HomeMy WebLinkAboutRes OB-175 (2)STAFF REPORT
OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE PALM DESERT
REDEVELOPMENT AGENCY
ECONOMIC DEVELOPMENT DEPARTMENT
DATE: May 7, 2018
PREPARED BY: Martin Alvarez, Director of Economic Development
REQUEST: Authorization to execute a Purchase and Sale Agreement (PSA)
with the City of Palm Desert to sell the Successor Agency to the
Palm Desert Redevelopment Agency's (SARDA) property located
at the northeast corner of Country Club Drive and Desert Willow
Drive, also known as Site 12(e) on the Long Range Property
Management Plan (LRPMP)
Recommendation
Waive further reading and adopt Resolution No. OB - 175 , authorizing execution of a
Purchase and Sale Agreement with the City of Palm Desert for property located at the
northeast corner of Country Club Drive and Desert Willow Drive, Palm Desert (APN
620-370-002, -003, -004, -017, -018, -020, -033, -043), Property No. 12(e) of the Long-
Range Property Management Plan, and taking related actions. (contra�t tvo. SA36970)
Backqround
On June 2, 2014, the SARDA's Long Range Property Management Plan (LRPMP) was
approved by the State Department of Finance. The subject parcels are identified as
Site 12(e) on the LRPMP and require disposition at or above fair market value. The
subject site is located at the northeast corner of Country Club Drive and Desert Willow
Drive and consists of nine parcels totaling 11.16 acres. The parcels are designated
Suburban Retail in the City's General Plan and are zoned Neighborhood Commercial.
The property is bisected by an access road that starts at Desert Willow Drive and runs
east into the adjacent Ralph's Shopping Center.
Discussion
With the dissolution of the Redevelopment Agency and the approval of the LRPMP, the
SARDA is tasked with selling Site 12(e). In anticipation of the sale of the property,
SARDA staff contracted with Capital Realty Analyst (CRA) to conduct a fair market
appraisal of the 11.16-acre site. CRA's appraised value for the site is $2,670,000 based
Oversight Board Staff Report
Authorize Purchase/Sale Agreement Site 12(e) LRPMP
May 7, 2018
Page 2 of 2
on its current zoning of Neighborhood Commercial. CRA's appraisal complies with the
reporting requirements set forth in the Uniform Standards of Professional Appraisal
Practice, under Standard Rule 2-2(a) (see attached appraisal).
Consistent with the approved LRPMP, SARDA staff has prepared a PSA that will sell
Site 12(e) to the City of Palm Desert. The attached PSA authorizes the sale of the
property to the City of Palm Desert for the appraised value. Staff recommends that the
Executive Director be authorized to finalize and execute the attached PSA, once the
State Department of Finance grants approval.
Fiscal Analysis
Site 12(e) is listed on the LRPMP to be sold for fair market value. The LRPMP requires
that all proceeds of the sale be distributed as property taxes to the affected taxing
entities, in accordance with the terms of the California Health and Safety Code, Section
34191.5 (c)(2)(B). Each taxing entity including the City will receive a portion of the
proceeds based on their respective tax rate.
LEGAL REVIEW
Approved as to
Form
�� ��
Robert W.
Hargreaves
City Attorney
DEPT. REVIEW
Martin Alvarez
Economic
Development
Director
FINANCIAL
REVIEW
CITY MANAGER
VENDOR
ATTACH M E NTS
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C�'�'����C.-�-�
�J�iet Moore
Csrector of Finance
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Lauri Aylaian
City
Manager/Executive
Director
N/A
(5-0, � �.�,�i�n�.,-�
PSA .1BY OVERSIGHi BOARL� flb�S6nl'r)
Property Appraisal ON �.� — Q�1 —��
VERIFIED B
Original on file with City Clerl�s Offic
G\Econ Development\Martin Alvarez\SA Property Sales\Desert Willow Lot Pads\Lot Pad E\OSB SR-Lot Pad E- OS-07-18 doc
Oversight Board Staff Report
Appraisal Contracts
May 1, 2018
Page 3 of 3
Fiscal Analvsis
Funds to cover the costs of the appraisals completed are available in the State
Department of Finance (DOF) approved ROPS 2017/2018B, costs associated with
disposition of assets line item 190. Funds to cover the four remaining LRPMP sites are
available in the DOF approved ROPS 2018/2019A/B, costs associated with disposition
of assets line item 190.
LEGAL REVIEW DEPT. REVIEW
FINANCIAL REVIEW
EXECUTIVE
DIRECTOR
NIA
Robert W. Hargreaves Martin Alvarez
City Attorney Director of Economic
Development
Attachments: Resolution NO. OB - 176
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,�"et Moore
Director of Finance
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Lauri Aylaian
Executive Director
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Original on file with City Cierl�s O�ice
G.\Econ Development\Martin Alvarez�2018\OSB\OB Appraisals doc
RESOLUTION NO. OB- 175
A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR
AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY
AUTHORIZING THE EXECUTION OF A PURCHASE AND SALE
AGREEMENT FOR PROPERTY LOCATED AT NORTHEAST CORNER tJF
COUNTRY CLUB DRIVE AND DESERT WILLOW DRIVE, PALM DESERT,
CA (APN 620-370-002, 003, 004, 017, 018, 020, 033, 043, PROPERTY 12e
OF THE LONG RANGE PROPERTY MANAGEMENT PLAN WITH THE
CITY OF PALM DESERT
RECITALS:
A. Pursuant to AB X1 26 (enacted in June 2011), as modified by the California
Supreme Court's decision in California Redevelopment Association, et al. v. Ana
Matosantos, et al., 53 Cal. 4th 231 (2011), the Palm Desert Redevelopment Agency (the
"Former Agency") was dissolved as of February 1, 2012 and the Successor Agency was
established, and the Oversight Board to the Successor Agency (the "Oversight Board") was
constituted.
B. AB 1484 (enacted June 2012) amended and supplemented AB X1 26 (AB X1
26 and AB 1484, together, being referred to below as the "Dissolution Act").
C. Pursuant to the Dissolution Act, the Successor Agency is tasked with winding
down the affairs of the Former Agency.
D. Pursuant to Section 34175(b) of the California Health and Safety Code
("HSC"), all real properties of the Former Agency transferred to the control of the Successor
Agency by operation of law.
E. On May 5, 2014, the Oversight Board adopted Resolution No. OB-073,
approving a long-range property management plan (the "LRPMP") which addresses the
disposition of the real properties owned by the Successor Agency.
F. As indicated in the Department of Finance's (DOF) letter dated June 2, 2014,
the DOF has approved the LRPMP.
G. Pursuant to HSC Section 34191.3, the DOF approved LRPMP shall govern,
and supersede all other provisions of the Dissolution Act relating to, the disposition and use
of the real property assets of the Former Agency.
H. Pursuant to the approved LRPMP, the Oversight Board authorizes the
execution of a Purchase and Sale Agreement (see Exhibit A) with The City of Palm Desert
for Property 12e of the LRPMP (APN 620-370-002, 003, 004, 017, 018, 020, 033, 043) in
the amount of $2,670,000.00 (fair market value).
I. In accordance with the terms of California Health and Safety Code Section
34191.5(c)(2)(B), the proceeds of this property sale will distributed as property taxes to the
affected taxing entities.
�
RESOLDTION N0. OB - 175
J. The Oversight Board is adopting this Resolution to direct the execution of the
Purchase and Sale Agreement (see Exhibit A) with The City of Palm Desert for fair market
value as directed by the approved LRPMP.
K. Notice of the proposed action presented in this Resolution was posted on the
Successor Agency's website (being a page on the City's website) and at three public
places: beginning on April 26 , 2018.
NOW, THEREFORE, THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY
TO THE PALM DESERT REDEVELOPMENT AGENCY DOES HEREBY RESOLVE,
DETERMINE AND ORDER AS FOLLOWS:
Section 1. The above recitals, and each of them, are true and correct.
Section 2. The Oversight Board hereby authorizes and directs the Successor
Agency to complete the execution of the Purchase and Sale Agreement (see Exhibit A) with
The City of Palm Desert for fair market value as directed by the approved LRPMP. The
Executive Director of the Successor Agency is hereby authorized to execute the Purchase
and Sale Agreement to comp{ete the disposition of the properties.
Section 3. The members of the Oversight Board and officers and staff of the
Successor Agency are hereby authorized and directed, jointly and severally, to do any and
all things which they may deem necessary or advisable to effectuate this Resolution.
Section 4. This Resolution shall become effective in accordance with HSC
Section 34181(�.
APPROVED and ADOPTED this day of , 2018.
AYES:
NOES:
ABSENT:
ABSTAIN:
SUSAN MARIE WEBER, CHAIR
ATTEST:
RACHELLE D. KLASSEN, SECRETARY
OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE
PALM DESERT REDEVELOPMENT AGENCY
-z-
RESOLUTION NO. OB - 175
EXHIBIT A
OVERSfGHT BOARD OF THE SUCCESSOR AGENCY TO THE
PALM DESERT REDEVELOPMENT AGENCY
PURCHASE AND SALE AGREEMENT FOR PROPERTY LOCATED AT
NORTHEAST CORNER OF COUNTRY CLUB DRIVE AND DESERT WiLLOW DRIVE,
PALM DESERT, CA (APN 620-370-002, 003, 004, 017, 018, 020, 033, 043,
PROPERTY 12e OF THE LONG RANGE ROPERTY MANAGEMENT PLAN WITH
THE CITY OF PALM DESERT
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RESOLIITION NO. OB — 175
AGREEMENT OF PURCHASE AND SALE
AND ESCROW INSTRUCTIONS
CONTRACT NO. SA36970
Foresite Escrow Escrow No.:
41-995 Boardwalk, Suite G-2
Palm Desert, CA 92211
Attention: Esther Lopez, Escrow Officer
("Escrow Holder")
THIS AGREEMENT OF PURCHASE AND SALE AND ESCROW
INSTRUCTIONS ("Agreement") is dated for reference purposes as of this day of
, 2018 (the "Effective Date"), by and between the SUCCESSOR AGENCY
TO THE PALM DESERT REDEVELOPMENT AGENCY, a public entity ("Seller"), and
CITY OF PALM DESERT, a California municipal corporation ("Buyer"). The Seller and
Buyer are hereinafter sometimes individually referred to as a"party" and collectively
referred to as the "parties". This Agreement is made with reference to the following facts:
RECfTALS
A. Seller is the owner of certain real property located in the City of Palm Desert,
Riverside County, California, commonly known as APNs: 620-370-002, 003, 004, 017.
018, 020, 033 and 043 and more particularly described in Exhibit A attached hereto
("Property"}. Reference herein to the Property includes all of Seller's right, title and
interest in and to any and all improvements, fixtures, rights-of-way, utility rights,
entitlements, claims or other benefits in any way connected with the Property.
B. Buyer desires to purchase the Property from Seller and Seller desires to sell
the Property to Buyer pursuant to the terms and conditions set forth in this Agreement.
THE PARTIES AGREE AS FOLLOWS:
1. Purchase and Sale of Property. Upon the terms and conditions described
below, Buyer agrees to purchase and Seller agrees to sell and convey the Property to
Buyer.
2. Purchase Price. The purchase price for the Property will be an amount
equal to Two Million Six Hundred Seventy Thousand Dollars ($2,670,000.00} ("Purchase
Price"). The Purchase Price shall be paid in cash, and this Agreement is not subject to
any financing contingency.
3. Pavment of Purchase Price. Not later than two (2) business day prior to
Closing, Buyer shall deposit with Escrow Holder in immediately available funds the
Purchase Price, together with such other amounts as may be required in order to pay
Buyer's share of closing costs and prorations.
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RESOLUTION NO. OB - 175
4. Title.
CONTRACT NO. SA36970
4.1 Preliminary Title Report. Upon execution of this Agreement by both
parties, Seller will order from Lawyer's Title Company, 3480 Vine Street, Suite 300,
Riverside, California 92507 ("Title Company") a preliminary title report, together with
legible copies of ali title exception documents described therein (collectively the
"Report"). Within five (5) business days after Buyer's receipt of the Report, Buyer may
object, by written notice to Seller, to any titie exceptions which Buyer determines are
unacceptable, in Buyer's sole discretion. Seller may thereafter elect, at its option and at
its sole cost and expense, either to eliminate such title objections prior to or at the Close
of Escrow, or not to do so. If Seller is unable or unwilling to eliminate any such title
objections, Buyer may elect to terminate this Agreement. Alternatively, Buyer may elect
to waive any such title objections and accept title to the Property subject to such matters.
4.2 Title Policv. At Close of Escrow, Seller will convey good and
marketable title to the Property to Buyer as evidenced by a CLTA Standard Form Owners
Policy of Title Insurance, or at Buyer's election and expense, an ALTA Extended Owner's
Policy of Title Insurance, issued by the Title Company in an amount equal to the Purchase
Price, and containing such endorsements (the "Endorsements") as Buyer may, at
Buyer's expense, reasonably require ("Title Policy").
