For City Council Meeting [September 27, 2022]
TO: Honorable Mayor and Council
APPROVAL: Marcus Fuller, City Manager
FROM:
Title
Request City Council to Authorize the City Manager to Negotiate and Execute a Final Miro Way Parcels Collective Disposition Agreement with Lewis-Hillwood Rialto, LLC Upon City Attorney Approval as to Form, and to Proceed with Issuance of Sealed Bid Auction Notices.
Body
BACKGROUND
The disposition of the City and the Successor Agency collectively owned eight (8) parcels located on Miro Way west of Ayala Drive and east of Linden Avenue has been the subject of discussion for the City Council/Successor Agency Board at prior meetings. On April 26, 2022, the City Council/Successor Agency adopted Resolution No. 7860 to declare several parcels of land as Surplus Land. A copy of the related staff report is included as Attachment 1.
The City owns one approximately 3-acre parcel (APN 0264-211-15) located on the southeast corner of Linden Avenue and Miro Way (the "City Parcel"). The Successor Agency owns seven parcels (APNs 0264-212-12, -17, -30, -44, -45, -46, and -54) consisting of approximately 12 acres south of Miro Way and approximately 7-acres north of Miro Way (the "Agency Parcels"). Lewis-Hillwood Rialto, LLC ("LHR") holds an option over a 7-acre parcel ("Option Parcel") situated between the City Parcel and the Agency Parcels pursuant to a purchase and sale agreement with the City. The assemblage of parcels is identified in Figure 1.
The City Council/Successor Agency has directed Staff to proceed with disposition of these properties. LHR has indicated to City officials that it is agreeable to the concept of selling its Option Parcel together with the City Parcel and the Agency Parcels as a block with the intent of increasing the value of all of the parcels.
ANALYSIS/DISCUSSION
A draft Miro Way Collective Disposition Agreement ("Agreement") has been prepared to identify the cooperation between the City and LHR in the disposition...
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