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Agreement Exchange of Real Property (Standard & Bristol) August 15, 2017 Page 2 The Exchange of Real Property Agreement will require Ma May Thet Naing to pay the difference in the appraisal amount and to share any cost associated with the exchange of property. Commonwealth Land Title was retained as the Escrow Company to complete all requirements and exchange of deed, once the Exchange of Real Property agreement is approved. Since the Bristol Street property was acquired with Community Development Block Grant (CDBG) funding, HUD was notified to provide any documents required for the possible land exchange. A Geotechnical investigation and a Phase I/Limited Phase II were performed on the South Standard property to ensure property is free of any contamination. Additionally, the $9,000 to be paid to the City will be deposited in the CDBG Program Income account to be used for future CDBG eligible activities. Ma May Thet Naing will be developing the Bristol Property under the existing zoning for commercial use. The City will be scheduling future community outreach meetings to obtain input for the future park design on the Standard property. Improvements could include the continued use of a synthetic soccer field, community garden, skate park or other recreational activities/uses. This would be an ideal location for a future state park on the east side, since one exists on the west side at Centennial Park. A joint use multi-purpose soccer field and track is currently under construction at the Roosevelt/Walker Community Park and can serve the soccer community on the east side of the city. Because of the close proximity to highly traveled streets and public safety, the park site will be enclosed with a fence with public openings at key locations. Regulations for soccer field use or skate park will be similar to other city facilities. STRATEGIC PLAN ALIGNMENT Approval of this item allows the City to meet Goal #5 Community Health, Livability, Engagement & Sustainability — Object #4 (Support neighborhood viability and livability), Strategy A4 (Support the design and construction of parks to provide increased open space and opportunities for recreation throughout the city, construct the Roosevelt Walker Park and Community Center and develop concepts and proposals for the Library Park in Civic Center and Centennial Santa Ana River Eco -Park. FISCAL IMPACT Funds will be deposited into the following account for the specified year: Accounting Unit FY 17/18 DBG-Program Income (no. 13518002-57071) $9,000 75A-2