AGENDA REPORT
REQUEST FOR CITY COUNCIL ACTION AND
CORONA HOUSING AUTHORITY
DATE: 11/7/2018
TO: Honorable Mayor and City Council Members
Honorable Chairman and Board of Commissioners
FROM: Management Services - Economic Development
SUBJECT:
Title
City Council and Corona Housing Authority consideration of a Disposition and Development Agreement with Boureston Companies for the acquisition and development of 2.81 acres generally located south of Sixth street, between Sheridan Street and Belle Avenue, and north and south of Seventh street.
End
RECOMMENDED ACTION:
Recommended action
That the:
1. City Council approve and authorize the City Manager to execute the Disposition and Development Agreement with Boureston Companies for the acquisition and development of 2.81 acres generally located south of sixth Street, between Sheridan Street and Belle Avenue, and north and south of Seventh Street.
2. Corona Housing Authority approve and authorize the Executive Director to execute the Disposition and Development Agreement with Boureston Companies for the acquisition and development of 2.81 acres generally located south of Sixth Street, between Sheridan Street and Belle Avenue, and north and south of Seventh Street.
Body
ANALYSIS:
In February 2017 the City of Corona received two unsolicited offers by two different parties for the purchase and sale of 11 Corona Housing Authority properties and one City owned parcel totaling approximately 2.62 acres. The 12 parcels are near one another but separated into two blocks located at the southeast corner of Sixth Street and Sheridan Street and the southeast corner of Seventh Street and Sheridan Street. The City and Housing Authority properties also abut Belle Avenue on the east side.
Both purchase requests were discussed with the City Council in a closed session meeting on February 15, 2017. One proposal contemplated a mixed-use project of commercial and high density residential while the other party (Th...
Click here for full text