12/6/2023
1 RiversideCA.gov
1 RiversideCA.gov
PURCHASE AND SALE AGREEMENT WITH CRAIG ROUBINEK
FOR THE SALE OF APPROXIMATELY 25,415 SQUARE FEET, A
PORTION OF THE BROCKTON ARCADE PARKING LOT, FOR
THE SALES PRICE OF $52,250
CITY COUNCIL
December 5, 2023
Community & Economic Development Department
RiversideCA.gov
2 1. On July 10, 2019, staff provided information to the Finance Committee on three City-owned p roperties for consideration to sell to generate sale revenue that could help address the CalPERS Challenge. These three properties were as follows: 1) Fox Entertainment Plaza; 2) Riverside Municipal Auditorium; and 3) Riverside Convention Center. The Committee directed staff to return with a comprehensive list of City-owned properties that could generate sale revenue to support the General Fund.
BACKGROUND
1 2
12/6/2023
2 RiversideCA.gov
3 2. On July 8, 2020, staff provide d information to the Financial Performance and Budget Committee (Committee) on City-owned properties to generate sales revenue or reduce operating costs to the General Fund. The Financial Performance and Budget
Committee directed staff to present the list of 20 properties to the Budget Engagement Commission for further consideration.
3. On September 10, 2020, The Budget Engagement Commission recommended that 15 properties be retained by the City and seven (7) properties be considered for sale and directed staff to present these properties with their recommendations to the Financial Performance and Budget Committee before to seeking City Council approval.
1BACKGROUND
RiversideCA.gov
4 4. On October 14, 2020, staff presented the list of various properties to the Committee to determine which properties should be recommended to City Council to be retained, leased, or declared as surplus. The Committee directed staff to return to present seven (7) properties to be considered for sale, along with a dditional updated information on the status of these properties.
5. On February 12, 2021, staff provided information to the Committee on the Brockton Arcade Parking Lots to be leased or declared as surplus, to sell to private entities or community corporations. After discussion, the Committee unanimously voted to direct staff to present the list of properties to the City Council for consideration and to take appropriate action.
BACKGROUND
3 4
12/6/2023
3 RiversideCA.gov
5 6. On May 25th, 2021, the City Council passed Resolution No. 23711, which declared a portion of the Brockton Arcade Parking Lot as surplus property. The property identified as Assessor Parcel Numbers 225-213-002, 225-213-020, and 225-213-028, have been authorized for marketing and sale pursuant to Assembly Bill 1486 and in accordance with the City's Administrative Manual
8.003.00 for the Disposition and Sale of City-Owned Real Property.
BACKGROUND
RiversideCA.gov
6 1. The Public Works Department indicated they have no need for this Property.
2. In accordance with the AB 1486, A 60-day Notice of Availability was sent to affordable housing developers and other public agencies regarding the availability of the Properties. No interest was received from any public agency, nor any affordable housing developer.
3. An independent third-party appraiser concluded to a value of $51,000 for the Properties in their as-is condition. Staff reviewed the report and determined that the appraised value represents the current fair market value.
4 . T h r o u g hac o m p e t i t i v eb i dp r o c e s s ,t h eC i t ya w a r d e dt h eb i dt oC r a i g Roubinek with is bid of $52,259. Mr. Roubinek plans to maintain the current use of the land as a parking lot for the tenants and patrons of the Brockton Arcade shopping center.
DISCUSSION
5 6
12/6/2023
4 RiversideCA.gov
7 SUBJECT PROPERTIES
1. Zoned Commercial General
and located within the
Magnolia Ave.
2. Specific Plan (CG-SP), which
allows for service commercial
retail, office, and repair uses.
3. Consisting of 0.58 acres, or
25,265 square feet.
RiversideCA.gov
8 4. The parcels are non-contiguous.
5. The City does not generate any income from the
Properties.
6. There are no restrictions nor agreements with any of the adjacent shop owners.
7 8
12/6/2023
5 RiversideCA.gov
9 The basic terms of the Agreement provide:
1. The Buyer with a 30-day due diligence period to review the conditions of the property.
2. A $5,000 deposit is due within 2 days of the Effective Date of the mutually executed Agreement.
3. The Buyer will be responsible for obtaining any project development entitlements at its sole cost and expense.
DISCUSSION
RiversideCA.gov
10 Strategic Priority No. 5 - High Performing Government Goal No. 5.4 – Achieving and maintaining 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
9 10
12/6/2023
6 RiversideCA.gov
11 That the City Council:
1. Approve the Purchase and Sale Agreement with Craig Roubinek for the sale of approximately 25,415 square feet vacant City- owned land, a portion of the Brockton Arcade Parking Lot for the sales price of $52,250; and
2. Authorize the City Manager, or his designee, to execute the Agreement, including making minor non-substantive changes, and to sign all documents necessary to complete the transaction, and to expend up to $7,000 for titl e, escrow, and miscellaneous related closing costs.
RECOMMENDATIONS
11