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I <br />J � <br />P U B L I C U T I L I T I E S <br />BOARD OF PUBLIC UTILITIES <br />RIVERSIDE PUBLIC UTILITIES <br />Board Memorandum <br />DATE: SEPTEMBER 26, 2016 <br />ITEM NO: 7 <br />SUBJECT: APPROVAL OF PROPERTY SURPLUS DECLARATION AND PURCHASE AND SALE <br />AGREEMENT FOR THE DISPOSITION OF A PORTION OF RIVERSIDE WATER <br />COMPANY CANAL RIVERSIDE COUNTY ASSESSOR PARCEL NUMBER 213 - 060 -004 <br />TO 3RD AVENUE STORAGE LLC FOR $8,000 <br />ISSUE: <br />Approve the surplus property declaration and the Purchase and Sale Agreement between 3rd Avenue <br />Storage, LLC for the sale of a 1,576 square foot portion of the Riverside Water Company Canal APN: 213- <br />060 -004 located north of Third Street and west of Commerce Street. <br />RECOMMENDATIONS: <br />That the Board of Public Utilities recommend that the City Council: <br />Approve the surplus property declaration of a 1,576 square foot portion of the Riverside Water <br />Company Canal; and <br />2. Authorize the City Manager, or his designee, t <br />between the City and 3rd Avenue Storage, LLC, <br />minor, non - substantive changes, and to sign <br />complete the transaction. <br />BACKGROUND: <br />o execute the Purchase and Sale Agreement <br />for the sale price of $8,000, including making <br />all documents and instruments necessary to <br />A remnant portion of the Riverside Canal right of way abuts a proposed commercial development in the <br />vicinity of Third Street near Commerce Street. The property inventory that accompanies the Public Utilities' <br />(RPU) Financial Management Policy designates this parcel (213- 060 -004) located north of Third Street <br />and west of Commerce Street as Exclusive -In Use. However, staff has determined that the proposed <br />surplus portion of the parcel is not an integral part of the Canal right -of -way. Therefore, staff recommends <br />the parcel be categorized as surplus to the needs of the Utility. The remainder of the parcel contains an <br />active waterline and the designation will remain Exclusive In -Use. <br />3rd Avenue Storage LLC requests to purchase the subject remnant parcel. The proposed $8,000 sales <br />price for the 1,576 square feet of vacant land is based on a Fair Market Value appraisal conducted in <br />March 2016. <br />FISCAL IMPACT: <br />The $8,000 from sale of the land will be deposited into Land and Building Revenue Account 0000520- <br />380010. <br />Prepared by: Kevin S. Milligan, Deputy General Manager <br />Approved by: Girish Balachandran, Utilities General Manager <br />Approved by: John A. Russo, City Manager <br />Approved as to form: Gary G. Geuss, City Attorney <br />