Housing Successor Agency
MEETING DATE: 9/13/2017
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 five vacant housing parcels in the amount of $325,500.
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BACKGROUND:
The City, in its capacity as the Housing Successor to the former Cathedral City Redevelopment Agency (“HS”), has received multiple offers to purchase five vacant lots owned by the Housing Successor. The highest offer with the best terms is from Showroom Properties, Inc. in the amount of $325,500 as to approximately .90 acres along the east side of Landau Blvd with APN's of 675-291-036, 675-291-037, 675-291-040 through 042.
DISCUSSION:
The combined full price offer, as listed in the Multiple Listing Service, for the five R2 zoned parcels was $275,000, however we have received competing offers with the highest offer with better terms for $325,500. Each of the parcels is approximately .18 acres with a total of .90 acres. The Housing Successor’s carrying costs for these parcels is $75,178. As such, staff recommends Council to direct staff to accept the $325,500 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:
$325,500 net of closing costs to the Housing Fund
ATTACHMENTS:
None