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<br /> RIVERSIDE PUBLIC UTILITIES <br /> Board Memorandum <br />BOARD OF PUBLIC UTILITIESDATE:NOVEMBER 28,2022 <br />SUBJECT: FIRST AMENDMENT TO THE PURCHASE, SALE AND DEVELOPMENT <br />AGREEMENT BETWEEN THE RIVERSIDE TRANSIT AGENCY AND THE CITY <br />OF RIVERSIDE FOR 4125 VINE STREET IN RIVERSIDE, CALIFORNIATEN <br />YEAR EXTENSION UNTIL JUNE 22, 2032 CANCEL ESCROW AND RETURN <br />THE ELEVENTH STREET WELL PIPING RELOCATION DEPOSIT OF $30,000 <br />ISSUE: <br />Consider the First Amendment to the Purchase, Sale and Development Agreement between the <br />Riverside Transit Agency and the City of Riverside for 4125 Vine Street toextend the term of the <br />agreement for ten years until June 22, 2032; cancel escrow and returnthe Eleventh Street Well <br />Piping relocation deposit of$30,000. <br />RECOMMENDATIONS: <br />That the Board of Public Utilitiesrecommend that the City Council: <br />1.Approve the First Amendment to the Purchase, Sale and Development Agreement <br />between Riverside Transit Agency and the City of Riverside for 4125 Vine Street to extend <br />the term of the agreement for ten years until June 22, 2032; Cancel escrow and return the <br />EleventhStreet Well Piping relocation deposit of $30,000; and <br />2.Authorize the City Manager, or designee, to execute the First Amendment, including <br />making minor and non-substantive changes, and to sign all documents and instruments <br />necessary to complete the transaction, in accordance with all purchasing policies. <br />BACKGROUND: <br />On May 22, 2017, the City of Riverside (City) and the Riverside Transit Agency (RTA) entered <br />into a Purchase, Sale and Development Agreement (Hub Agreement) to develop the downtown <br />Riverside Transit Terminal (MobilityHub), located at 4015 and 4085 Vine Street.existing <br />facility at 3911 University Avenuewas to be relocated to4015and 4085 Vine Street. <br />In January 2019,the sale was completedconveying 2.347 acres of City-owned land to RTA. As <br />part of the Hub Agreement, architectural and engineering work was to commence as soon as <br />possible to facilitate the relocation in orderto eliminate <br />inthe downtown.In accordance withSection 1.2.1of the Hub Agreementwhich states that RTA <br />-341-009, <br /> <br />