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W A T F R E N E R G Y L <br />RIVERSIDE PUBLIC UTILITIES <br />.�W& <br />Board Memorandum <br />P U B L I C U T I L I T I E S <br />BOARD OF PUBLIC UTILITIES DATE: AUGUST 27, 2018 <br />ITEM NO: 9 <br />SUBJECT: PURCHASE AND SALE AGREEMENT WITH RIVERSIDE WATER COMPANY CANAL <br />SURPLUS LAND WITH VHV INVESTMENT PROPERTIES I, LLC, FOR AN <br />APPROXIMATELY 9,991 SQUARE FOOT PORTION OF THE RIVERSIDE CANAL <br />LOCATED ON THE WESTERLY SIDE OF VAN BUREN BOULEVARD AND NORTH OF <br />LINCOLN AVENUE FOR THE SALE PRICE OF $40,000 <br />ISSUE: <br />Recommend that the City Council approve the Purchase and Sale Agreement with Riverside Water <br />Company Canal Surplus Land with VHV Investment Properties I, LLC, a California limited liability company <br />based in Riverside, for an approximately 9,991 square foot portion of the City -owned Riverside Canal <br />located on the westerly side of Van Buren Boulevard north of Lincoln Avenue for the sale price of $40,000. <br />RECOMMENDATIONS: <br />That the Board of Public Utilities recommend that the City Council: <br />1. Approve the Purchase and Sale Agreement with VHV Investment Properties I, LLC. for an <br />approximately 9,991 square foot portion of the City -owned Riverside Canal located on the westerly <br />side of Van Buren Boulevard north of Lincoln Avenue, for the sale price of $40,000; and <br />2. Authorize the City Manager, or his designee, to execute the Agreement, including making minor, <br />non -substantive changes, to sign all documents and instruments necessary to complete the <br />transaction, and to expend up to $5,000 for title, escrow, and miscellaneous related closing costs. <br />BACKGROUND: <br />Riverside Public Utilities (RPU) acquisition of the Riverside Water Company in 1961 included various <br />easements and fee parcels within the City, inclusive of the subject portion of the Riverside Canal. The <br />Property is comprised of approximately 9,991 square feet of covered canal containing an 8 -foot wide by <br />3 -foot high precast reinforced concrete box and 48 -inch diameter subsurface concrete pipeline that <br />conveys irrigation and stormwater westerly into a Riverside County Flood Control and Water Conservation <br />District storm channel east of the intersection of Tyler Street and Indiana Avenue. The legal description of <br />the Property reserves for RPU — Water Division a permanent easement and right-of-way for construction, <br />reconstruction, maintenance, operation, inspection, repair, replacement, relocation, renewal, and removal <br />of existing canal pipeline. <br />Page 201 <br />