Housing Successor Agency
MEETING DATE: 4/13/2016
TITLE:
Title
Disposition of Surplus Housing Parcels
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FROM:
Tami Scott, Administrative Services Director
RECOMMENDATION:
Recommendation
Staff recommends the City Council authorize the City Manager to execute an agreement with Kosmont Realty Corp to aid in the disposition of surplus Housing parcels.
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BACKGROUND:
The State dissolution of all Redevelopment Agencies February 1, 2012 has eliminated a revenue source for the care, maintenance and development of housing parcels owned now by the City of Cathedral City as the Housing Successor Agency. Those parcels that cannot be developed now need to be disposed of. Staff recommends contracting with Kosmont Realty Corporation to provide the appropriate assistance in such disposition of certain identified parcels.
DISCUSSION:
Kosmont Companies and/or Kosmont Realty Corporation, a certified Minority Business Enterprise, is a full service brokerage firm that provides real estate, economic and financial advisory services to government and private entities. For 30 years, Kosmont Companies has worked on a myriad of municipal assignments throughout California. Kosmont worked hand-in-hand with City staff in developing the Long Range Property Management Plan that was approved by the Department of Finance and is the most familiar with the City properties that were under the former plan, now owned by the City Urban Revitalization Corporation ("CURC"). CURC has already retained Kosmont to assist in the disposition of former LRPMP parcels and Kosmont will be assisting CURC and City Staff in presenting property information at the upcoming International Council of Shopping Centers ("ICSC").
Kosmont provides traditional brokerage services and has the capacity to provide auction services through joint ventures with auction services firms. The auction platform can provide expanded buyer outreach and deal transparency to real estate sales for properties mee...
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