12/18/2001 RA RPT 06 - Laserfiche WebLink

Home

CITY OF RIVERSIDE Riverside ~ mr AGENCy/COUNCIL MEMORANDUM People Serving People IONS HONORABLE MAYOR, CITY COUNCIL AND AGENCY MEMBERS DATE: December 18,2001 ITEM NO: 6 SUBJECT: JOINT PUBLIC HEARING TO CONSIDER AGREEMENT OF PURCHASE AND SALE BETWEEN THE REDEVELOPMENT AGENCY AND THE CITY OF RIVERSIDE--CASA BLANCA REDEVELOPMENT PROJECT AREA BACKGROUND: In 1998 the Redevelopment Agency acquired 4.7 acres (the "Property"), comprised of two parcels, located at the southeast corner of Madison Street and Emerald Street for development of the Casa Blanca Family Learning Center. Since, staff has master planned the Property ("Learning Center Campus", copy attached) and has proceeded with design and development of the Family Learning Center and associated facilities such as parking, landscaping and a public plaza. Further, on June 19, 2001, the City Council approved the purchase of the smaller surplus parcel, consisting of approximately 22,450 sq, ft" or 0.5 acres (the "Site"), from the Agency for development of the Casa Blanca Energy Demonstration and Customer Service Center ("EDC") in the amount of $100,000 and authorized the City Manager, or his designee, to execute the necessary purchase documents. CURRENT ISSUE: In order to complete the transfer of property, the attached Agreement of Purchase and Sale ("Agreement") has been prepared, which memorializes the purchase price of $100,000; provides for a sixty-day escrow; requires the Agency to pay the costs of any current or past due taxes and assessments; and requires the City to pay the cost of tille insurance, escrow fees and recording costs. The Agency acquired the Property in 1998 from the Riverside Unified School District for a purchase price of $265,000, or $1.29 per sq. ft, After finalizing plans for the Family Learning Center, it was determined that the 0,5 acre site was not needed by the Agency as part of the Learning Center. The Agreement provides that the Agency is to sell the Site to the City for its fair market value of $100,000, or $4.45 per sq. ft. For further analysis, please refer to the attached Summary Report, which fully describes the history of the Property, estimated valuation, and cost of the Agreement. Sale of the Site and the future development of the EDC will complement the Family Learning Center and meets the goals and context of the Learning Center Campus environment, while enhancing the visual aspects of Madison Street and providing a positive impact on the surrounding area. Further, the EDC is consistent with the Cas a Blanca Five Year Implementation Plan adopted by the Agency in 1999. The Learning Center Campus is listed in the Implementation Plan as a specific activity the Agency intends to continue during the five year Plan period. FISCAL IMPACT: There is no negative fiscal impact to the Agency under the proposed Agreement. Adequate funds are available in the Casa Blanca Capital Projects Professional Services account 2830202-421002 for the 6-1