIDE PUBLIC UTILITIES PUBLIC UTILITIES NOTICE OF SPECIAL MEETING OF THE BOARD OF PUBLIC UTILITIES OF THE CITY OF RIVERSIDE NOTICE IS HEREBY GIVEN that a Special Meeting of the Board of Public Utilities of the City of Riverside, California, will be held on Friday, January 21, 2011, at 8:30 a.m., at the Public Utilities Board Room, 3901 Orange Street, Riverside, California, for the following item: DISCUSSION CALENDAR 11b. CONSIDERATION OF SALE OF APPROXIMATELY 110 ACRES OF PROPERTY WITHIN THE BORDERS OF MAIN STREET, COLUMBIA AVENUE, ORANGE STREET AND GARNER ROAD Recommendation by the Board of Public Utilities to recommend that the City Council: 1. Declare surplus to the needs of Riverside Public Water Utility and sell approximately 60 acres of the land previously occupied by the Riverside Golf Course, and 2. Declare surplus to the needs of Riverside Public Water Utility and sell approximately 50 acres of land occupied by Reid Park, and 3. Declare surplus to the needs of Riverside Public Water Utility and sell approximately 1.5 acres adjacent to Reid Park occupied by park facilities, and 4. Declare surplus to the needs of Riverside Public Water Utility and sell approximately 2.5 acres of land which includes the existing club house, and 5. All four parcels will be sold from the Water Utility to the Electric Utility at fair market value based upon existing market comparables, expected to be in the range of$5 million to$10 million, and 6. The land will then be sold by the Electric Utility to the City's General Fund or Redevelopment Agency with the Electric Utility carrying the loan for 20 years at an interest rate equivalent to that earned on surplus funds, and 7. That the Board of Public Utilities delegate authority to the Riverside Public Utility Finance/Marketing Committee to review and approve the final monetary valuation and forward that approval directly to the City Council for their consideration. Dated: January 20, 2011 Notice of this Special Meeting is furnished to the Chairperson, each Member of the Riverside Public Utilities Board, and posted at City Hall, 900 Main Street, Riverside, in compliance with the Charter of the City of Riverside, and applicable laws of the State alifornia. f en L. Sutter, Chair, Board of Public Utilities