City Council
MEETING DATE: 11/30/2016
TITLE:
Title
Disposition of Housing Successor Agency Parcels
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FROM:
Tami E. Scott, Administrative Services Director
RECOMMENDATION:
Recommendation
Staff recommends the City Council authorize the sale of five Housing Successor Agency Parcels APN's 687-212-001 through 005 to the City Urban Revitalization Corporation ("CURC") at the book value of $284,189 for subsequent development.
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BACKGROUND:
These parcels are located south of A Street, east of W. Buddy Rogers and north of B Street. The purpose of the acquisition is to assist the City in the future development of this site into a larger development opportunity with adjacent vacant parcels currently owned by CURC and consistent with the obligation of the existing Disposition and Development Agreement between CURC and the City as the Successor Agency to the former Redevelopment Agency of Cathedral City.
DISCUSSION:
The City Urban Revitalization Corporation is a 501(c)(3) non-profit public benefit corporation to assist in relieving the burdens of local government. CURC's mission is to assist in the acquisition and development of land in the downtown corridor subsequently benefiting the City of Cathedral City through new sales tax, property tax, development fees and hotel tax. This transaction will help accomplish this mission and assist in developing a much more advantageous building site to better service the future growth of the city.
Staff is recommending Council consideration to move forward selling the parcels to the City Urban Revitalization Corporation ("CURC") as CURC would like to exercise its right under an existing development agreement with the former Redevelopment Agency, at book value. CURC would then manage the future disposition and development of the site. The existing insurance policies will remain in place to cover liability and property coverage. This will provide a much needed economic development opportunity for C...
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