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CONSIDERATION OF APPROVAL OF PURCHASE AND SALE AGREEMENTS TO SELL PARCELS
A. RESOLUTION NO. 2015-003 OF THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA APPROVING A PURCHASE AND SALE AGREEMENT WITH MV PROPERTIES, INC. TO SELL ASSESSOR PARCEL NOS. 568-334-05, 568-334-06, 568-334-07, AND 568-334-08 FOR $425,000.00
B. RESOLUTION NO. 2015-004 OF THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA APPROVING A PURCHASE AND SALE AGREEMENT WITH AMELIA, LLC TO SELL ASSESSOR PARCEL NOS. 568-351-04 AND 568-351-05 FOR $245,000.00
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RECOMMENDED ACTION
recommended action
Agency adopt the resolutions.
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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 requires 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 property referred to in Resolution A ("Property A") is recommended to be sold for the appraised value of $425,000 as indicated by an MAI appraisal prepared August 26, 2015. The property referred to in Resolution B ("Property B") is also recommended to be sold for the appraised value of $245,000 as indicated by an MAI appraisal prepared August 20, 2015. SB 107 requires approval of the sale by the Oversight Board and the Successor Agency to the Redevelopment Agency.
ENVIRONMENTAL REVIEW
The Development Services Director has reviewed the buyers' respective proposed multi-family residential development projects, described further below, for compliance with the California Environmental Quality Act (CEQ...
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