5. [Intentionally Omitted].
6. As Is Acceptance of Property. Buyer acknowledges that prior to Close of
Escrow, it will have had the opportunity to conduct such tests and evaluations as it deems
reasonably necessary in order to investigate the condition of the Property, including its
environmental status. Buyer acknowledges that it is acquiring the Property in its "as is"
condition with no warranty or representation from Seiler regarding the physical condition
of the Property, its environmental condition or its suitability for Buyer's intended purposes.
Buyer acknowledges that it is acquiring the Property based solely in reliance on its own
inspections and examination and its own evaluation of the Property. Buyer agrees that
no representations, statements or warranties have at any time been made by Seller or its
agents regarding the physicai condition of the Property except as may be contained in
this Agreement. Buyer acknowledges that there may be conditions affecting the Property
unknown to Buyer that may adversely affect its value or use for Buyer's intended
purposes. Buyer nevertheless waives any rights or recourse it may have with respect to
such unknown conditions and any damage, loss, costs or expense related thereto,
including rights accruing under California Civil Code § 1542, which provides�
"A general release does not extend to claims which the
creditor does not know or suspect to exist in his or her
favor at the time of executing the release, which if
known by him or her must have materially affected his
or her settlement with the debtor."
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RESOLUTION NO. OB — 175
CONTRACT NO. SA36970
Buyer acknowledges that it has either consulted with or had an opportunity to
consult with legal counsei regarding the above waiver. The provisions of this Section 6
will survive Close of Escrow.
Buyer's Initiais
7. Escrow.
7.1 Escrow instructions. This Agreement shall constitute instructions of
Buyer and Seller to Escrow Holder. The parties agree to execute such additional pro
forma instructions as Escrow Holder may reasonably require, however, in the event of a
conflict, the terms and provisions of this Agreement shall govern.
7.2 Openinq of Escrow. Upon execution of this Agreement, Buyer and
Seller shall cause an escrow to be opened with Escrow Holder by depositing with Escrow
Holder a fully executed copy of this Agreement. Escrow shall be deemed opened as of
the date this Agreement is deposited with Escrow Hoider ("Escrow Opening").
7.3 Close of Escrow; Closinq Date. "Close of Escrow" shall mean the
date on which the Grant Deed conveying title from Seller to Buyer is recorded in the
Official Records of the County Recorder of Riverside County, California. The form of the
Grant Deed will be as set forth in Exhibit B attached hereto. Provided that this Agreement
is not earlier terminated pursuant to the terms and provisions hereof, and provided that
all of the conditions precedent to the Close of Escrow set forth in this Agreement have
been approved or waived as herein provided, Escrow shall close on or before thirty (30)
days following the Escrow Opening ("Closing Date"). Seller may terminate this
Agreement if Seller has performed its obligations hereunder, and failure to close Escrow
results from a materiaf defauit by Buyer. Buyer may terminate this Agreement if Buyer
has performed its obligations hereunder, and failure to close Escrow results from a
material default by Seller. By causing the Close of Escrow to occur, Escrow Holder shall
be deemed to have irrevocably committed to cause the Title Company to issue the Title
Policy to Buyer. If the County Recorder of Riverside County, California is closed on the
last day for closing Escrow, then the parties agree that Escrow Holder shall have until the
next day the Recorder is open to record the Grant Deed and close Escrow.
7.4 Documents and Funds from Buver. Not later than two (2) business
days prior to the Closing Date, Buyer will deliver or will assure that the following
documents and funds have been delivered to Escrow Holder:
(a) Purchase Price. The Purchase Price, as described in Section
2 above.
(b) Preliminary Chanqe of Ownership Statement. A Preliminary
Change of Ownership Statement or in lieu thereof, the appropriate fee, to be provided to
the Recorder's office at Close of Escrow.
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RESOLDTION N0. OB — 175
CONTRACT N0. SA96970
(c) Other Sums and Documents. All other sums and documents
required by Escrow Holder according to this Agreement to carry out and close the Escrow.
7.5 Documents and Funds from Seller. Not later than two (2) business
day prior to the Closing Date, Seller will deliver or will assure that the following documents
and funds have been delivered to Escrow Holder:
(a) Grant Deed. The Grant Deed, duly executed and
acknowledged by the Buyer and Seller, conveying a fee simple interest in the Property to
Buyer.
(b) FIRPTA Affidavit. The Seller's affidavit as contemplated by
California Revenue and Taxation Code Section 18662.
(c) Other Sums and Documents. All other documents and sums
required by Escrow Holder according to this Agreement to carry out the Escrow and to
issue the Title Policy to Buyer in the form required by Buyer.
7.6 Conditions to the Close of Escrow. Close of Escrow shall not take
pface unless and until:
(a) Seiler's Obiiqation. Seller's obligation to sell the Property to
Buyer is contingent on the following:
(i} Buyer shall have delivered the Purchase Price, less
any credits described in this Agreement, for the Property.
(ii) Buyer shall have timely performed all other obligations
of Buyer under this Agreement.
In the event that any of the foregoing conditions have not
occurred or been satisfied or waived by the Closing Date, Se{ler shafl be entitled to
terminate this Agreement and, subject to the provisions of Section 7.9 below, any funds
deposited by Buyer and any interest thereon will be returned to Buyer.
(b) Buver's Obliqation. Buyer's obligation to purchase the
Property is contingent on the following:
(i) Buyer shall have approved or shall be deemed to have
approved the Report for the Property pursuant to Section 4.1.
(ii) Seller shall have delivered insured title to the Property
on the terms required by Section 4.
(iii) No loss or damage to the Property shall have occurred
which would permit Buyer to terminate this Agreement pursuant to the provisions herein
below.
C�
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RESOLDTION NO. OB — 175
CONTRACT NO. SE�697Q
(iv) Seller shal{ have performed all of its other obligations
under this Agreement.
In the event that any of the foregoing conditions have not
occu�red or been satisfied or waived by the date(s) specified, Buyer shall be entitled to
terminate this Agreement and, subject to the provisions of Section 7.9 below, any funds
deposited by Buyer, and any interest thereon will be returned to Buyer.
(c) Delivery of Sums and Documents. Both parties have
deposited with Escrow Holder all sums and documents required by this Agreement.
(d) Title Policv. The Title Company is prepared to issue the Title
Policy to Buyer with title as described in Section 4 above.
7.7 Closinq Procedure. Upon receipt of all funds and instruments
described in this Section 7, and upon satisfaction or waiver of all contingencies and
conditions set forth in this Agreement, Escrow Holder shall:
(a) Record the Grant Deed. Record the Grant Deed in the Official
Records of Riverside County, California.
(b) Title Policy. Cause the Title Policy to be issued.
(c) Purchase Price. Deliver the Purchase Price to Seller, less any
costs and expenses shown on the closing statements approved by Seller and Buyer,
which costs and expenses shall be disbursed as instructed by Seller and Buyer in escrow
instructions delivered to Escrow Agent prior to the Closing Date.
7.8 ElectronicJCounterpart Documents. ln the event Buyer or Seller
utilizes "facsimile" or other electronically transmitted signed documents, the parties
hereby agree to accept and instruct Escrow Holder to rely upon such documents as if
they bore originaf signatures. Buyer and Seller hereby agree to provide to Escrow Holder
such documents bearing the original signatures within seventy-two (72) hours after
transmission. Buyer and Seller further acknowledge and agree that electronically
transmitted documents bearing non-original signatures will not be accepted for recording.
Escrow Holder is authorized to utilize documents which have been signed by Buyer and
Seller in counterparts.
7.9 Costs of Escrow. Buyer and Seller agree that Seller will pay all
closing costs. Additionally, (i) Buyer agrees to pay pay one-half ('/z) of Escrow Holder's
fee, and any additional costs and charges customarily charged to buyers in accordance
with common escrow practices in Riverside County and (ii) Seller shall pay one-half ('/z)
of Escrow Hoider's fee, the costs and expenses associated with the issuance of the Title
Policy as described in Section 4, and any additional costs and charges customarily
charged to sellers in accordance with common escrow practices in Riverside County.
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RESOLIITION N0. OB — 175
CONTRACT N0. SA36970
7.10 Propertv Taxes and Assessments. Under Seller's ownership, the
Property has not been subject to real property taxes or assessments. At the Close of
Escrow, Buyer will become liable for all real property taxes and assessments (including
any supplemental assessments) ailocable to the Property after the Close of Escrow.
7.11 Brokers' Commissions. Neither party has had any contact or
dealings regarding the Property, or any communication in connection with the subject
matter of this transaction, through any real estate broker or other person who can claim
a right to a commission or finder's fee in connection with the sale contemplated herein. If
any other broker or finder perfects a claim for a commission or finder's fee based upon
any such contact, dealings or communication, then the party through whom such person
makes its claim shall indemnify, hold harmless and defend the other party (the
"Indemnified Party") from any and all costs, damages, claims, liabilities, losses, or
expenses, (including without limitation, reasonable attorneys' fees and disbursements)
incurred by the Indemnified Party in defending against the claim. The provisions of this
Section shall survive termination of this Agreement and the Close of Escrow.
7.12 Possession. Possession of the Property shall be surrendered to
Buyer at the Close of Escrow.
7.13 Report to IRS. After Close of Escrow and prior to the last date on
which such report is required to be filed with Internal Revenue Service ("IRS"), and if such
report is required pursuant to Section 6045(e) of the Internal Revenue Code, Escrow
Holder shal{ report the gross proceeds of the purchase and safe of the Property to the
IRS on Form 1099-B, W-9 or such other form(s) as may be specified by the IRS pursuant
to said Section 6045(e). Concurrently with such filing, Escrow Holder shall deliver a copy
thereof to Buyer and Seller.
8. Remedies for Default. If Se{ler defaults under this Agreement, Buyer may,
at its option, terminate this Agreement or initiate an action for specific performance of this
Agreement.
9. Notices. Any and all notices required or permitted to be given hereunder
shall be in writing and shall be (i) personally delivered, or (ii) sent by recognized overnight
delivery service, mailed by certified or registered mail, return receipt requested, postage
prepaid. Any such notice or communication shall be effective when received by the
addressee or upon refusal of such delivery to the parties at the addresses indicated
befow:
To Seller: Successor Agency of the Palm Desert Redevelopment
Agency
c/o City of Palm Desert
73-510 Fred Waring Drive
Palm Desert, CA 92260
Attn: Executive Director
�'�
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RESOLUTION NO. OB — 175
To Buyer: City of Palm Desert
73-510 Fred Waring Drive
Palm Desert, CA 92260
Attn: City Manager
CONTRACT N0. SA36970
Any party may change its address by a notice given to the other party in the manner set
forth above.
10. Miscellaneous.
10.1 Inteqration. This Agreement supersedes all prior agreements and
understandings between the parties relating to the subject matter hereof. Neither of the
parties has relied upon any oral or written representation or oral or written information
given to it by any representative of the other party.
10.2 Bindinq Effect. This Agreement shall bind and inure to the benefit of
the parties, their respective heirs, successors and assigns.
10.3 Amendment/Modification. No change or modification of the terms or
provisions of this Agreement shall be deemed valid unless in writing and signed by both
parties.
10.4 Governinq LawNenue. This Agreement shali be construed,
interpreted and applied in accordance with the laws of the State of California. Any
litigation or arbitration regarding the Property or this Agreement will be brought in
Riverside County Superior Court or conducted in Riverside County.
10.5 Business Days. Reference herein to "business days" means any
day excluding Saturday, Sunday and any day which is a legal holiday under the laws of
the State of California or in the City of Palm Desert.
10.6 Waiver. No waiver of any breach or default shall be construed as a
continuing waiver of any provision or as a waiver of any other or subsequent breach of
any provision contained in this Agreement.
10.7 Attorneys' Fees. In the event of any action or proceeding to enforce
or construe any of the provisions of this Agreement, the prevailing party in any such action
or proceeding shall be entitled to reasonable attorneys' fees and costs.
10.8 Assiqnabilitv. Any assignment of Buyer's rights under this
Agreement shall require the prior written consent of Seller, which Seller may grant or
withhold in its sole discretion.
10.9 Time of the Essence. Time is of the essence of this Agreement.
10.10 Escrow Aqent. Escrow Agent shall conduct the Close of Escrow in
accordance with the terms and provisions of the escrow instructions to be given to Escrow
Agent by the parties in a form consistent with this Agreement. To the extent of any conflict
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RESOLUTION N0. OB - 175
CONTRACT NO. SA36970
or inconsistency between the terms and provisions of this Agreement and the escrow
instructions, the terms of this Agreement shall control.
10.11 Exhibits. All Exhibits which are referred to herein and which are
attached hereto or bound separately and initia{ed by the parties are expressly made and
constitute a pa�t of this Agreement.
10.12 Counterparts. This Agreement may be executed simultaneously in
one or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.
