REQUEST FOR CITY COUNCIL ACTION
REQUEST FOR SUCCESSOR AGENCY TO THE
REDEVELOPMENT AGENCY ACTION
DATE: 08/07/2024
TO: Honorable Mayor and City Council Members
FROM: Legal and Risk Management
SUBJECT:
Title
RESOLUTIONS OF THE CITY COUNCIL AND THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY DECLARING THEIR UNDERSTANDING REGARDING CERTAIN TITLE EXCEPTIONS AFFECTING REAL PROPERTY LOCATED AT 715 SOUTH MAIN STREET (APN 117-191-019)
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EXECUTIVE SUMMARY:
This staff report asks the City Council and the Successor Agency to the Redevelopment Agency to adopt resolutions declaring their understanding that certain title exceptions affecting real property located at 715 South Main Street (APN 117-191-019), a portion of which the City has sold to Rest Area, LLC, have been terminated by operation of law. The title exceptions at issue for the Successor Agency are no longer effective because state law has rendered them inoperative and the title exception at issue for the City is no longer effective because the City did not preserve any public easements in connection with the noted street vacation.
RECOMMENDED ACTION:
Recommended action
That the City Council adopt Resolution No. 2024-079, declaring its understanding that no public easements were preserved in connection with the vacation of the North-South alley in Block 119 pursuant to Instrument No. 51651 recorded in the Official Records of Riverside County on May 26, 1969.
That the City Council Serving as the Successor Agency to the Redevelopment Agency adopt Resolution No. 2024-001, declaring its understanding that certain documents recorded against real property previously owned by the Redevelopment Agency of the City of Corona are terminated by operation of law.
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BACKGROUND & HISTORY:
The City of Corona ("City") and Rest Area, LLC ("Rest Area") entered into that certain Agreement of Purchase and Sale and Joint Escrow Instructions dated May 9, 2024 ("Purchase Agreement") for Rest Area's acquisiti...
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