AGENDA REPORT
REQUEST FOR CITY COUNCIL ACTION
DATE: 4/18/2018
TO: Honorable Mayor and City Council Members
FROM: Management Services-Economic Development
SUBJECT:
Title
City Council consideration of purchase and sale agreement for the purchase of 315 W. Seventh Street for the appraised value of $77,000.
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RECOMMENDED ACTION:
Recommended action
That the City Council approve and authorize the City Manager to execute a Purchase and Sale Agreement with Corona South Main Development, L.P. and take all related actions for the acquisition of 315 W. Seventh Street for the full MAI appraised value of $77,000 and under the conditions noted in the agenda report.
That the City Council Authorize the Assistant City Manager/Administrative Services Director to approve additional budgetary adjustments as needed for the disposition of the property, with no net impact to the General Fund.
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ANALYSIS:
On March 15, 2017 the City of Corona ("City") and the City of Corona Housing Authority ("Housing Authority") entered into an Exclusive Negotiation Agreement for 180 days with The Boureston Companies and Sudweeks Development and Investment Company,LLC ("Developer") for the purpose of engaging in exclusive negotiations regarding a potential future agreement between Developer, City and the Housing Authority for the sale of 11 parcels owned by the Housing Authority and 1 parcel owned by the City generally located between East Sixth Street, West Eight Street between South Bell Avenue and South Sheridan.
During the 180 day exclusive negotiation period, the Developer conducted due diligence and appraised the above 12 parcels along with another adjacent privately-owned parcel located at 315 West Seventh Street ("Subject Parcel"), which the Developer believes is necessary for the project they intend to develop. The City reviewed and accepted the appraisal for the Subject Parcel and elected to negotiate with the owner of the Subject Parcel to acquire it so that the Subj...
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