:
12812-0001�217139�v2 doc
RESOLDTION INQ. OB — 175
SELLER:
SUCCESSOR AGENCY TO THE PALM
DESERT REDEVELOPMENT AGENCY,
a public entity
By:
Name: Lauri Aylaian
Its: Executive Director
BUYER:
CITY OF PALM DESERT,
a California municipal corporation
By:
Name: Lauri Aylaian
Its: City Manager
ATTEST:
Rachelfe D. Klassen, City Clerk
�
CONTRA.CT N0. SA36970
APPROVED AS TO FORM:
Richards, Watson & Gershon,
By:
J. Grayson
APPROVED AS TO LEGAL FORM:
BEST BEST & KRIEGER LLP
Robert W. Hargreaves, City Attorney
12812-0001�2171395v2 doc
RESOLDTION N0. OB - 175
CONTRACT NO. SA36970
CONSENT AND ACKNOWLEDGMENT OF ESCROW HOLDER
Escrow Holder hereby agrees to (i) accept the foregoing Agreement, (ii) act as the
Escrow Holder under said Agreement and (iii) be bound by said Agreement in the
performance of its duties as Escrow Holder.
Escrow Holder acknowledges receipt on the date hereof of originals or
counterparts of the foregoing Agreement fully executed by Seller and Buyer.
Escrow Holder advises the parties that the date of the Opening of Escrow is
, 2018.
Dated:
I
L� _
, 2018 � FORESITE ESCROW
I By:
I its:
I
Escrow Officer
i
i
�il�
12812-0001�2171395v2.doc
RE6IQLUTION NO. OB - 175
EXHIBIT A
CONi[1RACT N0. SA36970
LEGAL DESCRIPTION OF PROPERTY
EXHIBIT ��A"
File No: 618640708
All [hat certa�r real property s�tuated in the Coun[y of Riverside, Sta[e o` CzhFomia, descnbed as
follows:
PARCEL 1: (�PN 620-370-0�1�)
Parcel A, as shown on Exhibi[ "B" attached to Certrficate of ComR��ance {Warver cf Parcef Map PMW
07-1:) recorded June 1, 2D07 as Instrument No 20070364240 of O`f�c�al 4ecords of Rive�side
County, Cal�fornia and descnbed as foflows
That certa�n Parcel o` land s�t�atcd in the City of �alm DeSert, County o` R�verside, Sta[e of
Cali°orria, beinq port�ons of Pa•cels 16 and 1S as shown on Parcel Man No 27400. filed in Book
183, Paqes 38 throuqh 41, of Parcel Maps, in the U`fice of the CourtY Recorder, of said CourtY of
Rrvers�de, more part�cularly descr�bed as a whole as fellows:
Beqinning at che Northwest corner of sa,d Parcel 19;
Thence aiong the Northerly Ime oi said Parcel 19 ,\orth 89°45'OS" Ezs[ 634.42;
'hence leav�rg said Northerly lirc South 0'_°11':0" West 100 SO feet to a po�nt on the Northerly
I�ne of said Parcel i6;
'hence Sou[h 00°00'15" Eas[ 235.00 feet to a po�nt on the Northerly right of way lir�e of Courtry
Club Drive as shown on said Parcel Map No. 27�100 and the Sou[herly line of said Parcel 16;
Thence along [he boundary lines of said parcels 16 and :9 through the `ollowing four courses:
South 89'45'08" West 13Z 98 fee[;
Thence NoKh UU°14'S2" West 235 UO feet;
'hcnce South 89°45'a8" West 318.61 feet;
Thence South 00°14'S2" East 235.00 fee[ to a point on the Nor[herly ngh[ of way hne o� Co�ntry
Club Drive as showr on said oarcel Mao No. 27400;
Thence alorg said Easterly right ot way I�ne tnro�gh the `oilowing [wo courses;
South 89°45'08" bVest 90.25 feet;
Thence North 50°47'21" West 34 96 feet to a point on a non-[argent curve concave 5outhwesterly
ard having a radius of 354 15 feet, a radial Iine of said curve from said point bears South
88°OS'07" West, sa�d point lies on the Easterly right of way line of Desert WiUow Drive shown as
Uesert Springs Drive en said Parcel Mzp No. 27400;
i hence alorg said Easterly right of way line thro�gh the `ollow�ng two courses:
qlong said curve Northerly 147.:5 feet through a central angle of 23°48'25" to a point o` reverse
curvature h�ith a curve mncave Easterly and having a radws cf 310.00 feet, a radial hre of said
curve from said po�nt bears North 64°16'43" East;
Thence along said curve 'Vortherly 1�5.83 feet throu9h a ceniral argle of 32`29'S4" to the poir.t of
beginning.
CLTA Prelirninary Repor[ Form - �Medified (11-17-06)
Page 3
�
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RESOLDTION N0. OB - 175
PARCEL 2: (APN G�D-37-033)
CONTRACT NO. 61A36970
File No: 61861070A
Parcel C, as shown on Ezhibit "B" attached to Ccrt�ficate of Compharce (Waiver of Parcel Map PMW
07-10) recorded ]une 1, 2007 as jps r�m n No. 0070"� �4 "�8 of Off�cial Records of Riverside
[ounty, Cal�for�ia and descnbed as follows:
That certain Garcel of land situa[ed in the C�ty of �alm Desert, Co�ety of Rrverside, Sta.e ot
Cal�forr�a, be�ng portions of Parcels 5 and 6 as shown on Parcel •�1ap No. 27400, f�led in Book 1&3,
Paqes 38 throuqh 42. of aarcel Maos, in the Office of the Co�ntv Recorder, o° said Co�ntv of
Rivers�de, more particularly descnbed as a whole as follews:
tieginning at [he Sou[hwest corner o` said Parcel 5;
The�ce alorg the Westerly I�re of said Parcels 5 and 6[hrough the following four courses
Nor,h 01°12'12" East 227.82 teet;
Thencc North 18'27'42" West 94.48 feet;
Thence North 71°32'13" East 8.00 fcet;
'hence North 18°27'47" Y✓est 148.00 feet to a point on the Southerly right of way I�ne of Market
Place as shown on said Parcel .Hao No. 27•400;
Thence alorg Said Southerly right of way line North 71°32'13" East 75.87 feet to a po�nt on a �on-
[argen[ curve corcave Southwesterly and hav�ng a rzdius o` 25 00 feet a rad�zl hne o` said ccrve
from said point bears South 18°27'47" East;
Ther�ce leaving said Southerly righ[ of way line alon9 sa�d curve Eas[erry and Southeasterty 47.85
fect through a central angle of 109`39'3i"
Thence tanger[ From said curve Scuth G1°11'44" West 16G.4E feet to the be9inning o` a cangert
curvP conr.ave Northeasterly and having a radws of 53.0(1 `eet;
Therce aleng said curve Southeasterly 50.34 feet through a central argle o` 54°25'OS";
Thence tangent from said curve South 53° 13'20" East 60.33 feet;
Thence Sou;h O1°:1'10" tiNest 211.19 fce[;
Chence tvorth 8H°4?'48' \Nest 102 11 feet to Lhe poirt ef beginr,ing.
PARCEL 3: (APN 620-37-033)
Parcel D, as shown on ExhibR "9" a[tached to Cer[iiicate of Compliance (Waiver of Parcel Map PM�V
07 10) recorded June 1, 2007 as Instrument No. 20070364238 of Official Records of Rrverside
County, Cai�fornia and descr�bed as foilows:
That certain Parcel o` land s�[urted �n the City o( Palm Desert, County of Riverside, State of
Cal�`orr�a, being portions of Parcels 5 and 6 as Shown on Parcel Mao No. 27400, filed in Book 183,
Paoes 38 thro��nh a� nf Par�Pl Maos. ie fhe Ufhce of fhp Courtv Recorder. o` said CounN of
Rivers�de, more particularly described as a whole as follows:
Eieg�nning at [he Sou[hwes[ corner of Parcel 5 as shown on ?arcel Mao Vo. 27400;
Thence alorg the boundary I�ne o` sa�d Parcel 1 through the `ollowing s�x courses:
South 73°57'23" West 159.49 fee[;
��Tq Prel�minary Repor, Form - Hcdi°ied (11-I/-OE)
Peye. 4
-A-2-
12812-0001�2171395v2 doc
RESOLIITION NO. OB - 175
Thence North IB°27'47" West 246.90 teet;
Ther.ce North 71°3�'13" Eas[ 10.04 feet;
?hence North :8'27'47" West 20.0a feet;
�hence NoRh 71°32'? 3" East 1 i0 33 Feet;
CONTRACT NO. SA36970
File Na: 618G40708
Thence North 18°27'47" WeSt 178 67 f22t to a point on [he SOuthPrly right ot way I'ine of Market
PlaCe as showr on said Parcel MaD No. 21400;
ThencP along said Snutherly right o` way I�nF South 7:°32'13" West 291 .41 feet;
Thence South 13°59'2:" West 25 09 feet to a point on a non-tangent curve concave Wes[erly and
having a radius of 440.00 `ect, a radial I�ne of said curve from said poir.t bears South 76°33'3:"
West, said po�nt also being Iocated or the Eas[eriy r�ght of way line o` Desert tVillow Drive, sl-own
as Desert Springs Drive on saiA ParrPl M�n No. 27400;
Thence alorg sa�d curve and [asterly right of way I�ne Sou[herly 310.58 feet through a central
angle of 40°26'36" to the beg�nning o` a reverse curve concave Southeasterly and having a rad�us
of 310.00 `eet, a radial hne o° said curve from said begirnirg of reverse curve bears Sou[h
62°54'S3" East;
Thence contir.uing along sa�d right o.` way I�ne and along said curve Southerly :09.43 feet through
z:entral angle of �0' 13'31" to the Sou[hwest corner of said Parcel 1;
Thence non-[angent from said curve alorg the Southerly line of said Parcel 1 horth 89°45'08" Eas[
634.42 tect;
Thence leavirq 5aid SOutherly I�nF North 01'l l'10"' East 99 90 feCt;
Thence North 88°47'48" West 102.11 feet to tl-e pcint of be9�nning.
Excepting [herefrom Parcel 2 as shown on sa�d Parcel Map No 27400, �n Rnok 1A3 ?aaes 38
through 42, of Parcel Maps, in the O`f�ce of the County Recorder of szid Co�nty ot Riverside
PARCEL 4:
Parcels 2, 3, 4 17 ard 18 as shown or Parcel Mao No. 27400, filed in Book 1i33. Paaes 38 through
42, of Parcel Maps, in [he Office of the Courry Recorder, of said County of Riverside, Cahfornia.
Assessor's ParcelNo: 620 370 002; 620-370-003; 620-370 004; 620 370-017; 620-370 018
CLTA Prel�m�nary Repor, form - Mod�fied (11-17-OE)
Pagc 5
-A-3-
12812-OOOi'�217139�v2.doc
RESOLDTION NO. OB — 175
EXHIBIT B
CONTRACT N0. SA36970
FORM OF GRANT DEED
RECORDING REQUESTED BY�
Successor Agency to The Palm
Desert Redevelopment Agency
AND WHEN RECORDED RETURN TO:
The City of Palm Desert
73-510 Fred Waring Drive
Palm Desert, CA 92260
Attention: City Manager
With a copy to:
Richards, Watson & Gershon
355 South Grand Ave., 40th Floor
Los Angeles, CA 90071
Attention: Jim G. Grayson, Esq.
APN's: 620-370-002; 003; 004; 017; 018; 020; 033 and 043
Space Above This Line For Recorder's Use
This Grant Deed is exempt from Recording Fees pursuant to
California Government Code Sections 6103 and 27383
GRANT DEED
THE UNDERSiGNED GRANTOR DECLARES:
FOR VALUABLE CONSIDERATION, the receipt of which is hereby
acknowledged, the SUCCESSOR AGENCY TO THE PALM DESERT
REDEVELOPMENT AGENCY, a public entity (the "Grantor"), hereby grants to THE
CITY OF PALM DESERT, a Cafifornia municipal corporation (the "Grantee"), that certain
real property described in Exhibit A attached hereto (the "Site") and incorporated herein
by this reference, together with all improvements located thereon and all of Grantor's right
title and interest in and to all easements, privileges and rights appurtenant to the Site.
�
12812-0001�21�139�v2 doc
RESOLIITION NO..OB — 175
CONTRACT NO. SA�6970
The Site is conveyed further subject to al! easements, rights of way, covenants,
conditions, restrictions, reservations and all other matters of record, and the following
conditions, covenants and agreements.
1. The Grantee covenants by and for himself or herself, his or her heirs,
executors, administrators and assigns, and all persons claiming under or through them,
that there shall be no discrimination against or segregation of, any person or group of
persons on account of any basis listed in subdivision (a) or (d) of Section 12955 of the
California Government Code, as those bases are defined in Sections 12926, 12926.1,
subdivision (m) and paragraph (1) of subdivision (p) of Section 12955, and Section
12955.2 of the California Government Code, in the sale, lease, sublease, transfer, use,
occupancy, tenure or enjoyment of the premises herein conveyed, nor shall the Grantee
himself or herself, or any person claiming under or through him or her, establish or permit
any practice or practices of discrimination or segregation with reference to the selection,
location, number, use or occupancy of tenants, lessees, subtenants, sublessees or
vendees in the premises herein conveyed.
