Housing Successor Agency
MEETING DATE: 11/9/2016
TITLE:
Title
Disposition of Certain Housing Parcels
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FROM:
Tami E. Scott, Administrative Services Director
RECOMMENDATION:
Recommendation
Staff recommends the City Council, acting as the Housing Successor Agency, authorize the sale of four vacant housing parcels in the amount of $190,000
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BACKGROUND:
The City, in its capacity as the Housing Successor to the former Cathedral City Redevelopment Agency (“HS”), has received unsolicited offers to purchase four of the vacant lots owned by the Housing Successor from Mario Perez, Inc. or Assignment as to APN: 675-362-012 (68925 Durango Road), APN: 675-242-005 (68255 Tortuga Road), APN: 675-292-010 (68615 Tachevah Drive) and APN: 678-091-019 (68280 Galardo Road)
DISCUSSION:
The combined offer price for the four R-1 zoned parcels is $190,000 which staff believes equates to reasonable fair market value. The parcels range in size from .18 to .26 acres. The Housing Successor’s carrying costs for these parcels is $45,278. As such, staff recommends Council to direct staff to accept these offers, sales proceeds would be deposited into the Housing fund and the fund would be made whole. The proceeds, less 50% of escrow fees, title costs and commission, could then be used for maintenance and assessment costs associated with our remaining housing land inventory. The referenced property is not property previously dedicated for public purpose by map or deed; it is not surplus property and it is not required to be disposed via a Department of Finance approved Long Range Property Management plan.
FISCAL IMPACT:
$190,000 net closing costs to the housing fund
ATTACHMENTS:
None