Title
CONSIDERATION OF THE SALE AND EXCHANGE OF A FORMER REDEVELOPMENT AGENCY PARKING LOT FOR A CITY OWNED PARKING LOT
A. SA RESOLUTION NO. 2016-001 OF THE SUCCESSOR AGENCY TO THE CHULA VISTA REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA APPROVING A PURCHASE AND SALE AGREEMENT WITH HC CAPITAL PARTNERS LLC, TO SELL ASSESSOR PARCEL NOS. 568-162-08 AND 568-162-09 FOR $350,000.00
B. RESOLUTION NO. 2016-052 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA APPROVING A REAL PROPERTY EXCHANGE AGREEMENT BETWEEN HC CAPITAL PARTNERS LLC, AND THE CITY OF CHULA VISTA FOR CITY-OWNED PROPERTY LOCATED AT THE SOUTHWEST CORNER OF CHURCH AVENUE AND DAVIDSON STREET, ASSESSOR PARCEL NO. 568-161-25, IN EXCHANGE FOR PROPERTY LOCATED AT 281-287 CHURCH AVENUE, ASSESSOR PARCEL NOS. 568-162-08 AND 568-162-09
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RECOMMENDED ACTION
Recommended Action
Agency adopt resolution A and Council adopt resolution B.
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SUMMARY
Assembly Bills X1 26 and 1484 and Senate Bill 107 ("Dissolution Laws") include many requirements for the dissolution of redevelopment agency activities, including the disposition of real property, other than housing assets. The Dissolution Laws generally require the Successor Agency to dispose of assets and property of the former redevelopment agency for either 1) limited public uses or 2) disposition into the private market. Disposition is to occur expeditiously and with a view toward maximizing value, with the disposition proceeds distributed to the affected taxing entities. The former redevelopment agency-owned property referred to in Resolution A ("Property A") is recommended to be sold to HC Capital Partners ("HCCP") for the appraised value of $350,000 as indicated by an MAI appraisal prepared in January 2016. SB 107 requires approval of the sale by the Oversight Board and the Successor Agency to the Redevelopment Agency. In addition, after the close of escrow by HCCP on Property A, staff recommends exchanging a city owned parking lot (Propert...
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