For Economic Development Committee [April 25, 2018]
TO: Honorable Economic Development Committee Members
APPROVAL: Robb R. Steel, Interim City Administrator/Development Services Director
FROM: Gina Gibson-Williams, Planning Manager
Title
Request the Economic Development Committee to review a request for release of a deed restriction affecting the property located at 130 S. Willow Avenue.
Body
BACKGROUND:
The property owner intends to sell the property and seeks a release from a deed restriction giving the City of Rialto first right of refusal to purchase a 50' x 150' portion of the site. The structure remains on the site but the mortuary business is no longer in operation. A written request to release the restriction is included with this report as Exhibit 'A'.
ANALYSIS/DISCUSSION:
The site is comprised of two parcels (see Exhibit 'B'). The larger parcel is 0.57 acres in size and the smaller parcel is 0.17 acres in size. The deed restriction affects the smaller parcel. The property owner wants to know if the City intends to purchase the lot. If the City elects to pass on the right to purchase, the property owner requests a release of a $22,500 Deed of Trust that encumbers the site in favor of the City of Rialto. The owner believes the debt was repaid.
Although the original intent of recordation (1987) requires research, it is likely that the origin is linked to expansion of City facilities since the site shares a common boundary with the City of Rialto Public Works facility. The remainder parcel can still support a business and accommodate parking if the City purchases the property.
If the City is interested in purchasing the site staff will request an appraisal to determine the fair market value.
FINANCIAL IMPACT:
Releasing the restriction has no impact to the General Fund. Purchasing the lot however, will result in an expenditure for the cost of the sale.
RECOMMENDATION:
Staff recommends that the EDC discuss the request and direct s...
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