06-26-2023 BPU RPT 04 - Laserfiche WebLink

Home

J I� P U B L I C U T I L I T I E S RIVERSIDE PUBLIC UTILITIES BOARD OF PUBLIC UTILITIES Board Memorandum DATE: JUNE 26, 2023 SUBJECT: PURCHASE, SALE, AND DEVELOPMENT AGREEMENT WITH CENTRAL 91, LP FOR THE SALE OF APPROXIMATELY 20,328 SQUARE FEET OF VACANT CITY -OWNED LAND LOCATED AT THE SOUTHEASTERLY CORNER OF CENTRAL AVENUE BETWEEN THE NORTHBOUND EXIT OF THE STATE ROUTE 91 FREEWAY AND THE AT&SF RAILWAY, FORMERLY KNOWN AS THE MAGNOLIA SUBSTATION, FOR THE SALE PRICE OF $158,000 ISSUE: Consider recommending that the City Council approve the Purchase, Sale and Development Agreement with Central 91, LP for the sale of approximately 20,328 square feet of vacant City - owned land located at the southeasterly corner of Central Avenue between the northbound exit of the State Route 91 freeway and the AT&SF Railway, formerly known as the Magnolia Substation, for the sale price of $158,000. RECOMMENDATIONS: That the Board of Public Utilities recommend that City Council: 1. Approve the Purchase, Sale and Development Agreement with Central 91, LP for the sale of approximately 20,328 square feet of vacant City -owned land located at the southeasterly corner of Central Avenue between the northbound exit of the State Route 91 freeway and the AT&SF Railway, bearing Assessor's Parcel Number 223-150-009, for the sale price of $158,000; and 2. Authorize the City Manager, or designee, to execute the Agreement including making minor, non -substantive changes, to sign all documents and instruments necessary to complete this transaction, and to expend up to $10,000 for title, escrow, and miscellaneous related closing costs. BACKGROUND: On December 7, 2012, the Board of Public Utilities approved a multi -phase project to expand the Plaza Substation to facilitate the 4-12kV conversion of the Magnolia and Plaza distribution circuits and retirement of the Magnolia Substation (Magnolia). On November 5, 2018, the Board of Public Utilities approved Phase V funding for the demolition of Riverside Public Utilities' (RPU's) oldest substation. The demolition phase included the removal of above -grade equipment and structures and below -grade structures.