Notwithstanding the immediately preceding paragraph, with respect to familial
status, said paragraph shall not be construed to apply to housing for older persons, as
defined in Section 12955.9 of the California Government Code. With respect to familial
status, nothing in said paragraph shall be construed to affect Sections 51.2, 51.3, 51.4,
51.10, 51.11, and 799.5 of the California Civil Cade, relating to housing for senior citizens.
Subdivision (d) of Section 51 and Section 1360 of the California Civil Code and
subdivisions (n), (o) and (p) of Section 12955 of the California Government Code shall
apply to said paragraph.
2. All deeds, leases or contracts entered into with respect to the Property shall
contain or be subject to substantially the following nondiscrimination/nonsegregation
clauses:
(a) In deeds: "The Grantee herein covenants by and for himself or herself, his
or her heirs, executors, administrators and assigns, and all persons claiming under or
through them, that there shall be no discrimination against or segregation of, any person
or group of persons on account of any basis listed in subdivision (a) or (d) of Section
12955 of the California Government Code, as those bases are defined in Sections 12926,
12926.1, subdivision (m) and paragraph (1) of subdivision (p) of Section 12955, and
Section 12955.2 of the California Government Code, in the sale, lease, sublease, transfer,
use, occupancy, tenure or enjoyment of the premises herein conveyed, nor shall the
Grantee himself or herself, or any person claiming under or through him or her, establish
or permit any practice or practices of discrimination or segregation with reference to the
selection, location, number, use or occupancy of tenants, lessees, subtenants,
sublessees or vendees in the premises herein conveyed. The foregoing covenants shall
run with the land,
Notwithstanding the immediately preceding paragraph, with respect to familial
status, said paragraph shall not be construed to apply to housing for older persons, as
defined in Section 12955.9 of the California Government Code. With respect to familial
:
12812-0001\2171395v2 doc
RESOLUTION NO. OB - 175
CONTRACT N0. 64A36970
status, nothing in said paragraph shall be construed to affect Sections 51.2, 51.3. 51.4,
51.10, 51.11, and 799.5 of the California Civil Code, relating to housing for senior citizens.
Subdivision (d) of Section 51 and Section 1360 of the California Civil Code and
subdivisions (n), (o) and (p} of Section 12955 of the Cafifornia Government Code shall
apply to said paragraph."
(b) In leases: "The lessee herein covenants by and for himself or herself, his
or her heirs, executors, administrators and assigns, and all persons claiming under or
through him or her, and this lease is made and accepted upon and subject to the following
conditions: That there shall be no discrimination against or segregation of any person or
group of persons, on account of any basis listed in subdivision (a) or (d) of Section 12955
of the California Government Code, as those bases are defined in Sections 12926,
12926.1, subdivision (m) and paragraph (1) of subdivision (p) of Section 12955, and
Section 12955.2 of the California Government Code, in the leasing, subleasing,
transferring, use or occupancy, tenure or enjoyment of the premises herein leased nor
shall the lessee himself or herself, or any person claiming under or through him or her,
establish or permit any such practice or practices of discrimination or segregation with
reference to the selection, location, number, use or occupancy of tenants, lessees,
sublessees, subtenants or vendees in the premises herein leased.
Notwithstanding the immediately preceding paragraph, with respect to familial
status, said paragraph shall not be construed to apply to housing for older persons, as
defined in Section 12955.9 of the California Government Code. With respect to familiai
status, nothing in said paragraph shal{ be construed to affect Sections 51.2, 51.3, 51.4,
51.10, 51.11, and 799.5 of the Cafifornia Civil Code, relating to housing for senior citizens.
Subdivision (d) of Section 51 and Section 1360 of the California Civil Code and
subdivisions (n), (o) and (p) of Section 12955 of the California Government Code shall
apply to said paragraph."
(c) In contracts: "The contracting party or parties hereby covenant by and for
himself or herself and their respective successors and assigns, that there shall be no
discrimination against or segregation of any person or group af persons, on account of
any basis listed in subdivision (a) or (d) of Section 12955 of the California Government
Code, as those bases are defined in Sections 12926, 12926.1, subdivision (m) and
paragraph (1) of subdivision (p) of Section 12955, and Section 12955.2 of the California
Government Code, in the sale, lease, sublease, transfer, use, occupancy, tenure or
enjoyment of the premises, nor shall the contracting party or parties, any subcontracting
party or parties, or their respective assigns or transferees, establish or permit any such
practice or practices of discrimination or segregation.
Notwithstanding the immediately preceding paragraph, with respect to familial
status, said paragraph shall not be construed to apply to housing for older persons, as
defined in Section 12955.9 of the California Government Code. With respect to familial
status, nothing in said paragraph shall be construed to affect Sections 51.2, 51.3, 51.4,
51.10, 51.11, and 799.5 of the California Civil Code, relating to housing for senior citizens.
Subdivision (d) of Section 51 and Section 1360 of the California Civil Code and
:
12812-0001�2171395v2 doc
RESOLDTION NO. OB — 175
CONTRACT N0. SA36970
subdivisions (n), (o) and (p) of Section 12955 of the California Government Code shall
apply to said paragraph."
3. All covenants and agreements contained in this Grant Deed shall run with
the land and shall be binding for the benefit of Grantor and its successors and assigns
and such covenants shall run in favor of the Grantor and for the entire period during which
the covenants shall be in force and effect, without regard to whether the Grantor is or
remains an owner of any land or interest therein to which such covenants relate. The
Grantor, in the event of any breach of any such covenants, shall have the right to exercise
all of the rights and remedies provided herein or otherwise available, and to maintain any
actions at law or suits in equity or other property proceedings to enforce the curing of
such breach. The covenants contained in this Grant Deed shall be for the benefit of and
shall be enforceable only by the Grantor and its successors and assigns.
4. The covenants contained in Paragraphs 1 and 2 of this Grant Deed shall
remain in effect in perpetuity except as otherwise expressly set forth therein.
5. This Grant Deed may be executed simultaneously in one or more
counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.
IN WITNESS WHEREOF, Grantor and Grantee have caused this Grant Deed to
be executed and notarized as of this day of , 2018.
GRANTOR: SUCCESSOR AGENCY TO THE PALM
DESERT REDEVELOPMENT AGENCY, a
public entity
By:
Name
Title:
ATTEST:
Secretary
GRANTEE:
Lauri Aylaian
Executive Director
THE C1TY OF PALM DESERT,
a California municipal corporation
By:
Name
Title:
Lauri Aylaian
City Manager
-B-4-
12812-0001�2171395v2.doc
RESOLDTION NO. OB — 175
CONTRACT N0. SA36970
CALIFORNIA ALL-PURPOSE ACKNOWLEDGEMENT
A �otar�� Public or other ofticer compicting this certificatc
verifies only the identity of the individual who siened thc
document to which this certiticate is attached, and not thc
truthfulness, accuracy, or validity of that dacument
State of California )
County of Riverside )
C�7i1
, before me,
(insert name and title of the o�cer)
Notary Public, personally appeared ,
who proved to me on the basis of satisfactory evidence to be the person(s) whose
name(s) is/are subscribed to the within instrument and acknowledged to me that
he/she/they executed the same in his/her/their authorized capacity(ies), and that by
his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of
which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California
that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Signature
(Seal)
-B-S-
12812-0001�2171395v2.doc
RESOLUTION N0. OB — 175
CONTRACT NO. 61A36970
CALIFORNIA ALL-PURPOSE ACKNOWLEDGEMENT
A Notary Public or other officer complrung this certi(icate
verifics only the identity of tlic indioidual �vho signcd the
document to «hich this cenilicate is attached. and not thc
truth(ulness, accurac�, or valtdit� of that document
State of Caiifornia )
County of Riverside )
On
, before me,
(insert name and title of the o�cer)
Notary Public, personaliy appeared
who proved to me on the basis of satisfactory evidence to be the person(s) whose
name(s) isiare subscribed to the within instrument and acknowledged to me that
he/she/they executed the same in his/her/their authorized capacity(ies), and that by
his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of
which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California
that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Signature
-f3-6-
(Seal)
I 28 I 2-000 I�2 I 7 I 395 v2. doc
RESOLUTION NO. OB — 175
CONTItACT N0. SA36970
LEGAL DESCRIPT{ON OF PROPERTY
EXHIBIT "A"
File No: 61A640J08
All [hat certain real property situated in the County of Riverside, State of Cahfomia, descnbed as
follows:
PARCEL 1: (APN G20-370-043)
Parcel A, as shown on Exhibit "B" attached to Certificate of Compliance {Waiver of Parcel Map PMW
07-11) recorded lune 1, 2007 as instr�,ment No. 20070364240 of Ofiicial Records of Riverside
Coun[y, Cal�fornia and described as follows:
That certain Parcel of land situated in the City of aalm Desert, County of Riverside, State of
Cal�fornia, being portions of Parcels 16 antl 19 as shown on Parcel Mao No. 27�00, filed in Book
183, Paqes 38 throuah 42, of Parcel Maps, in the Uffice of the Countv Recorder, of sz�d Courtv o`
Rivers�de, more part�cularly described as a whole as follows:
BEginning at th2 NOrthw25t COr�Er Of SAid ParcEl 19;
Thence along the Northerly line of said aarcel 19 VoRh 89°45'08" East 634.42;
Thence leav�ng said Northerly line South O1°1 i':0" West 100.50 feet [o a po�nt on the Northerly
line of said Parcel :6;
7hence South 00°00'15" East 235.o0 feet to a point on the Northerly righ[ of way line of Country
Club Drive as shown on said oarcel Map No Z7400 ard the Southerly line of said Parcel 16,
Thence alor.g the boundary lines of said Parcels 16 and 19 through the following four courses:
Sou[h 89°AS'08" 1Nest 132.98 ieet;
Ihence North 00°14'S2" West 235.OU fee[;
Thence South 89°45'08" West 318.61 feet;
Thence South 00°14'S2" East 235.00 Feet tc a point on the NertherlY righ[ of way line of Country
Club Drive as shown on said Parcel Mao No. 27400;
7hence atong said Easterly riqht ot way I�ne thro�gh the `ollow�ng two courses;
South 89'45'08" West 90.25 fcet;
Thence North SU°47'21" West 34.96 feet to a point on a non-tangent curve concave Southwesterly
and having a redius of 354 15 feet, a radial lire of said curve from sa�d point bears South
88°OS'07" West, said point lies on the Easterly right of way line of Desert OVillow Drive shown as
DeseK Springs �rive on said Parcel Map No. 27400;
Thence alor.g said Easteriy right cf way line through the following two courses:
Along said curve Northerly 147.15 fee[ throuqh a central a�gle of 23°48'25" to a poirt of reverse
curvature with a curve concave Easterly and having a radius of 310.00 feet, a radial line of said
curve from said po�n[ bears North 64°16'43" East;
Thence along said curve Yor[herly 175.83 feet through a central angle of 32°29'S4" to the poirt of
beginning.
