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1 RiversideCA.gov
1 RiversideCA.gov
Community & Economic Development Department
DISPOSITION OF PYLON SIGN AT
UNIVERSITY VILLAGE SHOPPING CENTER
City Council
December 19, 2023
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2 UNIVERSITY VILLAGE SHOPPING CENTER
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3 PYLON SIGN AT UNIVERSITY VILLAGE
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4 1. November 20, 2007: The City Council and RDA approved installation of an electronic pylon sign at University Village shopping center, adjacent to the 60 Freeway, to encourage economic development.
2. January 23, 2008: The City entered into a lease with University Village and the RDA entered into an agreement with
University Village to install the sign on its property.
3. February 28, 2013: The Oversight Board approved
replacement of the electronic displays due to extensive and on-going repairs.
BACKGROUND
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5 1. September 29, 2022: Caltrans issued a notice of violation requiring removal of advertising on the sign due to the elimination of the Redevelopment Agency.
2. The Lease Termination and Sign Purchase Agreement
(Agreement) terminates the lease with the City and transfers the sign to University Village as-is and at no cost. In return, University Village agrees to waive Successor Agency’s unpaid maintenance expenses.
3. University Village is the only buyer who can operate this on- premise sign in compliance with the Outdoor
Advertising Act.
DISCUSSION – DISPOSITION TERMS
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6 Strategic Priority 3 – Economic Opportunity and Goal 3.3 - Cultivate a business climate that welcomes innovation,
entrepreneurship, and investment.
Cross-Cutting Threads
STRATEGIC PLAN ALIGNMENT
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7 That the Successor Agency:
1.Adopt a resolution authorizing execution of the
Agreement with University Village for disposition of the sign as-is and at no cost.
2.Recommend the Countywide Oversight Board adopt a
Board resolution authorizing execution of the
Agreement with University Village for disposition of the sign in accordance with the Long-Range Property
Management Plan that was approved by the
Department of Finance in 2014.
RECOMMENDATIONS
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8 3. Authorize the Executive Director, or designee, to take all actions, including making minor and non-
substantive modifications, and execute the Lease
Termination and Sign Purchase Agreement with
University Village.
RECOMMENDATIONS
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