RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RIVERSIDE, CALIFORNIA, AS SUCCESSOR AGENCY TO THE FORMER REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE AUTHORIZING A PROPERTY MANAGEMENT AGREEMENT WITH REALICORE LLC, DOING BUSINESS AS REALICORE REAL ESTATE GROUP, FOR COMMERCIAL PROPERTY MANAGEMENT SERVICES, IN THE AMOUNT OF $4,400.00 PER MONTH, FOR THE TERM OF ONE (1) YEAR WITH AN OPTION TO EXTEND FOR UP TO AN ADDITIONAL FOUR (4) YEARS FOR THE CALIFORNIA TOWER LOCATED AT 3737 MAIN STREET, RIVERSIDE, CALIFORNIA.
WHEREAS, pursuant to Resolution No. 22322, adopted by the City Council of the City of Riverside on January 10, 2012, the City of Riverside agreed to serve as the Successor Agency (“Successor Agency”) to the former Redevelopment Agency of the City of Riverside (“Redevelopment Agency”) commencing upon dissolution of the Redevelopment Agency on February 1, 2012 pursuant to Assembly Bill x1 26; and WHEREAS, pursuant to Assembly Bill 1484 and Health and Safety Code Section 34191.5(c)(2), the Successor Agency prepared a Long-Range Property Management Plan (“Plan”) for the disposition of the former Redevelopment Agency properties, which Plan was approved by the Department of Finance on March 6, 2014; and WHEREAS, until all of the property in the Plan is disposed of, the Successor Agency must maintain that property; and WHEREAS, the Successor Agency currently owns the property known as the California Tower located at 3737 Main Street, Riverside, California; and WHEREAS, a Request for Proposals was issued to procure a firm to perform property management services for the ground floor retail and office space of the California Tower (“Ground Floor”); and WHEREAS, Realicore LLC, a California limited liability company, doing business as Realicore Real Estate Group (“Realicore”), participated in the formal bidding process and was selected; and WHEREAS, Realicore has experience with property management services and has produced quality and reliable work in a timely manner; and WHEREAS, City Manager as the Executive Director of the Successor Agency authorized an exception to formal competitive procurement requirements to allow the Successor Agency to directly negotiate a Property Management Agreement with Realicore in lieu of the professional services agreement that had been included in the request for proposals, with the change in the form of agreement not resulting in any changes to compensation or scope of services; and WHEREAS, the Successor Agency desires to enter into a Property Management Agreement with Realicore for commercial property management services for the ground floor retail and office space of the California Tower, in the amount of $4,400.00 per month, for the term of one (1) year with an option to extend for up to an additional four (4) years, for a total of five (5) years, with compensation to increase by two percent (2%) each year and additional compensation for project management in an amount of six to eight percent (6% to 8%) of the project; and WHEREAS, the Property Management Agreement shall automatically terminate upon sale of the California Tower, unless the Successor Agency is authorized to enter into a lease for the Ground Floor of the California Tower.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Riverside, California, as the Successor Agency to the Former Redevelopment Agency of the City of Riverside, as follows:
Section 1. The above recitals are incorporated herein as if set forth herein in full.
Section 2. It is in the best interest of the Successor Agency to enter into a Property Management Agreement with Realicore LLC, a California limited liability company, doing business as Realicore Real Estate Group for the commercial property management services for the Ground Floor for the Successor Agency-owned California Tower, located at 3737 Main Street, Riverside, California, in the amount of $4,400.00 per month, for the term of one (1) year with an option to extend for up to an additional four (4) years, for a total of five (5) years with compensation to increase by two percent (2%) each year and additional compensation for project management in an amount of six to eight percent (6% to 8%) of the project.
Section 3. The Successor Agency hereby approves a Property Management Agreement with Realicore LLC, a California limited liability company, doing business as Realicore Real Estate Group, for the commercial property management services for the Ground Floor for the Successor Agency-owned California Tower, located at 3737 Main Street, Riverside, California, in the amount of $4,400.00 per month, for the term of one (1) year with an option to extend for up to an additional four (4) years, for a total of five (5) years with compensation to increase by two percent (2%) each year and additional compensation for project management in an amount of six to eight percent (6% to 8%) of the project.
Section 4. That the City Manager, or his designee, acting as the Executive Director of the Successor Agency and on behalf of the Successor Agency, is authorized to execute the Property Management Agreement and any other documents as necessary to carry out the intent of this Resolution.
ADOPTED by the City Council as the Successor Agency, this _________ day of _____________, 2025. _____________________________________
PATRICIA LOCK DAWSON
Mayor of the City of Riverside
Attest:
_____________________________
DONESIA GAUSE
City Clerk of the City of Riverside
I, Donesia Gause, City Clerk of the City of Riverside, California, acting as the Secretary of the Successor Agency to the Redevelopment Agency of the City of Riverside, hereby certify that the foregoing resolution was duly and regularly adopted at a meeting of the City Council of said City, acting as the Secretary of the Successor Agency to the Redevelopment Agency of the City of Riverside, at its meeting held on the _________ day of _____________, 2025, by the following vote, to wit:
Ayes:
Noes:
Absent:
Abstain:
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City of Riverside, California, this ________ day of ______________, 2025. _________________________________
DONESIA GAUSE
City Clerk of the City
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