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1 RiversideCA.gov
PURCHASE, SALE AND DEVELOPMENT AGREEMENT
WITH CIRCLE CITY INVESTMENT GROUP FOR THE
SALE OF APPROXIMATELY 23,619 SQUARE FEET OF
VACANT CITY-OWNED LAND, FOR THE SALES PRICE
OF $140,000
CITY COUNCIL
June 6, 2023
Community & Economic Development Department
RiversideCA.gov
2 1. On August 1, 1944, City Council approved the
acquisition of Assessor Parcel Number 190-062-001
from the State of California by Resolution Number
3837.
2. Enacted in 1968, the Surplus Land Act requires all
local agencies to prioritize affordable housing when
disposing surplus land.
BACKGROUND
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3 3. On January 25, 2006, Council approved the Jurupa
Avenue Grade Separation Project to reduce the
congestion and inconvenience of the at-grade railroad
crossing at Jurupa Avenue.
4. 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.
BACKGROUND
RiversideCA.gov
4 5. On December 18, 2018, Council approved the surplus of the Property located on the southeast corner of Essex
Street and Mountain View Avenue, 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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5 1. The Property is a remnant parcel from the Jurupa
Avenue Grade Separation Project.
2. Circle City Investment Group proposes to construct a single-family residence at the site.
3. An independent third-party appraiser provided an appraisal that concluded a value of $140,000 in its as-is condition.
DISCUSSION
RiversideCA.gov
6 4. Basic terms:
a) 180-day escrow period in which the Buyer shall have a 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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7 SUBJECT PROPERTY
1. Zoned - R-1-7000
2. General Plan designation -
Medium Density Residential
3. Is currently vacant
4. 23,619 square feet
RiversideCA.gov
8 Strategic Priority No. 5 – High Performing Government Goal 5.4 - Achieving and maintaining financial health by addressing gaps between reve nues and expenditures and
aligning resources with strategic priorities to yield the greatest impact.
Cross-Cutting Threads
STRATEGIC PLAN ALIGNMENT
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9 That the City Council:
1. Approve the Purchase, Sale and Development Agreement with Circle City Investment Group for the sale of approximately 23,619 square feet of vacant City-owned land, for the sale price of $140,000; and
2. Authorize the City Manager, or designee, to execute the agreements, including making minor, non-substantive
changes, and to sign all documents necessary to complete the transaction.
RECOMMENDATIONS
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