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1 RiversideCA.gov
1 RiversideCA.gov
PURCHASE, SALE AND DEVELOPMENT
AGREEMENT WITH VAN BUREN MAGNOLIA
LLC FOR THE SALE OF VACANT CITY-OWNED
LAND FOR THE PRICE OF $170,000
CITY COUNCIL
September 19, 2023
Community & Economic Development Department
RiversideCA.gov
2 1. On July 8, 2020, the Finance Performance and Budget Committee (FPBC) directed staff to present a list of 20 properties to the Budget Engagement Commission (BEC) for further consideration.
2. On October 14, 2020, staff was directed to return to FPBC to present 7 properties as recommended by the BEC for consideration along with any updated information on the status of these properties.
3. On February 12, 2021, FPBC recommended that staff present the list of 7 properties to City Council to be declared surplus.
4. On May 25, 2021, City Council adopted a resolution declaring 6 properties, of which the subject properties were included, as surplus while the 7 th property was presented
separately with other properties in anticipation of a master developer to facilitate the vision of the Northside Specific Plan.
BACKGROUND
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3 1. As a possible solution to generate sales revenue to address the CalPERS Challenge and financial
impacts associated with COVID-19, the subject
properties were included in a list of properties to be
declared as surplus and sold.
2. City Council approved that action on May 25, 2021.
3. After adhering to the requirements of AB 1486, the
properties were available for sale.
DISCUSSION
RiversideCA.gov
4 Subject Properties:
1. Approximately 48,352
square feet
2. Zoned Commercial Retail
3. General Plan
Designation, Mixed Use -
Village
4. Appraised Value,
$170,000
VAN BUREN AND MAGNOLIA PARKING LOTS
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5 4. In May 2021, Van Buren Magnolia LLC applied for a
parking variance for their adjacent development and
was informed of the potential acquisition of the
Property.
5. As a result of the negotiations, Van Buren Magnolia
LLC agreed to the terms of the agreement and the
purchase price of $170,000.
DISCUSSION (CONT’D)
RiversideCA.gov
6 Strategic Plan Priority No. 5 – High Performing Government Goal 5.4 – Achieve and maintain financial health by addressing gaps between revenues and expenditures and aligning resources with strategic priorities to yield the greatest impact.
Cross-Cutting Threads
STRATEGIC PLAN ALIGNMENT
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7 That the City Council:
1. Approve the Purchase, Sale and Development Agreement with Van Buren Magnolia LLC for approximately 48,352
square feet of vacant City-owned land for the sales price of $170,000; and
2. Authorize the City Manager, or designee, to execute the Agreement, including making minor and non-substantive
changes, to sign all documents and instruments necessary to complete the transaction, and to expend up to $10,000 for title, escrow, and miscellaneous related closing costs.
RECOMMENDATIONS
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