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1 RiversideCA.gov
1 RiversideCA.gov
FIRST AMENDMENT TO THE PURCHASE, SALE AND
DEVELOPMENT AGREEMENT WITH JAMES E. THORNELL FOR
VACANT CITY-OWNED LAND BEARING ASSESSOR’S
PARCEL NUMBER 190-033-029 TO MODIFY THE ESCROW
COMPANY AND TITLE INSURANCE COMPANY
CITY COUNCIL
OCTOBER 3, 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 January 25, 2006, City Council approved the Jurupa Avenue Grade Separation Project which initiated the
reconstruction of the Union Pacific railroad crossing at Jurupa Avenue to reduce the traffic congestion by
building a two-track railroad bridge.
BACKGROUND
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3 3. On July 11, 2006, City Council approved the acquisition of the property required for the construction of the Jurupa Avenue Grade Separation Project.
4. In 2014, the State amended the Surplus Land Act to better define 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, City Council approved the surplus declaration 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.
6. On June 20, 2023, City Council approved the Purchase, Sale and Development Agreement with James E. Thornell for the sale of vacant City-owned land bearing the Assessor’s
Parcel Number 190-033-029 for the sale price of $125,000.
BACKGROUND
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5 1. The Property is a remnant parcel from the Jurupa Avenue Grade Separation Project.
2. The consultant, James E. Thornell, proposes to construct a single- family residence at the site.
3. The proposed construction is in keeping with the General Plan and will stabilize and revitalize the neighborhood.
4. An independent third-party appraiser concluded to a value of $115,000, the property was awarded at $125,000.
DISCUSSION
RiversideCA.gov
6 Subject Property:
1. Zoned R-1-7000, Single-
Family Residential and is
currently vacant
2. General Plan Designation:
Medium Density Residential
3. Approximately 11,361
square feet
SUBJECT PROPERTY
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7 5. The proposed First Amendment permits James E. Thornell to modify the escrow company from Commonwealth Land Title
Insurance Company to Cornerstone Escrow, Inc.
Additionally, the title insurance company is to be amended from Cornerstone Escrow, Inc. to USA National Title
Company. All other terms and conditions of the Purchase, Sale and Development Agreement remain unchanged and
shall continue to be enforced.
DISCUSSION
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 First Amendment to the Purchase, Sale, and Development Agreement with James E. Thornell for vacant City- owned land bearing Assessor’s Parcel Number 190-033-029; and,
2.Authorize the City Manager, or designee, to execute the First Amendment to the Purchase, Sale, and Development
Agreement, including making minor and non-substantive
changes, and to sign all docume nts necessary to complete the transaction.
RECOMMENDATIONS
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