CLTA Preliminary Report Form - Modified (1i-17-06)
Page 3
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12812-0001�2171395v2 doc
RESOLUTION N0. OB — 175
PARCEL 2: (APN F7(1-�7-114'i)
CONTRACT NO. SA36970
file No: 618640708
Parcel C, as shown on Exhibit "8" attached to Cert�ficate of Compliarce (Waiver of Parcel Map P,HW
07-10) recorded June 1, 2007 as Instrument No. 2�0703G4238 of O`��cial Records of Riverside
Counly, Cal�forn�a and Aescribed as follows:
That certain Parcel of land sduated in the City of �alm Desert, County ef Rrverside, State of
Cal�forn�a, being portions of Parcels 5 and 6 as shown on Parcel Mao No. 27�00, f�led in Book 183,
Paqes 38 th�ouqh 42, of Parcel Maps, in the Offtce o` the CounkV Recprder, of sdid COUntY of
Rwerside, more parti[ularly described as a whole as follows:
E3eginning at the Southwest corner of said Parcel 5;
Thence along [he Westerly lire of said Parcels 5 and 6 through the followin9 four courses:
North O1° 12'12" East 722.82 feet;
Thence North 18°27'42" West 94.48 feet;
Thence North 71°32'13" East 8.00 feet;
Thence North :B°27'47" West 148.00 feet to a point on the Southerly right of way line of Market
Place as shown on said Parcel Mao No. 27400;
Thence alorg sa�d Southerly right of way line North 71°32'13" East 75.87 `eet to a poirt on a non-
tangent curve concave Southwesterly and having a radius o' 25.00 feet a radial line of said c�rve
from said point bears South 18°27'47" East;
Thence Ieaving said Southerly righ[ of way lire along said curve Easterly and Southeasterly 47.85
feet [hrough a cPntfal an91e of 109°39'3:"
Thence tangent from sa�d curve South O1°11'44" West 166.46 feet to the beglnning of a tangent
curve corcave N�rtheasterly and having a radius of 53.00 `eet;
Thence along said curve Southeasterly 50.34 feet through a central argle o` 5�°25'OS";
Thence tangent from said curve South 53°13'ZO" East G0.33 feet;
Thence South D1°11'10" West 211.19 feet;
Thence NoKh 88°41'48' 1Nest 1U1.11 feet to the point of beginning
PARCEL 3: (APN 620-37-033)
Parcel D, as shown on Exhibit "B" at[ached to Certificate ot Compliance (Waiver of Parcel Map PMW
07 10) recorded June 1, 2007 as Instrument No. 20070364235 of Of icial Records of Riverside
County, Califomia and descrihed as follows:
That certain Parcel of land si[uated in tl-e City of 7alm Desert, Co�nty of Rrverside, State of
Califomia, being portions of Parcels 5 and 6 as shown on Parcel Mao No_ 27400, filed in Book 183,
Paoes .7R thr��;nh 47 �f oarrPl Manc �� rha nfs�ra nf [he �ountv R rord r. o` said Countv of
Rrverside, more particufarly descnbed as a whole as follows:
Beginn�ng at the Southwest corner o` Parcel S as shown on Parcel Mao ho. 27400;
Thence along the boundarY line of said Parcel 1 throu9h the follow�ng s�x co�rses:
South 73°57'23" West 159.49 feet;
CITA �rel�minary Report Form - Modified (11-17-OE)
Page 4
i i
I 2812-0001 �2171395v2.doc
RESOLDTION N0. OB - 175
Thence North 18°27'47" West 246.90 feet;
Thence North 71°32'13" East 10.00 feet;
Thence North 18°27'47" West 20.0a feet;
Thence North 71°32'i3" East 1:0 33 feet;
CONTRACT NO. SA36970
file No: G18G40708
Thence North 18°27'�7" Wes[ 176.67 feet to a point on the S�u[h�rly right of way line of Market
Place as shown on said Parcel Mao No. 27400;
Thence along said Southerly right of way line South 71°32'13" West 291 41 feet;
Thence South 23°59'21" West 25.09 feet to a point on a non-tangent curve concave Westerly and
having a radius of 440.00 feet, a radial iine oF said curve from said point bears South 76°33'3:"
West, said point also being located on the Easterly r�ght of way line o` Desert �Villow Dr�ve, shown
as �esert Sprinqs Drive on said Parcel Mao N�. 27440;
Thence along sa�d curve and Easterly nght of way I�ne Southerly 310.58 feet through a centrat
an91e of 40°26'36" to the beginning o� a reverse curve concave SoutFeas[erly and having a radius
of 310.00 feet, a radial line of said curve from said beginring of reverse curve bears South
62°59'S3" East;
Thence continuing along said right o! way line and along said curve Southerly 109 43 fee[ through
a central angle of 20° 13'31" to the Southwest corner of said Parcel 1;
Thence non-tangent from said curve alorg the Southerly line of said Parcel 1 horth 89°45"08" Eas[
634.42 feet;
The.nce leaving said Southerly linP North Q1°11'10" East 99.90 feet;
Thence North 88°47'48" West 102.11 feet to the point of beginning.
Excepting there'rom Parcel 2 as shown on said Parcel Mao No. 27400, �n Book 183. Paoes 36
through 42, of Parcel Maps, m tl-e Office of the County Recorder o'said Co�nty of Rrverside.
PARCEL 4:
Parcels 2, 3, 4 17 and 18 as shown or parcel Ma� No. 27400, filed in Book 183. Paoes 38 through
42, of Parcel Maps, in [he Office of the Courty Recorder, of said County of Rrverside, California.
Assessor's ParcelNo: 620-370-002; 620-370 003; 620-370-404; 620 37q-017; 620-370-018
CLTA �reliminary Repor[ Form - Mod�fied (11-17-06)
Page 5
-F3-9-
I 2812-0001 \217139Sv2.doc
RE6IULDTION NO. OB — 175
�her,ce North 18°27'47" Wes[ 246.90 fcet;
Thence Nortn 71°37'13" East 10.00 feet;
Thence M1orth :8°27'q7" West 20.00 feet;
Thence NOKh 71°32'13" East 1:0 33 fee[;
CONTRACT NO. SA36970
Fiie No: 618640708
�hpnce North 18'27'47" West 178.67 feet to a point on the S�utherly riqht of way line of Market
Piace as shown on sa�d Parcel �Mao No. 27400;
Thence along sa�A Snutherly right of way line South 71°32'13" VJest 291.41 Feet;
Thence South 23°S9'2i" �Yest 25.U9 feet [o a point on a non-tangent curve concave Westerly and
having a radius of 440.00 `ect, a radial I�ne of said curve from said point bcars So�th 76°33'3:"
West, said point also be�rg loca[ed or the casterly r�ght o° way lire oF Desert �Villow Drive, shown
zs DesPrt Sprinqs Drive on sa�d P,�rrPl ht�� N^.� 77400,
?hence alorg sa�d curve and Easterly right of way I�ne Southerly 310 58 feet through a cen[ral
angle o` 40°2fi36" [o the bPg�nning Of a reverse curve concave Southeasterly and having a radius
of 310.00 !ee[, z radial line of said curve from said begirnirg of reverse curve bears South
62°59'S3" East;
Therce con[ir,uirg along said right of wzy Iine and along said curve Southcrly � 09 43 feet through
z cer[ral angle of 20° 13'31" to the Sou[hwest corner of sa�d Parcel 1;
Thence norn[angert !rom said curve alorg [he Southerly hne of said Parcel 1 i�orth 89°45'08" Ezst
634 42 feet;
ThencP leavirg said Southerly line North O1'l l'10" Fast 99.9� feet;
Then:e NoRh 88°47'48" Wes[ 102.11 fcet to the point of beg�nning.
Exrepting there�rom Parcel 2 as shown on sa�d Parcel Mao No. 27400, in Book 183. Paoes 36
[hro�gh 42, o` Parcel Maps, in the O`f�ce of the County Recorder o` said Co�rty of Rivers�de
PARCEL 4:
Parcels 2, 3, 4 17 and 18 as shown on Parcel Mao No. 27400, fited �n R�nk � R"t Pa�es 3g thro�gh
42, of Parcel htzps, ir. [he Of ice of [he Cour[y Recorder, of said County of Rwerside, Cahfomiz.
l�ssessor's Parccl No: E20 370-002; 620-370-003; 620 370 004; 620 370 017; 620 370 018
CLTA �reliminary Repor� �orr-i - Mr,difieA (1]-17-OE)
Paye 5
-8-10-
I 28 I 2-�OG l'�217139; � 2.duc
y
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777,
21"P2, Lsa G.7, 9,2
� H 101
-OFF07
73-510 Fred Waring Drive
Palm Desert, CA 92260
RE: 11.14-Acres of Vacant Land; Located at the NEC of Country Club Drive and Desert Willol
Drive, Palm Desert, CA. Otherwise Known as aNs: 620-370-002, 3, 4, 17, 18, 20, 33, M.
Riverside County, CA.
E���
At your request and authorization, we have prepared this appraisal report, setting forth our
opinion of the market value of the fee simple estate of the subject property as of September 29,
2017. Per your request, the following market value estimates are provided:
Market Value "As Is"
The intended use of the report is for internal use. The intended user is the Client. No other use
or users are intended. Our report identifies the subject property and its market area, and
presents the market data and analilsis
to the requirements of the Code of Professional Ethics and Standards of Professional Appraisal
Practice of the Appraisal Institute. The appraisal report is intended to comply with the appraisal
guidelines of Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1898
("FIRREA"), and the Uniform Standards of Appraisal Practice ("USPAP"), adopted by the Appraisal
Standards Board of the Appraisal Foundation,
TdT-w--,#re1 N797 T-M-77=47('T sliject property. He have located and reviewed current sales
and listings of comparable properties in the subject neighborhood and competing areas, and
have analyzed the data in order to arrive at our estimate of market value, "As Is". Based upon
the available data, we conclude that the market value "As Is" of the fee simple estate in the
subject property as of September 29, 2017 is as follows:
$2,670,000
Two Million Six Hundred Seventy Thousand Dollars
The market value estimate in this appraisal report is based upon the following Extraordinary
Assumptions, Hypothetical Conditions, and Jurisdictional Exceptions:
Jurisdictional Exceptions
liik None
The use of the above captioned Extraordinary Assumptions, Hypothetical Conditions, and
Jurisdictional Exceptions, if any, might have affected the assignment results. The undersigned
no fee received or to be received for the employment of our services is in any way contingent
upon the opinions reported herein. We hope you find the details of the appraisal report relevant
to your decisions. Thank you for the opportunity to be of service.
MsEmff��
CAPITM, REM,'n, ANALYSTS
#461e�zl
Michael A. Scarcella, MAI
78100 Main Street, Suite 202
La Quinta, CA 92253 , A'uL—,
(760) 564-6222 Ext. 1
161g@ ty,8A,�isor.corn _Rg�aft
State Certification No. AG019463
Expiration Date: October 24, 2019
Michael A. Scarcella
78100 Main Street, Suite 202
La Quinta, CA 92253
(760) 564-6222 Ext. 4
Mic a I Rea r,corn
. ,dal kyA�L o--n
State Certification No. AT3004172
Expiration Date: November 29, 2018
Part I - Summary of Important Facts and Conclusions
TableofContents--............. ...... —.... --- .............. —...... ........ ... ---- ............. --.......... 4
Certification.... ............. -----............... —.... ..... .......... ----....... ----.......
5
Part|—SunnmoaryVf|rnporhsntFactsand Conclusions ..... --------------..................
6
Summary QfImportant Facts and Conclusions— —_-----_—........... —_----...........
6
Introduction.... ...... —....—_—_—...__...... --................... --~............ ---`^'~. 8
Aerial photo of the subject property viewing Mfrom Sof the site. ....... ...... —........ ---.8
Part 11 — Identification of the Appraisal Problem and the Scope of Work........... ..... .......
Identification of Client and Intended Users------- ..... ----_........ --...... ---11
Statement of Intended Uae—... --_—_—_--_—....... --- ....... ------...... ----�2l
Identification ofthe Subject Real Estate ... -------........ --......... _----........
2
PropertyRights Appraised ... ---............... --...... ........ —_---........... --..... ... --..II
Definition ofMarket Value --.......... -----.......... ....... --...... _----......... ---.1l
Effective Date OfValue Opinion ..... --- ................ ---- ...... ........ -----_------....
22
Extraordinary AgsunnmdOnS—... —......... -------......... ... ---- ......... _--_----.12
Hypothetical [ondki0ns--...... .......... ................ ---... ........ ----...... --.........
—l2
Jurisdictional Exceptions ... ... —........ -------......... ------------_------12
General Assumptions and Limiting CVmdbions........ ---------.......... ---...... —.I2
ScopeofWork ..... ----........ .................... —.................. ---.......... _--....... ----
13
Part III — Presentation ofData ..... ...... —........... --------....... .............. ---- ............
—15
Personal Property or Other Items that are Not Real Property. ..... —.... ....... ...... ---- ..... ...
I5
History, Including Prior Sales and Current Offers or Listings. ......... ---- ...... ---..............
l5
Market Area, City, Neighborhood, andLocation0ata--------------------.15
RegionalAnalysis ............. ........... --........... ------......... ---- ....... ...... ..... ....... —..15
City Analysis — Palm Desert, CA --- ........ --....... ---........... ---......... ----_—.I9
LandDescription .............. ....... --....... ........ ------_----........ ....... --.—........
23
FloodK4 ap................. —....... .............. ---- ....... _...... ____........ _________......
.2g
Improvement Deschption—... —......... --------_-----_--......... ---....... ---
3Q
Taxes and Assessment Data ....... ------........ ------------...... --..........
—3Q
Part |V—Analysis of Data and Conclusions .... ... —........ ------...... --............. ----..
31
MarketAna|ysis—............ —.......... ... .............. ..... --- ... ....... —................ .......... --...
3I
Highest and Best Use ......... —........... ---........ -------........ --------...
34
Sales Comparison Approach —... ...... ---- ........... ----...... ---- ......... ---_---....
37
Comparable Land Sales Data Sheets ... ... ............ ----........ —.......... ---...... —....
5O
WN15-M-00
*Capital Realty Analysts, 2017 Page 2
Certification
VVecertify tmthe best ofour knowledge and belief:
'446The statements mffact contained inthis report are true and correct.
'9�
�� The reported analyses, opinions, and conclusions are limited only by the reported assumptions and
limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and
conclusions.
��
�A, We have no present or prospective interest in property that is the subject of this report and no
personal interest with respect tothe parties involved.
��
�= We have performed no services as appraisers or in any other capacity regarding the property that is
the subject of this report within the three-year period immediately preceding acceptance of this
assignment.
