For City Council Meeting and the City of Rialto, Acting as the Successor to the Redevelopment Agency for City Council Meeting [January 23, 2018]
TO: Honorable Mayor and City Council
APPROVAL: Robb Steel, Interim City Administrator
FROM: John Dutrey, Project Manager
Title
Request City Council, Acting as the Rialto Successor Agency, to Approve a Purchase and Sale Agreement by and between the Rialto Successor Agency and Rapido Investments 2014, LLC for an RSA parcel located on McWelthy Street (APN 0243-151-59) for a Sales Price of $30,000.
Body
BACKGROUND:
Rapido Investments 2014, LLC ("Purchaser") proposes to acquire the Rialto Successor Agency parcel (APN 0243-151-59) ("RSA Parcel"). The RSA parcel is located at the end of Ashford Avenue, east of Maple Avenue and north of McWelthy Street. The Purchaser proposes to develop two single-family homes. A map (Exhibit A) depicts the RSA Parcel.
ANALYSIS/DISCUSSION:
The RSA Parcel consists of approximately 20,130 square feet with no street frontage or public right-of-way improvements. In 2005, the former Redevelopment Agency purchased the property from the County Tax Collector for $2,800.
The principal terms of the Purchase and Sale Agreement (Exhibit B) are summarized below:
Purchase Price: $30,000
Deposit: $2,000
Contingency Period: 30 Days
Extension Periods: Three 30 Day Extensions
Additional Deposit(s): $1,000 for each contingency extension
Escrow Closing: Within 60 days from Property Approval Notice
Transaction Costs: Split Escrow Fees
CLTA Title Policy paid by RSA
No commission
The RSA appraiser valued the parcel at $1.49 per square foot for a total value of $30,000 (Exhibit C).
The Purchase and Sale Agreement is subject to approval of the Oversight Board and the State Department of Finance.
ENVIRONMENTAL IMPACT:
The action to approve the Purchase and Sale Agreement is an administrative activity of the City Council and is not defined as a Project under the California Enviro...
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