1 / 0

Joint Public Hearing Sale of 8956 and 8986 Cypress Avenue

Joint Public Hearing Sale of 8956 and 8986 Cypress Avenue. April 26, 2011 Item #3. Property Map. Background. Agency purchased the 8,038 sq. ft. P roperty to eliminate blight and facilitate development.

marged
Download Presentation

Joint Public Hearing Sale of 8956 and 8986 Cypress Avenue

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Joint Public Hearing Sale of 8956 and 8986 Cypress Avenue

    April 26, 2011 Item #3
  2. Property Map
  3. Background Agency purchased the 8,038 sq. ft. Property to eliminate blight and facilitate development. Agency received interest from Alvord Unified School District (AUSD)to improve the property with a parking lot to serve the Arlanza Elementary School Head Start. AUSD to improve the Property in a manner that complements the surrounding neighborhood.
  4. Business Points Sale price: $1 AUSD to improve as parking lot to City and Agency’s specifications Include extensive lighting and landscaping Restrict hours of operation to normal school hours or school related events AUSD will secure at all other times AUSD to complete parking lot within 24 months of close of escrow
  5. Deal Points – Cont. City/Agency have the option to re-purchase the Property for $1, if parking lot is not built or Property ceases to be used as a parking lot. AUSD is exempt from process, but has agreed to: Pay fees to comply with State regulations Pay development impact fees Pay for inspections and fees for construction within public right-of-way Obtain building permit for electrical
  6. Property Value Analysis by Keyser Marston found the Property will have negative value from development and sale restrictions. Staff proposes the Property be sold for $1. Development Committee recommended approval of the sale on September 23, 2010. March 1, 2011: Agency/Council approved a Cooperation Agreement to allow City to complete Agency projects. March 8, 2011: Agency/Council approved the transfer of the Property to the City.
  7. Recommendations Complete the sale of the Property to AUSD under the terms of the Cooperation Agreement Approve the Assignment Agreement for the City to act on behalf of the Agency Ratify the Purchase and Sale Agreement in the amount of $1
More Related