SA Item 1 - Joint Public Hearing Adopt Resolution and Agreement

Home Browse Search

III. Estimated Highest Use Value of the Interests to be Conveyed. This estimates the values of the interests to be conveyed or leased, determined at the highest uses permitted under the requirements imposed by the zoning in place at the Property. IV. Estimated Reuse Value of the Interests to be Conveyed. This is a summary of the valuation estimate for the Property, based on the required scope of development and the other conditions and covenants required by the Purchase and Sale Agreement. If the sale price or total rental amount is lower than the fair market value determined at the highest and best use consistent with the redevelopment plan, the agency must explain the reasons for this difference as part of this Summary Report. V. Consideration Received and Comparison with the Established Value. This section describes the compensation to be received by the Agency, and explains any difference between the compensation to be received and the established value of the Property. VI. Blight Elimination. This is a description of the existing blighting conditions on the Property and a description of how the Purchase and Sale Agreement will assist in alleviating the blighting influence. VII. Conformance with the AB1290 Implementation Plan. This is a description of how the Purchase and Sale Agreement achieves goals identified in the Successor Agency’s adopted AB1290 Implementation Plan. Furthermore, pursuant with HSC Section 33433, this Summary Report was published in the Orange County Register once a week for two consecutive weeks on August 30, 2024, and September 9, 2024, once a week for two consecutive weeks. I. SALIENT POINTS OF THE PURCHASE AND SALE AGREEMENT Property Description The following describes the Property, existing enforceable obligations, and potential future uses: 1. The Property is currently improved with a 60-space parking lot, landscaping, decorative cinder block columns, and wrought iron fencing (See Table 1). 2. The Property is subject to a Parking Lease Agreement dated May 18, 1993 between the former RDA and BEA, which assures the availability of 60 parking spaces to serve the Builders Exchange Building. 3. The Property is also subject to a Maintenance-Access Agreement dated October 11, 2019 between the Successor Agency and Swinerton, which allows ingress and egress to the parking lot and access to the Builders Exchange Building. 4. The Property will remain as a parking lot, but may be developed for other public benefit purposes in the future. EXHIBIT 5