04-19-2021 BPU RPT 02 - Laserfiche WebLink

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RIVERSIDE PUBLIC UTILITIES Board Memorandum BOARD OF PUBLIC UTILITIES DATE: APRIL 19, 2021 SUBJECT: PURCHASE, SALE AND DEVELOPMENT AGREEMENT WITH RIVERSIDE TRANSIT AGENCY FOR THE SALE OF APPROXIMATELY 23,958 SQUARE FEET OF VACANT CITY-OWNED LAND LOCATED AT 4125 VINE STREET FOR THE SALE PRICE OF $405,000 DECLARE AS EXEMPT SURPLUS LAND ISSUE: Consider a recommendation that the City Council declare the vacant City-owned land of approximately 23,958 square feet located at 4125 Vine Street, th 215-341-009, also known as the 11 Street Well Site, as exempt surplus land and approve the Purchase, Sale and Development Agreement with Riverside Transit Agency for the sale price of $405,000. RECOMMENDATIONS: That the Board of Public Utilities recommend that the City Council: 1. Declare the vacant City-owned land of approximately 23,958 square feet located at 4125 th -341-009, also known as the 11 Street Well Site, as exempt surplus land based on the written findings contained in this staff report; 2. Approve the Purchase, Sale and Development Agreement with Riverside Transit Agency for the sale of approximately 23,958 square feet of vacant City-owned land for $155,000 th and the fair market value in use of the 11 Street Well for $250,000, totaling $405,000; th plus up to an additional $30,000 to relocate the 11 Street Well for a maximum amount of $435,000; 3. Recommend that a transfer from the Water Claim on Cash Account No. 0000520-101000 to the Water Property Cash Reserve Account No. 0000520-101084 be made in the amount of the sales proceeds received per the Cash Reserve Policy; and 4. Authorize the City Manager, or his designee, to execute the Purchase, Sale and Development Agreement, including making minor and non-substantive changes, and to sign all documents and instruments necessary to complete the transaction. BACKGROUND: On May 22, 2017, the City of Riverside (City) and the Riverside Transit Agency (RTA) entered