11/7/2024
1 RiversideCA.gov1
RiversideCA.gov
PURCHASE, SALE AND DEVELOPMENT AGREEMENT WITH WJK DEVELOPMENT, CO. FOR THE SALE OF APPROXIMATELY 5,832 SQUARE FEET OF VACANT CITY-OWNED LAND FOR THE SALE PRICE OF $81,850City CouncilNovember 19, 2024Community & Economic Development Department RiversideCA.gov2
•January 19, 1962, the City Council approved theacquisition of the Property from the State of California.•December 18, 2018, City Council approved thesurplus and sale of the subject property located onMountain View Avenue.•The Public Works Director determined and concurredwith the sale of the Property.BACKGROUND1 2 11/7/2024
2 RiversideCA.gov3
SUBJECT PROPERTY •Zoning: R-1-7000•General Plan Designation: Medium Density Residential•Improvements: vacant •Proposal: 5,832 square feetoAligns with the General Plan and will stabilize and revitalize the neighborhood RiversideCA.gov4
•The appraised value of the property is $70,000and is determined to be fair market value.•120-day escrow period•30-day Buyer due diligence•No broker fees•Buyer responsibility for entitlements•Buyer responsible for all costs associated title and half of theescrow fees .TERMS3 4 11/7/2024
3 RiversideCA.gov5
Strategic Priority No. 5 – High Performing Government Goal No. 5.4 -Achieving and maintaining financial healthby addressing gaps between revenues and expendituresand aligning resources with strategic priorities to yieldthe greatest impact.Cross-Cutting Threads
STRATEGIC PLAN ALIGNMENT
RiversideCA.gov6
That the City Council:1. Approve the Purchase, Sale, and DevelopmentAgreement with WJK Development Co., for a portionof vacant City-owned land bearing Assessor’s ParcelNumber 190-021-033 for the sales price of $81,850; and2. Authorize the City Manager, or his designee, toexecute the Agreement, including making minor, non-substantive changes, and to sign all documentsnecessary to complete the transaction.RECOMMENDATIONS5 6