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SA Item 1 - Joint Public Hearing Adopt Resolution and Agreement
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09/23/2024 Adjourned Regular and Special SA
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SA Item 1 - Joint Public Hearing Adopt Resolution and Agreement
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9/23/2024 9:10:16 AM
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City Clerk
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Agenda Packet
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9/23/2024
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Consideration Received by the Successor Agency <br />Upon completion of the transaction, the Successor Agency will receive $190,000 from the <br />City for the sale of the Property. This amount is consistent with the appraised value, <br />ensuring that the Successor Agency receives fair market value for the property. <br />Cost to the City <br />The City will incur a total of $190,000 for the acquisition of the Property. There will be no <br />additional closing costs incurred by the City for this transaction. <br />Comparison with Established Value <br />The transaction is structured to ensure that the Successor Agency receives a fair market <br />value consistent with the highest and best use appraisal. The Appraisal concluded that <br />the value of the Property, considering its legally permissible uses and existing conditions, <br />is $190,000. The purchase price agreed upon in the Purchase and Sale Agreement is <br />exactly $190,000, matching the appraised value. <br />Public Benefit <br />The acquisition of the Property by the City will ensure the continued provision of parking <br />spaces as mandated by the Parking Lease Agreement, benefiting the adjacent office <br />building and its users. Furthermore, holding the Property for future redevelopment can <br />potentially lead to further public benefits through future development projects. <br />Conclusion <br />The consideration received by the Successor Agency and the cost incurred by the City <br />for the acquisition of the Property are both aligned with the appraised fair market value of <br />$190,000. This transaction not only complies with HSC Section 33433 requirements but <br />also ensures the fulfillment of existing agreements and can support the City’s long-term <br />development objectives. <br />VI. BLIGHT ELIMINATION <br />The acquisition of the Property by the City from the Successor Agency is a strategic move <br />to support long-term blight elimination efforts in the Central City Redevelopment Project <br />Area. The Redevelopment Five-Year Implementation Plan (July 1, 2010 - June 30, 2015) <br />(Implementation Plan) outlines several key goals and objectives focused on the removal <br />of blighting conditions and the promotion of redevelopment within the area. Although the <br />City is not currently planning to develop the Property, holding it ensures compliance with <br />the Parking Lease Agreement and positions the City to address blight effectively in the <br />future. The following points highlight how this transaction aligns with the goals and <br />contributes to the overall elimination of blight: <br />EXHIBIT 5
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