10�
�� We have no bias with respect to the property that is the subject of this report or to the parties invoUved
with this assignment.
9�
�� Our engagernent in this assignment was not contingent upon developing or reporting predetermined
results.
144 �* Our compensation for completing this assignment is not contingent upon the development or
reporting of a predetermined value or direction in value that favors the cause of the client, the amount
of the value opinion, the attainment of stipulated result, or the occurrence of subsequent event
directly related to the intended use of this appraisal.
��
�& Our analyses, opinions, and conclusions were developed, and this report has been prepared in
conformity with the Uniform Standards ofProfessional Appraisal Practice.
��
�� We have made a partial personal inspection of the property that is the subject of this report.
I�
�� Michael A. 8caroeUa]r, license NuAT30O4172, provided significant professional appraisal assistance
to the person signing the certification.
Ifi,4 * The reported analyses, opinions, and conclusions were developed, and this report has been prepared,
in conformity with the requirements of the Code of Professional Ethics and Standards of Professional
Appraisal Practice of the Appraisal Institute.
�
��
1� The use ofthis report issubject tothe requirements ofthe Appraisal Institute relating toreview by its
duly authorized representatives.
a�
�� As of this report, Michael A. Scarcd|a, K4A| has completed the continuing education program of the
Appraisal Institute.
Michael A.Scarce\1a, K4Ai
7810DMain Street, Suite 202
L8 QWiMt3, CA92253
^--~~^--~
(750)564-6222 Ext. 1
Mike@Rea|iyAdvi5Or.corn
State Certification Wo.AGOl9463
Expiration Date: October 24,2019
Michael A. ScarceUa
781DOMain Street, Suite 202
La Quinta, CA 92253
/76O\564-6222Ext. 4
K4ichae|@RealtvA6visor.mmnn
State Certification No. AT3O04172
Expiration Date: November 29,ZO18
(OCapital Realty Analysts, 2017 Pages
Client: Successor Agency to the Palm Desert RDA
Attn: Ms. Lauri Aylaian, Executive Director
73-510 Fred Waring Drive
Palm Desert, CA 92260
Intended Successor Agency to the Palm Desert RDA
Users: Attn: Ms. Lauri Aylaian, Executive Director
73-510 Fred Waring Drive
Palm Desert, CA 92260
Property Type: Vacant land
Location: NEC of Country Club Drive and Desert Willow Drive, City of Palm Desert,
Riverside Country, CA, An Assessor's Plat Map is located in the Site Analysis
section of this report.
Identification: APNs: 620-370-002, 3, 4, 17, 18, 20, 33, 43: Riverside County, CA
Zoning: According to the Zoning Map of the City of Palm Desert, the subject property
is zoned P.C.-(2), Planned Commercial, A zoning map is included in the Site
Data section of this report.
General Plan: According to the General Plan Map of the City of Palm Desert, the subject
parcel has a general plan designation of Suburban Retail Center. A general
plan map is included in the Site Data section of this report,
@Capital Realty Analysts, 2017 Page 6
Part I - Summary of Important Facts and Conclusions
Site Description: According to the Riverside County Assessor's Plat Map, the site size of the
subject property is as follows.-
1
620-370-002
0.20
8,712
2
620-370-003
0.20
8,712
3
620-370-004
1.56
67,954
4
620-370-017
0.69
30,056
5
620-370-018
1.02
44,431
6
620-370-020
3.61
157,252
7
620-370-033
0.94
40,946
8
620-370-043
2.92
127,195
Totals
11.14
485,258
Improvement The subject property is improved with some paving and perimeter
Description: landscaping.
Highest and Hold for investment until such time as speculative commercial development
Best Use As becomes financially feasible.
Vacant:
Highest and Remain as Improved
Best Use As
Improved:
Property Rights Fee Simple Estate
Appraised:
@Capital Realty Analysts, 2017 Page 7
Aerial photo of the subject property viewing N from S of the site.
The subject property consists of 11.14-acres of vacant land, located at the NEC of Country Club
Drive and Desert Willow Drive, Palm Desert, CA. The property has been held by the current
owner, the Successol-Agency to the City of Palm Desert Redevelopment Agency, and/or affiliated
entities since at least 6/1/2007. According to the Desert Area MLS, the property is not currently
listed for sale. The entire property has a lease to the Marriott for parking, The lease rate is $1 per
year. The lease may be cancelled by either party with 30-day's notice; hence the lease has no
impact on the fee value of the property.
Currently, the Successor Agency is seeking a current market value estimate for the subject
property, which generated the requirement for this analysis, This Appraisal Report format
-'enerall-kvi follows the retort format s e s t e d b LN Th e A wx ra is a / o I R e EM I !'-#10#Tj#,,V im
31.2, p. 658). The following photos of the subject property were taken by the appraisers on the
iate of value, unless otherwise noted,
@Capital Realty Analysts, 2017 Pagel
The subject property viewing S from near the N line • the site I
mm
#I MOM M my* in
Street scene viewing S along Desert Willow Drive; subject at L
I=
Part 11 — Identification of the Appraisal Problem and the Scope of Work
Identification of Client and Intended Users
The Client and Intended Users of this report are as follows:
Successor Agency to the Palm Desert RDA
Attn: Ms. Lauri Aylaian, Executive Director
73-510 Fred Waring Drive
Palm Desert, CA 92260
Statement of Intended Use
The intended use of the report is for internal use
Identification of the Subject Real Estate
APNs: 620-370-002, 3, 4, 17, 18, 20, 33, 43: Riverside County,
Property Rights Appraised
The property rights appraised for this analysis are those of the Fee Simple Estate. The definition
of Fee Simple Estate (interest) for this appraisal is as follows:
"Absolute ownership unencumbered by any other interest or estate, subject only to the
limitations imposed by the governmental powers of taxation, eminent domain, police power, and
escheat,"' -
Definition of Market Value
The definition of market value for this appraisal is as follows:
"The most probable price that property should bring in a competitive and open market under all
conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably,
and assuming the price is not affected by undue stimulus. Implicit in this definition is the
consummation of a sale as of a specified date and the passing of title from seller to buyer under
conditions whereby;
'4w Buyer and seller are typically motivated;
114Both parties are well informed or well advised, and acting in what they consider their best
interests,
11° A reasonable time is allowed for exposure in the open market;
'Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th ed. (Chicago: Appraisal Institute,
2015)
@Capital Realty Analysts, 2017 Page 11,
PartIdentification of the Appraisal Problem and the Scope of Worl
'14v° Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements
comparable thereto; and
,y4* The price represents the normal consideration forthe property sold unaffected by special
or creative financing or sales concessions granted by anyone associated with the sale."'
Effective Date of Value Opinion
September 29, 2017
Extraordinary Assumptions
This appraisal report has been prepared based upon the following extraordinary assumptions:
Hypothetical Conditions
This appraisal report has been prepared based upon the following hypothetical conditions:
F
Jurisdictional Exceptions
This appraisal report has been prepared based upon the following jurisdictional exceptions:
General Assumptions and Limng Condons
This appraisal has been made with the following general assumptions;
146 No responsibility is assumed for the legal description provided or for matters pertaining
to legal or title considerations. Title to the property is assumed to be good and marketable
unless otherwise stated.
14w The property is appraised free and clear of any or all liens or encumbrances unless
otherwise stated.
44� Responsible ownership and competent property management are assumed.
146, information furnished by others is believed to be reliable but no warranty is given for its
accuracy.
`4w All engineering studies are assumed to be correct. The plot plans and illustrative material
in this report are included only to help the reader visualize the property.
446 It is assumed that there're no hidden or unapparent conditions of the property, subsoil,
or structures that render it more or less valuable. No responsibility is assumed for such
!, 1111-3 DW 111971111�..��
@Capital Realty Analysts, 2017 Page 11
Part 11 — Identifica tion of the Appraisal Problem and the Scope of Work
conditions or for obtaining the engineering studies that may be required to discover
them.
'w It is assumed that the property is in full compliance with all applicable federal, state, and
local environmental regulations and laws unless the lack of compliance stated in the
appraisal report,
Aik It is assumed that the property conforms to all applicable zoning and use regulations and
restrictions unless a nonconformity has been described in the appraisal report,
"4W It this assumed that all required licenses, certificates of occupancy, consents, other
legislative or administrative authority from any local, state, or national government or
private entity or organization have or can be obtained or renewed for any use on which
the opinion of value contained in this report is based.
4w It is assumed that the use of the land and improvements is confined within the boundaries
for property lines of the property described that there is no encroachment or trespass
unless noted in the report,
Unless otherwise stated in this report, the existence of hazardous materials, which may
or may not be present on the property, was not observed by the appraiser. The appraiser
has no knowledge of the existence of such materials on or in the property. The appraiser,
however, is not qualified to detect such substances, The presence of substances such as
asbestos, urea — formaldehyde foam insulation, and other potentially hazardous
materials may affect the value of the property. The value estimated is predicated on the
assumption that there is no such material on or in the property that would cause a loss in
value. No responsibility is assumed for such conditions or for any expertise or engineering
knowledge required to discover them, The intended user is urged to retain an expert in
this field, if desired.
'� The forecasts, projections, or operating estimates contained herein are based on current
market conditions, anticipated short-term supply and demand factors, and a continued
stable economy. These forecasts are, therefore, subject to changes with future
conditions.
=4111111
I III 111111AII III IIIIIIIIIIII
AW Any allocation of the total value is estimated in this appraisal report between the land
and improvements applies only under the stated program of utilization. The separate
values allocated to the land and buildings must not be used in conjunction with any other
appraisal and/or invalid if they are.
Scope of or
The Scope of work for this appraisal assignment required three steps. These are as follows,
@Capital Realty Analysts, 2017 Page 13
Part 11 — Identification of the Appraisal Problem and the Scope of Work
2. Determine and perform the scope of work necessary to develop credible assignment
results; and
3. Disclose the scope of work in the report.
For this analysis, each of the required steps is described separately as follows:
Appraisal Problem
In this case, the subject property consists of an 11.14-acre vacant land parcel. Although the
property has a comparatively strong location, current demand is relatively weak, and
consequently, there have been few sales of larger, locationally equivalent commercial parcels of
this type in the regional market area. in light of the foregoing, the main appraisal problem we
encountered was to acquire a sufficient amount of market data to render credible assignment
results. We were able to expand the location and time parameters in our data search, which
allowed us to overcome this issue. Otherwise, we encountered no atypical appraisal problems.
1 111 11111pill I •IT 11111 11 r t 11 1 111�1�1�
We collected factual data from the client and other public and private data sources;
Michael A. Scarcella, MAI inspected the subject property on September 29, 2017;
134We searched for comparable sales data from both public and private data sources;
We interviewed the key brokers who work in the subject market area;
14We interviewed personnel at the City of Palm Desert;
1, We inspected and analyzed the data collected;
1116 We performed the relevant approaches to value;
14� We prepared a written appraisal report detailing factual information about the subject
property, the comparable data applied, the analysis of the data and the reconciled final
value estimate for the subject property;
"Alk We transmitted the appraisal report to the client.
@Capital Realty Analysts, 2017 Page 10
I , 2-matl=* - -I , 0 1
I-W-Weal ,-n4mr+y
None
History, Including Prior Sales and Current Offers or Listings
In terms of history, the subject property has been held by the current owner, the Successor
Regional Analysis
The subject property is located in the Coachella Valley regional area. The following is a map of
the regional area:
The Coachella Valley region is located in southern California. The regional area extends for
approximately 45 miles in Riverside County, southeast from the San Bernardino Mountains to the
northern shore of the Salton Sea. The Coachella Valley is the northernmost extent of the vast
trough; which includes the Salton Sea, the Imperial Valley and the Gulf of California. It is
approximately 15 miles wide along most of its length. The • is bounded on the west by the
@Capital Realty Analysts, 2017 Page 15
San Jacinto and Santa Rosa Mountains, and in the north and east by the Little San Bernardino
Mountains. The San Andreas Fault crosses the valley frorn the Chocolate Mountains in the
southeast corner of the region. The fault is easily visible along its northern leg as a strip of
greenery against an otherwise barren Mountain.
The Coachella Valley connects with the greater Los Angeles area to the west via San Gorgonio
Pass, a major transportation corridor that includes interstate 10 and the Union Pacific Railroad.
Populated by nearly 600,000 people, the Coachella Valley is part of the 13th largest metropolitan
area in the United States, the Inland Empire. The following table shows the population growth
trends of the Coachella Valley and the rest of Riverside County (source: California Department of
Finance/US Census Bureau):
Coacheha VaHey Pop,flabon Trend
0, 000
3)(),ow OF
360,000
?, ", 0, 0 0 0
340,000
330,000
320,000
2007 2008 2009 2010 2011 2012 l,"O 13 20u4 2015 201.6
The regional area generally attracts a high percentage of retirees due to the favorable climate in
the fall, winter, and spring seasons. Summers are hot, resulting in a seasonal population base.
