6/5/2025
1 RiversideCA.gov1
RiversideCA.gov
PURCHASE AND SALE AGREEMENT WITH HELIX STREET, LLC FOR PERMANENT AND TEMPORARY EASEMENTSCITY COUNCILJune 17, 2025COMMUNITY & ECONOMIC DEVELOPMENT DEPARTMENT RiversideCA.gov2
BACKGROUND
The Third Street Grade Separation project proposes to construct a railroad underpass at Third Street and the BNSF railroad tracks.
This property is required for the Project.
2262 Third Street supports the Project providing several temporary and permanent easements. 1 2
6/5/2025
2 RiversideCA.gov3
• Zone: BMP• Size: Approx. 59,242 sf• Area required for the Project 51,035+ sf• Appraised Value: $1,509,000Helix Street, LLC -2262 Third Street
SUBJECT PROPERTY
RiversideCA.gov4
•Street and Highway Easement – 5,996+ sf•Sanitary Sewer Facilities Easement – 4,697 sf•Temporary Construction Easement(TCE) – 19,489 + sf•Temporary Access Easement (TCA) – 20,853 + sfIDENTIFIED NEEDS3 4 6/5/2025
3 RiversideCA.gov5
NEGOTIATIONSOwner supportive of project, raised concerns over logistical impacts to operations during constructionParties agreed to additional compensation of $91,000 above appraised valueFor total of $1,650,000 ($50,000 allotted for escrow fees) RiversideCA.gov6
Strategic Priority 6 –Infrastructure, Mobility & ConnectivityGoal 6.2 –Maintain, protect and improve assets and infrastructure within the City’s built environment to ensure and enhance reliability, resiliency, sustainability, and facilitate connectivity.Cross-Cutting Threads STRATEGIC PLAN ALIGNMENT5
6 6/5/2025
4 RiversideCA.gov7
That the City Council:1. Approve the Purchase and Sale Agreement with Helix Street, LLC for $1,650,000; and2. Authorize the City Manager, or his designee, to execute the Agreement, including making minor and non-substantive changes to sign all documents and instruments necessary to complete the transaction.RECOMMENDATIONS7