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1 RiversideCA.gov
1 RiversideCA.gov
PURCHASE, SALE AND DEVELOPMENT AGREEMENT WITH
CIRCLE CITY INVESTMENT GROUP FOR THE SALE OF
APPROXIMATELY 10,637 SQUARE FEET OF VACANT CITY-
OWNED LAND FOR THE SALE PRICE OF $95,000
City Council
June 6, 2023
Community & Economic Development Department
RiversideCA.gov
2 1. Enacted in 1968, the Surplus Land Act requires all local agencies to prioritize affordable housing when
disposing surplus land.
2. On April 15, 1991, City Council approved the
purchase price for the acquisition of Assessor Parcel
Number 190-067-037 required for the Adams Street
Extension Project.
BACKGROUND
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3 3. In 2014, the State amended the Surplus Land Act to define better what constitutes a qualified proposal, prioritize proposals to encourage the most units at the deepest
affordability, and provide more realistic timeframes to make and negotiate offers.
4. On December 18, 2018, City Council approved the surplus of the subject property located on Clifton Boulevard
divided to the southwest by Essex Street and authorized the marketing and sale of the Property at fair market value per the City’s Administrative Manual Section 08.003.00 for the Disposition and Sale of City-Owned Real Property.
BACKGROUND
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4 1. The Property is a remnant parcel from the Adams Street Extension Project. The consultant, Circle City Investment Group, proposes to construct a single-family residence at t h es i t e .T h ep r o p o s e dc o n s t r u c t i o ni si nk e e p i n gw i t ht h e general plan and will stabilize and revitalize the
neighborhood.
2. An independent third-party appraiser provided an
appraisal that concluded a value of $95,000 in its as-is condition. Staff reviewed the report and determined that the sale price of the subject property represents the current fair market value.
DISCUSSION
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5 3. Basic terms:
a) 180-day escrow period in which the Buyer shall have 30 days to perform its due diligence.
b) There are no broker fees
c) Buyer shall be responsible for obtaining any project development entitlements at its sole cost & expense.
d) Buyer will be responsible for all costs associated with obtaining title and half of the escrow fees of this transaction.
DISCUSSION
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6 SUBJECT PROPERTY
1. Zoned - R-1-7000
2. General Plan
Designation -
Medium Density
Residential
3. Is currently vacant.
4. 10,637 square feet
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7 Strategic Priority No. 5 – High Performing Government Goal No. 5.4 - Achieving and maintaining financial health by addressing gaps between revenues and expendit ures and aligning resources with strategic priorities to yield the greatest impact.
Cross-Cutting Threads
STRATEGIC PLAN ALIGNMENT
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8 That the City Council:
1. Approve the Purchase, Sale and Development Agreement with Circle City Investment Group for a portion of vacant City- owned land bearing Assessor’s Parcel Number 190-067-037 for the sales price of $95,000; and
2. Authorize the City Manager, or designee, to execute the agreement, including making min or, non-substantive changes, and to sign all documents necessary to complete the
transaction.
RECOMMENDATIONS
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