Development has generally been moving from west to east through the region. Consequently,
the eastern cities in the region has the highest growth rates over the past several years. The
following table shows the o east:
WD
77,146
8D,962
92,325
75,122
77,165
78,065
79,298
9,5,663
$6,683, 99,059
10,912
L41%
cathedral Cky
52,115
51,972
52,508
51,037
51,603
51,952
52,108
53,437
53,859 54,261
2,146
OA1%
Palm Desert
49,752
50,686
51,570
48,132
49,111
49,471
49,619
51,ZD2
48,835 49,335
1417)
408%
Palm Springs
46,958
47,019
47,653
44,385
45,002
45,2719
4,5,414
46,6,54
46,204 46,654
(204)
-0,44%
Coache#a
38,486
40,317
42,043
40,464
41,502
41,904
42,030
44,132
45,001 45,407
6,921
110%
La QuMta
41,092
42,743
43,,930
37,307
37,936
39,,075
38,190
39,964
39,311 39,977
(1,115)
m0,27%
Desert Hot Springs
23_W
25,939
26,584
25,952
27,383
27,638
27,721
28,164
29,794 29,,048
5,,504
2.34%
Rancho Krage
16,944
16,975
16„9,39
17,168
17,463
17,504
17,556
17,982
17,920 19,070
1,126
0166%
dndkan Wells
4,942
5,000
SdO99
4941
SAIO
5,035
5,050
5,219
5,336 5,412
470
0.95%
@Capital Realty Analysts, 2017 Page 16
Desert Hot Springs and Coachella has the highest overall growth rates and the lowest median
housing prices, reflecting the generally poor economic conditions that have prevailed in the
region over the past several years, Tourism, retail, healthcare, construction and agriculture are
the main industries in the Coachella Valley. The following table shows the employment
distribution by sector:
CA MMIIAWAAMf
RMUO, (241% ,J �,00)
HOO/Amw (JJU4h:,, 19,,712)
O#@,*fth004N,, 13,667)
0ow !W"tcos (a, 9"of" - 11"fMWW')
AV r4twe (92%,,VZOW
As shown, retail hotel with their related services historically have been the driving force in the
local econom�. Close drivi r o x i m i I %,/ t o L o s A n ae te
yields over 3.5 million tourists per year, The area attracts a significant retiring base; yielding a
high percentage of healthcare employment,
Historically, the Coachella Valley tended to underperform the Inland Empire's economy in bad
times; and outperform it in good times, Thus, the areas job growth was negative in the early
1990s recession, but grew faster than the region in the late 1990s recovery. It was slower in the
2001 recession but was faster to recover in the mid-2000's. In 2007 the pattern reversed due to
the severe recession. This is largely due to the increased prominence of the local construction
sector. Thus, the Valley grew slower than the Inland region in 2005 -- 2006 boom years, and
matched it during the 2007 — 2009 recession. It fell much more than the Inland region in 201.0
(-3.3% versus -1.5%). In 2011 both grew slightly.
@Capital Realty Analysts, 2017 Page 17
Absorbtioamp Trends
5"000
4,000
3,()0()
0 .................. —ft"Ift-M ---------
1 0 11 U) 0, CD , q N ff'I Ln �D CID M C) "4 N) :I, L'
M 0 0 M 0 C) I'D CD C_0 C", M CD
CJ10'7 CD CD 0 0 �
1--i q , C r'� IN F, I n4 (14 C "4) P'4 F'�� rcl;I
-1111—Attached Unts Unis aw,
Shown in table above, regional new -home absorption declined sharply in 2005 through 2008.
Small optics in 2011 and 2012 were followed by a comparatively strong showing in 2014.
Although absorption has tapered off, the Coachella Valley appears to have a general positive
outlook, at least in the short run. Employment has almost fully recovered to its pre -recession
peak. Comparatively speaking, unemployment rates for the regional area are fairly low. As a
result, income levels look good and poised to get better.
Conclusion, Regional Analysis
The Coachella Valley economy has historically been seasonal, tied to the Winter/Spring influx of
tourists and seasonal residents. Additionally, the Coachella Valley has historically attracted the
baby boomer and relatively affluent retiree segments. The region is projected to continue to
grow rapidly in relation to neighboring regions over the next few decades as the large baby
boomer demographic Is now entering retirement age. The region continues to enhance its appeal
with this demographic by configuring shopping, entertainment venues, planned housing
developments ranging from upper middle to high end products geared to the segment. The
regional economy is now trending up after several years of difficult economic conditions. This
trend is likely to continue through the short term; with some potential for stronger midterm
growth as the current economic cycle continues to mature.
lysts, 2017 Page J.
City Analysis — Palm Desert, CA
The subject property is located in the City of Palm Desert. The following map shows the subject
City;
Introduction
Palm Desert California is located in the central portion of the Coachella Valley region. The city is
bounded by Indian Wells to the east, Rancho Mirage to the west, the Santa Rosa Mountains to
the south and Interstate 10 to the north. Access to Palm Desert is considered good via Monterey
Ave., Cook Street and Washington Street: direct routes to the Interstate 10 freeway,
State Highway 111, the major commercial corridor in the region roughly bisects the city of Palm
Desert, running from west to east. Palm Springs International Airport is the nearest regional
airport, located approximately 18 miles west of the city in the city of Palm Springs. Bermuda
Dunes Airport, a general aviation facility is located immediately east of the city in an
unincorporated area known as Bermuda Dunes. Although Southern Pacific operates rail facilities
parallel to the interstate 10 freeway along the northern border of the city, rail spur access is not
available within the city limits, The city was incorporated in 1973, and includes a total land area
@Capital Realty Analysts, 2017 Page 19
of 26.96 mi.'. Historically, Palm Desert has had a reputation and one is as one of the best run
cities in the subject region.
Several good -quality master -planned communities have been developed in Palm Desert. Some
of these include Bighorn, Ironwood, Desert Falls, Palm Valley and Indian Ridge. In addition, Palm
Desert has attracted high quality retail development. El Paseo is the region's premier pedestrian
retail core door, generally attracting the highest retail rents in the region. Tenants on El Paseo
include Sak's, Tiffany's, Coach, Tommy Bahamas and designers such as Louis Vuitton, Gucci, and
Ralph Lauren. Westfield Shoppingtown (formerly known as the Palm Desert Town Center), a
regional mail located in Palm Desert sold in 1999. This facility is the largest in both size and sales
volume among the four regional malls in the Coachella Valley region. The facility completed a
major renovation in the mid-2000's and again in 2014, which brought in new retailers and food
court tenants.
Population
As shown in the tables in the Regional Analysis, the population of Palm Desert has grown
approximately 90% in the past decade, to over 50,000 permanent residents. Current estimates
put the seasonal population of the city at over 70,000. The city's growth has been enhanced with
quality developments, including the City's Desert Willow project Marriott's Desert Springs resort
and a number of excellent quality retail projects. The northern part of the city includes hundreds
of acres available for new residential and commercial development.
Business and Economy
The fact the Palm Desert has a substantial retail and service -based economy makes for a
comparatively high percentage of year-round population. As shown in the chart on the following
page the absorption rate for homes sales remains relatively weak; although the median price has
been trending up.
@Capital Realty Analysts, 2017 Page 23
Overall unemployment has been comparatively low in Palm Desert, and is trending down as of
the date of value. The following chart shows a 13-year trend through 2014:
.... . .............
Unemployment by ywr
10 . . .....
@Capital Realty Analysts, 2017 Page 21
Like the other Coachella Valley cities, Palm Desert's economic base is the tourism, construction
and retail industries, Palm Desert has the largest destination resort in the Coachella Valley. The
Marriott's Desert Springs resort represents almost 50% of the cities over 1800 hotel rooms. A
400% increase in hotel room sales has occurred since 1986 to over approximately $80 million.
The recession and subsequent housing downturn impacted the construction industry in Palm
Desert. The following table shows the permit trend in the city:
morbo, of PWMft PW 10,000 06*nft
IM
2CA
VrN XJI
MIP xi^ m I lColl 1110" 24017 POO 4KII
Lo" I,= 2002 2004 JON RON NIQ 2614
W m Otsen CKY IN, carAw*A Ows"
Vy"I
As shown, permit activity is near a historical low. However, the average permit value is
comparatively high, and trending up.
Conclusion
Palm Desert has been one of the top economic performers in the regional area. Well -managed
growth and a realistic municipal approach, combined with relatively wide economic diversity
have created a comparatively stable community. The city administration has done a good job of
anticipating and adjusting to changes occurring through its own growth and the growth of the
surrounding communities. These trends are projected to continue through at least the midterm.
@Capital Realty Analysts, 2017 Page 21
IWA
@Capital Realty Analysts, 2017 Page 23
Location: NEC of Country Club Drive and Desert Willow Drive, City of Palm Desert,
Riverside Country, CA.
Site Size:
According to the Riverside County Assessor's Plat Map, the site size of
the subject property is as follows:
2
3
4
5 6
7
8
Totals
Irregular
Iff- =1110=*
Frontage: According to the Riverside County Assessor's Plat Map, the subject
property has approximately 485' of frontage along the N side of Country
Club Drive, and approximately 775' of frontage along the E side of Desert
Willow Drive, Palm Desert, CA
Topography: Generally level at curb grade
Flood Zone: According to the Flood Insurance Rate Map, Community Panel No.
06065C1615G, dated 8/28/08, the subject is located in Flood Zone X.
Flood Zone X is defined as follows:
WroTOT# # 311111.ftl . •so
with average cleptils 01 Ie.,!, LIIdH 1 10 A dUlagt-darMad U
1 square mile; and areas protected by levees from 1% annual chance
flood."
,-ault Zone: The subject property is not located within Y2 mile of a known fault.
(DCapital Realty Analysts, 2017 Page 24
11 iquefaction Moderate
lotential:
Access: The subject property has average access via the N side of Country Club
Drive, and via the east side of Desert Willow Drive,
Soils: We were not provided with a soil report for the subject property. Our
physical inspection of the subject property did not reveal any obvious
evidence of toxic waste or atypical hazardous materials on the subject
property. This report assumes that no toxic or hazardous materials are
present upon the subject property. The appraisers are not qualified to
make a determination as to the existence or nonexistence of hazardous
materials on the subject property, and recommend a qualified engineer
be consulted, if required.
Utilities: Electricity: Southern California Edison: (800)-655-4555
Gas: Southern California Gas Company: (800)-427-2200
Water: Coachella Valley Water District: (760)-391-4038
Sewer: Coachella Valley Water District: (760)-398-2651
Telephone: Frontier Communication: (844)-334-8465
Hazards: Our physical inspection of the subject property did not reveal any
atypical hazards. We are not qualified to evaluate the site for toxic waste
or hazardous substances. This report assumes that there are no hidden
or apparent conditions to, or on the soil or subsoil that render the
property more or less valuable.
Zoning: According to the Zoning Map of the City of Palm Desert, the subject
property is zoned P.C.-(2), Planned Commercial.
General Plan: According to the General Plan Map of the City of Palm Desert, the
subject parcel has a general plan designation of Suburban Retail Center.
Special The course of normal data gathering and analysis and a visual inspection
Resources: of the subject did not reveal any evidence of natural, cultural,
recreational or scientific resources present on the subject site,
@Capital Realty Analysts, 2017 Page 25
Easements A preliminary title report for the subject property was not submitted or
Encumbrances: examined. It is assumed there are no atypical easements or encumbrances that
may have a negative impact on the marketability or market value of the subject
property.
Functional Typical
Adequacy of
the Site:
Relationship North: Desert Willow
to Adjoining South: Marriott Desert Springs Resort
Properties: East: Desert Springs Marketplace
West: Desert Willow
Units of The market typically applies a price per ft2 as the metric to value land such as
Comparison: the subject property. The price per f,t2 will be applied as the unit of comparison
to value the site for this analysis.
@Capital Realty Analysts, 2017 Page 26
K)Capital Realty Analysts, 2017 Page 27
NET,
N"
(DCapital Realty Analysts, 2017 Page 21
(DCapital Realty Analysts, 2017 Page 29
Improvement Description
The subject property is improved with some paved areas and some perimeter landscaping. The
existing paving has no functional utility other than to keep dust down with parking. The existing
paving would be removed if the property were to be developed with a commercial center and
consequently, the existing paving has no contributory value. The perimeter landscaping would
be required if the property were to be developed, Consequently, the perimeter landscaping does
enhance the market value of the property, but to a comparat�ively small degree as the cost to do
this work is a small fraction of the total property value.
Taxes and Assessment Data I
Real property taxation in the state of California is governed by Proposition 13, which was pass
by the voters in June 1978. The basic elements of proposition 13 are as follows: I
1. The tax rate was limited to 1% of the assessed value plus an additional Y4% to cover the
payment of debts previously approved by voters.
Ft. The assessed value of the property purchased prior to March 1, 1975 was fixed at that
property's marketvalue as of March 1, 1975. For a property purchase after March 1, 1975,
the law requires the assessment to be based on the market value at the time of sale.
