09-26-2022 BPU RPT 12 - Laserfiche WebLink

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RIVERSIDE PUBLIC UTILITIES Board Memorandum BOARD OF PUBLIC UTILITIES DATE: SEPTEMBER 26, 2022 SUBJECT: AGREEMENT OF PURCHASE AND SALE AND JOINT ESCROW INSTRUCTIONS WITH SOUTHERN CALIFORNIA EDISON FOR THE CONVEYANCE OF A PORTION OF ASSESSORS PARCEL NUMBER 189-100- 006 AND TWO EASEMENTS ON PORTIONS OF ASSESSORS PARCEL NUMBERS 189-100-006 & 189-090-002 &-010, ALL CITY-OWNED LAND, COST SHARING AGREEMENT FOR THE RIVERSIDE TRANSMISSION RELIABILITY PROJECT, TOTAL REVENUE OF $5,215,000 DECLARE AS EXEMPT SURPLUS LAND ISSUES: Recommend that City Council approve the Agreement of Purchase and Sale and Joint Escrow Instructions with Southern California Edison for 8.76 acres, a portion of Assessors Parcel Number (APN) 189-100-006, two easements on portions of APN 189-100-006 (0.60 acres) & 189-090-002 & -010 (0.66 acres), all City-owned land, and Cost Sharing Agreement for the Riverside Transmission Reliability Project, total revenue of $5,215,000 Declare as Exempt Surplus Land. RECOMMENDATIONS: That the Board of Public Utilities: 1. Recommend that the City Council declare a portion of vacant City-owned land bearing APN 189-100-006 as exempt surplus land; 2. Recommend that the City Council approve the Purchase and Sale Agreement and Joint Escrow Instructions with Southern California Edison for the Riverside Transmission Reliability Project; 3. Recommend that the City Council approve the Cost Sharing Agreement with Southern California Edison for the Riverside Transmission Reliability Project; 4. Authorize the City Manager, or designee, to execute the Purchase and Sale and Joint Escrow Instructions, including making minor and non-substantive changes, and to sign all documents necessary to complete the transaction; and 5. Authorize the City Manager, or designee, to execute the Cost Sharing Agreement with Southern California Edison for the Riverside Transmission Reliability Project, including making minor and non-substantive changes, and to sign all documents necessary.