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Lot Size: <br />Current Zoning: <br />Property Type: <br />Estimated Current Value: <br />Appraisal Completed: <br />Estimated Revenues: <br />Recommended Action: <br />• Purpose of Acquisition <br />3,929 sq. ft. <br />Professional <br />Public Parking Lot <br />$120,946 (Assessed Value) <br />No <br />$7,200 annual rent <br />Sell Property for Benefit of Taxing Agencies <br />This property was donated to the RDA by the City on October 24, 1983, most likely in <br />furtherance of the Ferrante /Walder development project during the 1980's. <br />• Brief History of Previous Development Proposals and Activity <br />There is a non - exclusive license agreement with the adjacent property owner to use this <br />remnant parcel as a parking lot. The agreement can be terminated with 30 days notice. <br />• Description of Contractual Requirements for Disposition of Revenues Generated by <br />Property <br />The rental income is included as part of the "Other" revenues on the Recognized <br />Obligation Payment Schedule (ROPS), Report of Cash Balances form. The Successor <br />Agency requests use of these revenues identified as "Other Funds" on the ROPS, to pay <br />for approved enforceable obligations approved by the Oversight Board and DOF. <br />• History of Environmental Contamination of Remediation Efforts <br />N/A <br />• Potential for Transit- Oriented Development <br />N/A <br />• Plan for Use /Disposition <br />Upon approval of the LRPMP, the Successor Agency intends to obtain an appraisal and <br />engage a realtor to market and sell this property within one year of DOF's approval of the <br />LRPMP. The most likely buyer would be the adjacent property owner to the north to allow <br />for the continued use of the property as a parking lot. Proceeds from the sale will be <br />submitted to the County for distribution to the taxing entities. <br />Successor Agency to the former Comm Lin! ty Redevelopment Agency of the City of Santa Ana —Long Range Property Management Plan <br />woo <br />