Housing Successor Agency
MEETING DATE: 2/28/2018
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, consider the sale of two vacant housing parcels in the amount of $50,000.
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BACKGROUND:
The City, in its capacity as the Housing Successor to the former Cathedral City Redevelopment Agency (“HS”), has received a full price offer to purchase two vacant lots owned by the Housing Successor Agency from Jesus & Federico Carrillos or assignee as to APN 687-214-007 located at 37243 Van Fleet Ave and APN 687-214-008 located at 37253 Van Fleet Ave.
DISCUSSION:
The offer price for the two DRN zoned parcels is for $50,000. These parcels have a combined outstanding assessment of $57,633.10 with combined annual assessments of $5,205.90. The parcel with APN 687-214-007 is approximately 2945 square feet in size and the parcel with APN 687-214-008 is approximately 8824 square feet in size. Upon the sale, the assessments would no longer be the responsibility of the Housing Successor. 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:
$50,000 net of closing costs to the Housing Fund
ATTACHMENTS:
None