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06-12-18 CC RPT 32
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06-12-2018 CC AGENDA
(Superseded by)
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\City Council Agendas\2010-2019\2018
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CITY OF <br />RJVER.SIDE <br />City oJArts &Innovation <br />REVISED <br />Successor Agency to the <br />Date: 6-12-18 <br />Item No.: 32 <br />Redevelopment Agency of the <br />City of Riverside <br />IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII <br />TO: HONORABLE MAYOR AND CITY COUNCIL DATE: JUNE 12, 2018 <br />FROM: COMMUNITY & ECONOMIC DEVELOPMENT WARD: 2 <br />DEPARTMENT <br />SUBJECT: PURCHASE, SALE AND DEVELOPMENT AGREEMENT WITH CALIFORNIA <br />FORTUNE LAND, LLC. FOR DISPOSITION OF 0.59 ACRES OF <br />SUCCESSOR AGENCY -OWNED VACANT LAND LOCATED AT 2015-2039 <br />UNIVERSITY AVENUE TO FACILITATE DEVELOPMENT OF A RESTAURANT <br />PROJECT — SALE AMOUNT OF $386,000 <br />ISSUE: <br />Recommend that the Oversight Board adopt a resolution authorizing the City of Riverside as <br />Successor Agency to the Redevelopment Agency of the City of Riverside (Successor Agency) <br />to enter into a Purchase, Sale and Development Agreement with California Fortune Land, LLC <br />for the disposition of 0.59 acres of Successor Agency -owned vacant land, located at 2015-2039 <br />University Avenue, to facilitate the development of a restaurant project, for the sale amount of <br />$386,000, in accordance with the Successor Agency's Long Range Property Management Plan. <br />RECOMMENDATIONS: <br />That the Successor Agency recommend that the Oversight Board: <br />1. Adopt a resolution authorizing execution of the attached Purchase, Sale and <br />Development Agreement with California Fortune Land, LLC for the disposition of 0.59 <br />acres of Successor Agency -owned vacant land, located at 2015-2039 University Avenue, <br />identified as Assessor's Parcel Numbers 211-174-011, -012, and -025, to facilitate the <br />development of a restaurant project, for the sale amount of $386,000, in accordance with <br />the Successor Agency's Long Range Property Management Plan; and <br />2. Authorize the Executive Director City Manager, or his designee, to take any and all <br />actions including making minor and non -substantive modifications and execute the <br />attached Purchase, Sale and Development Agreement with California Fortune Land, <br />LLC. <br />BACKGROUND: <br />Pursuant to the dissolution process of Assembly Bills x1 26 and 1484, the Successor Agency <br />completed its Long Range Property Management Plan (Plan), which governs the disposition and <br />use of real property assets of the former Redevelopment Agency of the City of Riverside. In the <br />Plan, the Successor Agency recommended the sale of the 0.59 acres of vacant land located at <br />
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