HomeMy WebLinkAboutAllocation of SARDA Land Sale Proceeds STAFF REPORT
CITY OF PALM DESERT
ECONOMIC DEVELOPMENT
MEETING DATE: February 8, 2018
PREPARED BY: Martin Alvarez, Director of Economic Development
REQUEST: Approve the allocation of Successor Agency to the Palm Desert
Redevelopment Agency (SARDA) land sale proceeds to the City's
Economic Development Fund
Recommendation
By Minute Motion:
1. Approve the allocation of funds received from the sale of SARDA
properties to the City's Economic Development Fund — Account No.
4254430-4387500
Strategic Plan Objective
The proposed allocation SARDA property sale proceeds aligns with the City's Envision
Palm Desert Strategic Plan, Priority 1 and 4: "Expand job and business creation
opportunities", "Expand and raise awareness of business-friendly services in order to
retain and attract business.
Background Analysis
As part of the dissolution of the Palm Desert Redevelopment Agency (RDA), SARDA is
responsible for administering and disposing of all SARDA-owned land. The disposition
of property is governed by the Long Range Property Management Plan (LRPMP),
approved by the State Department of Finance. The proceeds coming from the
disposition of the properties are distributed to the taxing entities depending on their tax
allocation rate. The City of Palm Desert is a taxing entity and will receive a small
portion of the sale proceeds, approximately 3 percent of each property sale.
Discussion
In July of 2015, the City formerly set direction to allocate funds received from the sale of
SARDA properties to the City's Economic Development Fund - Account No. 4254430-
4387500 (see attached memo). With approval by the City Council, this fund may be
used to facilitate economic development partnerships, incentives and property
acquisitions to further the City's economic development goals.
February 8, 2018 — Staff Report
Successor Agency Land Sale Proceeds
Page 2 of 3
Below is the current list of SARDA properties that have been sold and the City's sale
proceeds. These funds have already been transferred into the Economic Development
Fund.
LRPMP Site Closing City Proceeds
Date
Property 5(a-d) - SEC Fred Waring/San Pablo 11/17/14 $13,980
Property 1(g) - San Benito Circle/Alessandro West 12/03/14 $ 1,745
Property 8 - Entrada Del Paseo 02/05/15 $68,621
Property 7(a-b) - Larkspur Site 11/02/15
Property 12(f) - Desert Willow Lot Pad F 02/05/16
Property 1(e) - San Clemente Circle/Alessandro West 02/05/16 $67,272
Property 12(g) - Desert Willow Lot Pad G - 1 acre 12/22/16
Property 12(g) — Desert Willow Lot Pad G - 8.34 acres 11/21/17 Est. $65,700.00
Total $217,318
The SARDA also has four sites that are anticipated to be sold in 2018, with the following
projected sale proceeds to the City:
LRPMP Site Est. Closing City Proceeds
Date
Property 13 — Casey's Site Spring 2018 $19,500
Property 2(b) — Miles Bates Site Summer $9,000
2018
Property 11(a-h) — 128 Acre Site Summer $300,000
2018
Properties 1 (a-d, f) Alessandro Corridor Lots End of 2018 $19,000
Total $347,500
After the above properties close escrow, the SARDA will have the 170 Acre Site and the
Desert Willow Lot Pads remaining to sell. These sites total over 240 acres and may
yield approximately $1.0M in sale proceeds to the City. Collectively, all SARDA
property sale proceeds may exceed $1.5M.
Staff seeks the City Council's approval to continue to set a side these final RDA
proceeds in the Economic Development Fund to facilitate the 2018 Economic
Development Goals.
Fiscal Analysis:
The City's share of sale proceeds from SARDA properties is estimated to total $1.5M.
Although this is one-time money available to the City, staff recommends that these
funds be ear marked to assist with the implementation of the City's Economic
February 8, 2018 — Staff Report
Successor Agency Land Sale Proceeds
Page 3 of 3
Development Goals, which include the creation of new jobs, developing a business
retention and expansion program and an incentive program to attract new businesses to
the City's downtown core (i.e. Highway 111, San Pablo and El Paseo).
