AGENDA REPORT
REQUEST FOR CITY COUNCIL ACTION
DATE: 09/04/2019
TO: Honorable Mayor and City Council Members
FROM: Management Services-Economic Development
SUBJECT:
Title
City Council consideration of a purchase and sale agreement with Corona Industrial Park, LLC for the sale of 76,066 square feet of excess right-of-way and down slope property along Lincoln Avenue; and authorization of a general fund revenue increase of $95,100.
End
RECOMMENDED ACTION:
Recommended action
That the City Council:
1. Approve and authorize the City Manager to execute a Purchase and Sale Agreement with Corona Industrial Park, LLC and take all related actions for the sale of property for the appraised value of $95,100 and the acceptance of an access easement over the property located 1138 West Rincon Avenue.
2. Authorize a General Fund estimate revenue increase of $95,100.
3. Authorize the Assistant City Manager/Administrative Services Director to approve additional budgetary adjustments as needed for the disposition of the property.
Body
ANALYSIS:
Upon acquiring property at 1138 West Rincon Avenue, commonly referred to as the former Dairy Farmers of America Cheese Plant, Corona Industrial Park, LLC (Developer) approached City staff with interest in purchasing approximately 1.81 acres of excess right-of-way and down slope property located east of their property along Lincoln Avenue ("City Property"). City Staff was open to the idea and commissioned an appraisal for the City Property in November of 2017 with a final revision made in July of 2018.The City property was valued at $95,100.
The item was presented to the City Council in closed session on August 1, 2018, at which time direction was given to move forward with a purchase and sale agreement. To allow the sale of the property a portion of the right-of-way first had to be vacated. As such, Resolution No. 2019-046 ordering the summary vacation of a portion of the west side of Lincoln Avenue, south of Rincon ...
Click here for full text