Item 26 - Approve Purchase and Sale Agreement with Life Cycle Management

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Public Works Agency www.santa-ana.org/pw Item # 26 City of Santa Ana 20 Civic Center Plaza, Santa Ana, CA 92701 Staff Report December 21, 2021 TOPIC: Approve Purchase and Sale Agreement with Life Cycle Management AGENDA TITLE Authorize Budget Reallocation and Approve Purchase and Sale Agreement with Life Cycle Management for 1725 N Bristol Street (Non -General Fund) RECOMMENDED ACTION 1. Authorize the City Manager to execute a purchase and sale agreement with Life Cycle Management, LLC, for the purchase of real property located at 1725 N Bristol Street (APN 399-085-22), in the amount of $127,700, subject to non -substantive changes approved by the City Manager and City Attorney. 2. Approve the reallocation of unspent OCTA Bristol Street Corridor Improvements funds in the amount of $40,864 from Bristol St Corridor Improvements Project (No. 11-6741) to Bristol Street Corridor General ROW Project (No. 17-6887) to complete the funding for the purchase of real property located at APN 399-085-22. DISCUSSION On March 5, 2019, the City Council authorized for disposition of various City -owned properties via the Request for Proposals (RFP) process and direct negotiations for sites with substandard lot conformity. On April 2, 2019, the City issued Request for Proposals (RFP) 19-026 that solicited the sale and development of various combined properties with existing residential, commercial, and professional office zoning designations. On November 19, 2019, the City Council approved Purchase and Sale Agreements to activate various City -owned vacant properties, and generate over $2 million in revenue generating developments and new sales tax revenues with increased property tax rolls and additional utility user taxes collected on an annual basis in perpetuity. Included in this transaction was for the sale of Parcel ID R1 at APN 399-085-22 to IAS Management (now Life Cycle Management, LLC) in the amount of $127,700. The property identified as R1 was solicited as Residential zoning in aforementioned RFP, as was originally intended by a previous directive to re -zone the location from Open Space designation to Residential. However, after further consideration and consistency with the City's General Plan, the City is in the position to buy back the property to retain Open Space zoning designation, as the current owner cannot develop the land as intended.