Housing Successor Agency
MEETING DATE: 2/8/2017
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, approve the sale of two vacant housing parcels in the total 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 two vacant lots owned by the Housing Successor from Mario Perez and/or Assignee as to APN: 680-401-008 & 680-401-010 (68840 & 68860 Cedar Rd respectively) in the amount of $40,000.
DISCUSSION:
The combined offer price for the two R-1 zoned parcels is $40,000 which staff believes equates to reasonable fair market value and broker opinion of value. The parcels range in size from .15 to .23 acres. The Housing Successor’s total carrying costs for the two parcels is 7,905.39. These parcels have some development impediments such as no sewer and narrow road frontage and less than favorable infrastructure thus what appears to be a lower price by comparison to values on properties in other areas of the city is not necessarily the case. As such, staff recommends Council direct staff to accept these offers. The sales proceeds would be deposited into the Housing fund. 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:
$40,000 net closing costs to the housing fund.
ATTACHMENTS:
None