City Council
MEETING DATE: 1/25/2017
TITLE:
Title
Disposition of Certain Vacant 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 one vacant housing parcel in the amount of $38,000; and, the City Council authorize the sale of one vacant City parcel in the amount of $40,000.
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BACKGROUND:
The City, in its capacity as the Housing Successor to the former Cathedral City Redevelopment Agency ("HS"), has received an unsolicited offer to purchase one of the vacant lots owned by the Housing Successor from JBRE, Inc. or Assignee as to APN: 670-197-005 (31555 Victor Road) in the amount of $38,000. In addition, the City has received an unsolicited offer to purchase one of its own vacant lots from JBRE, Inc. or Assignee as to APN 678-303-015 (31837 Avenida Alvera) in the amount of $40,000.
DISCUSSION:
The combined offer price for the two R-1 zoned parcels is $78,000 which staff believes equates to reasonable fair market value and broker opinion of value. The parcels range in size from .17 to .18 acres. The Housing Successor's carrying costs for its parcel is $12,923 and the City's parcel is $0. As such, staff recommends Council direct staff to accept these offers. The sales proceeds would be deposited into the Housing fund and the City's General Fund, respectively. 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 and public 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:
$38,000 net closing costs to the housing fund & $40,000 net closing costs to the city's general fund.
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