Housing Successor Agency
MEETING DATE: 8/9/2017
TITLE:
Title
Disposition of Certain Housing Parcels
End
FROM:
Tami E. Scott, Administrative Services Director
RECOMMENDATION:
Recommendation
Staff recommends the City Council, acting as the Housing Successor Agency, consider the sale of two vacant housing parcels in the amount of $161,417.
Body
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 two vacant lots owned by the Housing Successor from Chris Ifeanyi or assignee as to approximately 2.06 acres north along the north side of San Antonio and San Mateo Dr. with APN's of 677-291-021 and 022 in the amount of $161,417.
DISCUSSION:
The combined offer price for the two R1 zoned parcels is $161,417, which, given the development impediments: to include the shape of the parcels, location and outstanding assessments of $71,971, equates to reasonable fair market value. The parcels range in size from 1.01 to 1.05 acres with a total of 2.06 acres. These parcels would be assembled into one parcel and then re-subdivided into 12 parcels. Upon sale, the assessments would no longer be the responsibility of the Housing Successor. The Housing Successor's carrying costs for these parcels is $29,500 plus the annual assessments. As such, staff recommends Council to direct staff to accept this offer, 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:
$161,417 net of closing costs to ...
Click here for full text