LEGAL REVIEW DEPT. REVIEW FINANCIAL REVIEW CITY MANAGER
Approved as to Form
•
N/A
4- .;
Robert W. Hargreaves Martin Alvarez plan Moore L urn i Aylaian -
City Attorney Economic Development ctor of Finance City Manager
Director
VENDOR: N/A
ATTACHMENTS: July 2015 Memorandum
• •
- �' SUCCESSOR AGENCY TO THE
/,;
..
rat PALM DESERT REDEVELOPMENT AGENCY
MEMORANDUM
To: Paul Gibson, Director of Finance
From: John M. Wohlmuth, City Manag'er?41°
Date: July 9, 2015
Subject: Successor Agency Land Sale Proceeds
As a follow up to our discussion at the June 22, 2015 Executive Management meeting, I
recently became aware that the City has received the attached two remittance checks
from the County of Riverside for sale proceeds of Successor Agency land. Please
assist me in transferring the following funds into the Economic Development Fund,
Account No. 4254430-4387500 if you have not already:
LRPMP Site City Tax Proceeds
• Property 5(a-d) SEC Fred Waring/San Pablo $13,980.03 ! .172./,�
• Property 1(g) San Benito Circle/Alessandro West $ 1,745.64 6/(4/,,-
We also anticipate receiving remittance of sale proceeds for Site 8 Entrada Del Paseo
in the near future. We will also keep you apprised of other sales as they are completed.
Please feel free to contact me if you have any questions. Thank you for your help in
advance.
cePs,44,71....,,4
Attachments: Riverside County Treasurer Remittances
io cc: R udy Acosta, Assistant City Manager
Martin Alvarez, Director of Economic Development
Janet Moore, Director of Housing
. Veronica Tapia, Management Analyst II
G Econ Development\Martin Alvarez\2015\Memos\PG-SA Proceeds.doc
Riverside County Treasurer Remittance Advice
' of Riverside,California
iMA
Payment Date Payment Amount Reference
2014-12-08 $13,980.03 0000016712
City of Palm Desert
73-510 Fred Waring Drive,
Palm Desert,CA 92260
Payment Date: 2014-12-08 Reference: 0000016712 Remittance Advice
Invoice Number Invoice Date Voucher ID Gross Amount Discount Late Charges Paid Amount
APPORTMT M18 20143 0001027012 2014-12-03 00282083 $13,980.03 $0.00 $0.00 $13,980.03
i
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4111
Reference Payment Date Total Gross Amount Total Discount Total Late Charges Total Paid Amount
0000016712 2014-12-08 l $13,980.03 $0.00 $0.00 $13,980.03
a
Reference Vendor Number Vendor Name Business Unit Page Number
0000016712 0000027012 City of Palm Desert ACCRC 1 of 1
Riverside County Treasurer Remittance Advice
,,1 V,.` of Riverside,California
Payment Date Payment Amount Reference
2015-06-11 $1,745.64 0000022136
City of Palm Desert
73-510 Fred Waring Drive,
Palm Desert,CA 92260
Payment Date: 2015-06-11 Reference: 0000022136 Remittance Advice
Invoice Number Invoice Date Voucher ID Gross Amount Discount Late Charges Paid Amount
APPORTMT L18 20151 0001027012 2015-06-08 00294759 $1,745.64 $0.00 $0.00 $1,745.64
40
11110
Reference Payment Date Total Gross Amount Total Discount Total Late Charges Total Paid Amount
0000022136 2015-06-11 $1,745.64 $0.00 $0.00 $1,745.64
Reference Vendor Number Vendor Name Business Unit Page Number
0000022136 0000027012 City of Palm Desert ACCRC 1 of 1
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Riverside County Treasurer Remittance Advice
of Riverside,California
i
Payment Date Payment Amount Reference
2015-12-03 $68,621.01 0000028612
City of Palm Desert
73-510 Fred Waring Drive,
Palm Desert,CA 92260
Payment Date: 2015-12-03 Reference: 0000028612 Remittance Advice
Invoke Number Invoke Date Voucher ID Gross Amount Discount late Charles Paid Amount
APPORTMT M18 20153 0001027012 2015-11-30 00306882 $68,621.01 $0.00 $0.00 $68,621.01
Reference Payment Date Total Gross Amount Total Discount Total late Charges Total Pail Amount
0000028612 2015-12-03 $68,621.01 $0.00 $0.00 $68,621.01
Reference Vendor Number Vendor Name Business Unit Page Number
0000028612 0000027012 City of Palm Desert ACCRC 1 of 1
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Riverside County Treasurer Remittance Advice
of Riverside,California
Payment Date Payment Amount Reference
2016-06-09 $67,272.03 0000037006
City of Palm Desert
73-510 Fred Waring Drive,
Palm Desert,CA 92260
--------------
Payment Date: 2016-06-09 Reference: 0000037006 Remittance Advice
Invoke Number Invoke Date Voucher ID Gross Amount Discount Late Charges Paid Amount
APPORTMT L18 20161 0001027012 2016-06-06 00317567 $67,272.03 $0.00 $0.00 $67,272.03
•
•
•
Reference Payment Date Total Gross Amount Total Discount Total Late Charges Total Paid Amount
0000037006 2016-06-09 $67,272.03 $0.00 $0.00 $67,272.03
Reference Vendor Number Vendor Name Business Unit Page Number
0000037006 0000027012 City of Palm Desert ACCRC 1 of 1
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