Laserfiche WebLink
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 />EXHIBIT 1 <br />27,830 sq. ft. <br />Specific Development 84 <br />Parking Lot <br />$610,238 (Assessed Value) <br />No <br />N/A <br />Retain to Fulfill Enforceable Obligation <br />This property was acquired for future development in the Central City Redevelopment <br />Project Area. <br />• Brief History of Previous Development Proposals and Activity <br />A Parking Space Agreement dated May 18, 1993 was entered into between the former <br />RDA and Builders Exchange Associates ("BEA") that assured the future availability of 60 <br />parking spaces on the RDA owned parcel exclusively for the use of BEA and its agents, <br />employees, and invitees. An easement also exists for ingress and egress to provide entry <br />to the parking lot. The former RDA and its successive owners of the property are bound <br />by this agreement to provide the 60 spaces for the benefit of the BEA property and its <br />successive owners. <br />• Description of Contractual Requirements for Disposition of Revenues Generated by <br />Property <br />N/A <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 />The Successor Agency is bound bythe original agreement to provide the 60 parking spaces <br />indefinitely for use by the BEA property owner. This obligation is binding on all successive <br />owners of the property per the agreement. DOF indicated that the retention of this <br />property by the Agency will not be approved. Therefore, the Successor Agency proposes <br />to transfer this property to the City for future development as recommended by DOF. Per <br />the dissolution laws, compensation agreements with the affected taxing entities will be <br />required as a condition of the transfer of the property to the City. The value of the <br />property, with its current restriction to provide the 60 spaces, is unknown. An appraisal <br />.Successor Agency to the former Community Redevelopment lgentypf jhe City of Santa Ana —Long Range Property Man agement Plan <br />