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RiversideCA.gov
TERMINATE THE PURCHASE, SALE AND DEVELOPMENTAGREEMENT WITH CIRCLE CITY INVESTMENT GROUP FORTHE SALE OF A PORTION OF ASSESSOR’S PARCEL NUMBER190-062-001 AND TO CANCEL ESCROW WITH LAWYERSTITLE COMPANY – DEPOSIT REVENUE OF $4,200CITY COUNCILNovember 19, 2024Community & Economic Development Department RiversideCA.gov2
1. On September 24, 2002, City Council adopted aresolution authorizing the Jurupa Avenue GradeSeparation Project to reduce the congestion andinconvenience of at-grade Union Pacific railroadcrossing at Jurupa Avenue.BACKGROUND1 2 11/7/2024
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2. On December 18, 2018, City Council approved thesurplus disposition of the subject property located on thesoutheast corner of Essex Street and Mountain ViewAvenue and authorized the marketing and sale of theProperty.3. On June 7, 2023, City Council approved an Agreementbetween the City of Riverside and Circle City InvestmentGroup for the sale of the Property for the price of$140,000.BACKGROUND (CONT.) RiversideCA.gov4
1. On August 9, 2024, Mr. Yousuf Bhaghani, President ofCircle City Investment Group, was sent a default noticefor failing to secure necessary entitlements andenvironmental clearances for the Property. The noticecited specific breaches of the agreement related to theclosing date, closing documents, default, and theopportunity to cure within fifteen days. The Canal wasformerly used for conducting, supplying, and distributingirrigation water to and for the use of the city.DISCUSSION3 4 11/7/2024
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2. Per Sections 7.3 and 7.5, the City is entitled to terminatethe Agreement and receive the deposit amount andreasonable attorney's fees.3. Per Article II, Section 2.3 the non-refundable amount ofthe deposit is $4,200, which was made by Circle CityInvestment Group for the Property.DISCUSSION (CONT.) RiversideCA.gov6
STRATEGIC PLAN ALIGNMENT
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That the City Council:1. Authorize the termination of the Purchase, Sale andDevelopment Agreement (Attachment 1 – Agreement)with Circle City Investment Group for the vacant City-owned land located on the southeast corner of EssexStreet and Mountain View Avenue, bearing a portionof Assessor’s Parcel Number 190-062-001, for the saleprice of $140,000;RECOMMENDATIONS RiversideCA.gov8
2. Authorize the escrow cancellation with Lawyers TitleCompany, Escrow No. SBL25560-LT143-DS; and3. Authorize the City Manager, or his designee, toexecute all documents, including making minor, non-substantive changes, necessary to cancel the transactionwith Lawyers Title Company.RECOMMENDATIONS (CONT.)7 8