4 - SA PH RESO PURCHASE OF 830 PARTON ST

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Lot Size: Current Zoning: Property Type: Estimated Current Value: Appraisal Completed: Estimated Revenues: Recommended Action: • Purpose of Acquisition EXHIBIT 1 3,929 sq. ft. Professional Public Parking Lot $120,946 (Assessed Value as of 01/01/15) No $7,200 annual rent Sell Property for Benefit of Taxing Agencies This property was donated to the RDA by the City on October 24, 1983, most likely in furtherance of the Ferrante/Walder development project during the 1980's. • Brief History of Previous Development Proposals and Activity There is a non-exclusive license agreement with the adjacent property owner to use this remnant parcel as a parking lot. The agreement can be terminated with 30 days notice. • Description of Contractual Requirements for Disposition of Revenues Generated by Property The rental income is included as part of the "Other" revenues on the Recognized Obligation Payment Schedule (ROPS), Report of Cash Balances form. The Successor Agency requests use of these revenues identified as "Other Funds" on the ROPS, to pay for approved enforceable obligations approved by the Oversight Board and DOF. • History of Environmental Contamination or Remediation Efforts No. • Potential for Transit -Oriented Development No. • Plan for Use/Disposition Upon approval of the LRPMP, the Successor Agency intends to obtain an appraisal and engage a realtor to market and sell this property within one year of DOF's approval of the LRPMP. The most likely buyer would be the adjacent property owner to the north to allow for the continued use of the property as a parking lot. Proceeds from the sale will be submitted to the County for distribution to the taxing entities. • Advancement to the Successor Agency's Planning Objectives No. Successor Agency to the former Community Redevelopment Agency of the City of Santa Ana —Long flange Property Management Plan SA4-9