3. All assessed values can increase no more than 2% per year for inflation.
The subject property is currently held in fee by a tax-exempt entity. Consequently, I have no basis
for estimating the reasonableness of the assessed value or effective tax rate.
@Capital Realty Analysts, 2017 Page 3Z
Part IV —Analysis of Data and Conclusions
ww en-rdUrf, D. . I u I 11. ect
market area. The subject property is an 11.14-acre vacant land parcel, located at the NEC of
Country Club Drive and Desert Willow Drive, Palm Desert, CA. The property is located in a market
area known as the North Sphere of Palm Desert. The property is located immediately east of the
Ralph's anchored, Desert Springs Marketplace. The land to the north and west has been
developed with Desert Willow, a municipal golf facility with vacant pads remaining for resort
residential development. The land to the south has been developed with the J. W. Marriott
Desert Springs Resort, in light of the adjacent uses, the subject's commercial zoning and general
plan designations are appropriate.
The market area originally developed around the several high -quality country club projects
located along Country Club Drive. Development of a freeway interchange at Cook Street opened
up the Cook Street corridor to new development north of Frank Sinatra Drive. This area includes
the UCR and Cal State San Bernardino campus facilities, located at the SEC of Cook Street and
Gerald Ford Drive. A significant amount of commercial development also exists at the NWC of
the market area surrounding the Super Wal-Mart at the SEC of Monterey Avenue and Dinah
Shore Drive. This area also includes much of the vacant land in the neighborhood remaining for
development.
@Capital Realty Analysts, 2017 Page 31
Part IV —Analysis of Data and Conclusions
In the immediate area of the subject property, Desert Willow and the Marriott Desert Springs
Resort are the 2 major developments. The Marriott is among the region's largest and most
successful resort properties. Desert Willow is a City of Palm Desert project that includes 2 golf
courses surrounded by resort residential building pads. While some existing development has
taken place, a significant amount of vacant land remains within Desert Willow for future resort
residential development.
The subject property is among the very few
commercially zoned parcels remaining for
development in the southern part of the market
area. The fact that the property is located
immediately adjacent to an existing neighborhood
center has both positive and negative connotations.
The positive elements include the fact that the
existing center already provides a draw to the
property. However, the subject is sized for a
neighborhood center, and as a grocery anchor
already exists in this location, the subject may
encounter difficulty in attracting a complimentary,
,I[
land sales activity, the table at right shows the
current trends:
E
$60
uvF $40
$ 20
$01MIA &I
12 13 14 15 is 17
$300,00
As shown, sales volume is likely to be lower in 2017
13 14 15 16 17
as compared to 2015/2016, Alternatively, the
average price ft.2 is trending up slightly. This is partly Average SW* Prim Per Land SF
a function of higher value parcels trading in the $6
market. Considering only the data from the 111
2
quarter of 2015 through the date of value, ft.pricing $4
has been trending down after a spike in the 11'
quarter of 2017. The current quarter average ft.' $2
price is approximately $2.35. Part of the reason for
the current marginal performance on land sales $0
activity is that overall market vacancy in the retail
segment remains at approximately 12.4%; which is well above the historical regional average of
approximately 10%. However, regional vacancy rates are still trending down from a high of 14.5%
in 2014. The average retail rental rate peaked in 2016 at $1.46 ft.'. The current average retail
rental rate is approximately $1.37 ft.'. While the immediate area of the subject commands higher
retail rental rates, the average retail rental rate remains well below feasibility rent; at which point
new construction would be expected. The chart on the following page shows the data:
@Capital Realty Analysts, 2017 Page 32
Vacancy & Rental Rates
15.5%
15,0%
14.5%
15
14.0%
C
13.5%
13,0 %
12,5%
2013 2014 2015 2016 2017
$1,20
Conclusion
The subject property has a comparatively strong location, adjacent to an existing neighborhood
center, and opposite the region's (arguably) best performing resort. Clearly, the Marriott attracts
significant group business, which would seem to support feasible development of some
restaurant and other resort oriented uses on the subject property. Alternatively, there are 3 high
quality restaurants already operational in the Desert Springs Marketplace (Morton's, Cork Tree,
& City Wok). In light of the existing competitive landscape, it seems likely that the subject would
be most attractive to a speculator, as demand for current development on the property may not
exist for some time. However, when sufficient demand returns TWIN . I
of the subject would likely be comparatively strong as the property would be viewed as a key
location due to its proximity to existing resort oriented uses,
@Capital Realty Analysts, 2017 Page 33
Part IV —Analysis of Data and Conclusions
Highest and Best Use
Highest and best use is defined as follows:
1. The reasonably probable use of the property that results in the highest value. The four
criteria that the highest and best use must meet are legal permissibility, physical
possibility, financial feasibility, and maximum productivity.
2. The use of an asset that maximizes its potential and that is possible, legally permissible,
and financially feasible. The highest and best use may be for continuation of an assets
existing use or for some alternative use. This is determined by the use that a market
participant would have in mind for the asset when formulating the price that it would be
willing to bid. (IVS)
3. The highest and most profitable use for which the property is adaptable and needed or
likely to be needed in the reasonably near future. (Uniform Appraisal Standards for
Federal Land Acquisitions)3
implied in this definition, and the definitions of highest and best use as vacant, and highest and
best use as improved, is that the determination of the highest and best use takes into account
the contribution of a specific use to the community and community development goals as well
as the benefits of that use to individual property owners, Hence, in certain situations, the highest
and best use of land may be for parks, green belts, preservation, conservation, wildlife habitats,
and the like.
The four stages of analysis are further described as follows:
'04* Legally Permissible: What uses are permitted by zoning and deed restriction for the
subject site?
'4,06 Physically Possible: What are the physically possible uses for the subject site?
'49, Financially Feasible: What physically possible and legally permissible uses will produce a
net return to the owner of the site?
A& Maximally Productive: Among the financially feasible uses, which use will produce the
highest net return or the highest present worth?
These four tests are applying the subject property in the asked vacant condition, as well as the
as improved condition. The following describe the analysis:
3 Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 6 th ed. (Chicago: Appraisal
Institute, 2015)
@Capital Realty Analysts, 2017 Page 31
Highest and Best Use of Land or Site as Though Vacant
The highest and best use of land or a site as though vacant is defined as follows:
"Among all reasonable, alternative uses, that use that yields the highest present value, after
payments are made for labor, capital, and coordination." 4
Legally Permissible — As Vacant
The legal restrictions that apply to the subject are the public restrictions of the City of
Palm Desert's P.C.-(2), Planned Commercial zoning, and Suburban Retail Center General
Plan designation. These designations allow for a wide variety of commercial uses. Other
commercial centers been constructed on similar zoned parcels with no apparent legal
constraints. The subject's zoning is considered reasonable and appropriate, and would
not impair development of the site to its highest and best use, if it were vacant on the
date of value,
Physically Possible — As Vacant
The subject property is a typical commercial parcel located along Country Club Drive, a
major regional artery in the subject neighborhood. The property is surrounded by existing
development, and all essential utilities are available to the property. The topographical
conditions are level at curb grade, and perimeter landscaping has been installed, as are
the majority of likely offsite improvements. Based upon the available data, we conclude
that the physical aspects of the subject property are typical and would not impair the
potential for it to be developed to its highest and best use if it were vacant on the date of
value.
Financially Feasible — As Vacant
The legally permissible and physically possible qualities of the subject lend it to
commercial development. Financial feasibility for development of this type is typically
estimated with a simple comparison of costs and benefits. If the cost to construct a
prospective development exceeds the present value of the cash flows (including the
reversion, if applicable), estimated for the proposed use, the proposed use is not
considered feasible. Alternatively, if the present value of the expected income stream
exceeds the cost to produce the proposed development, the use is considered financially
feasible. Clearly, rental rates are insufficient to support financially feasible new
speculative commercial development as of the date of value, Evidence is supplied by the
fact that only a limited number of lenders and developers are currently risking new debt
and equity on new speculative for -lease commercial projects in the subject market.
Consequently, we conclude that development of the subject parcel with speculative
4 Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 5 th ed. (Chicago: Appraisal
Institute, 2010)
@Capital Realty Analysts, 2017 Page 35
commercial building improvements would not prove financially feasible asofthe date 0f
value.
Maximally Productive — As Vacant
the physically possible and legally permissible uses for the subject property are present
in the subject region. Other commercial properties in the subject region have been
myorwiN ever, lacking current financial feasibilitjv�, it is our opinion that
the market perception is that the most maximally productive use of the subject property
"As Vacant" is to hold for future commercial development.
Highest and Best Use of the Property As Improved
WeSt Use of Vie -oroitertv as improved is defined as follows:
"The use that should be made of the property as it exists. An existing improvement should be
renovated or retained as is so long as it continues to contribute to the total market value of the
property, or until the return from the new improvement would more than offset the cost of
demolishing the existing building and constructing a new one."
The subject property is not improved and consequently, there is no highest and best use as
improved analysis.
Appraisal Process
As the subject property lacks improvements with an associated cost, income earning potential,
and/or contributory value, the Cost Approach and the Income Approaches to value are not
considered relevant. The Sales Comparison Approach is applied exclusively to estimate the
market value of the fee simple estate in the subject property in the as is condition.
*Capital Realty Analysts, 2017 Page 3-6
Sales Comparison Approach
'The sales comparison r► is • as follows
"The process of deriving a value indication for the subject property by comparing sales of similar
properties to the property being appraised, identifying appropriate units of comparison, and
making adjustments to the sale • (or unit prices, as appropriate) • the comparable
properties based on relevant, market — derived elements of comparison. The sales comparison
approach may be used to value improved properties, vacant land, • land being considered as
though vacant when an adequate supply of comparable sales is available."'
A field investigation was made in order to obtain data on recent, comparable sales transactions,
The • selection criteria for the comparable sales applied in this analysis are as follows;
current sales, similar locational quality, similar physical • etc. The typical unit of
com anson•
ii"W' -,
'K�TITWIIEOI lip,
Land Sales Map
Land Sales Grid
Land Sales Analysis
14& Land Sales Adjustment Matrix
A& Reconciliation and Conclusion
5 Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 6 1h ed. (Chicago: Appraisal
Institute, 2015)
@Capital Realty Analysts, 2017 Page 37
Part IV —Analysis of Data and Conclusions
Land Sales Map & Grid
1
NVV[ofHighway 1I1&
Mirage Cove Drive
Rancho Mirage, CA
2
NSide ofDr. [arremn8|vd,
VV ofMonroe Street
Indio, [4
3
NEC ofHighway Ill
& Miles Avenue
Indian Wells, CA
4
ESide ofMonterey Avenue,
WofGerald Ford Drive
Palm Desert, L4
Subject
NEC ofCountry Club Drive
& Desert Willow Drive
Palm Desert, CA
Comparable Sale No. 1
Comparable sale number one is the March 2016 sale of a 10.70-acre land parcel, located at the
NWC of Highway Ill and Mirage Cove Drive, Rancho Mirage, CA. The sale price of $4,375,000
equates to an otherwise unadjusted sale price of $9,39 ft.'. This data item was selected for
comparison to demonstrate the higher end of the applicable market for the subject. This
property, known as Carlton Canyon is so -named for the Ritz Carlton Resort; which is located
southwest of the property, The buyer is planning a mixed -use project that includes a 3.5-acre
hotel site, which is currently listed for sale for $3,940,300. The following is a site plan for the
proposed project:
Comparable Sale No. 2
Comparable sale number two is the July 2017 sale of a 7,96-acre land parcel, located along the
north side of Dr. Carreon Blvd., west of Monroe Street, Indio, CA. The sale price of $2,000,ON
equates to an unadjusted sale price of $5.77 ft.'. This data item was selected for comparison to
demonstrate a smaller parcel sale, in an off -Highway 111 location, in close proximity to a major
draw (JFK Hospital); and immediately adjacent to a lar
@Capital Realty Analysts, 2017 Page 39
Part IV — Analysis of Data and Conclusions
The buyer is planning a mixed -use project for the site. Overall comparability is considered
average.
Comparable Sale No. 3
Comparable sale number three is the March 2014 sale of 14.74-acres of vacant land, located at
the NEC of Highway 111 and Miles Avenue, Indian Wells, CA. The sale price of $2,940,000 equates
to an otherwise unadjusted price of $4.58 ft2 . This data item was selected for comparison to
demonstrate a larger parcel sale, which may be useful in isolating a size adjustment, if any. The
proposed project for this site, known as One Indian Wells, includes retail, office and hotel uses.
The following is a proposed site plan for the project:
SITE PILAN
The total site area, now 15.40-acres, is listed for sale for $6,200,000, or $9.24 ft.'. Although the
property has approximately 2,000of frontage along Highway 111, the property backs to the
storm channel; which may create additional offsite improvement cost exposure. Overall
comparability is considered average.
Comparable Listing No. 4
Comparable listing number four is the current listing of an 8.53-acre vacant land parcel, located
along the east side of Monterey Avenue, north of Gerald Ford Drive, Palm Desert, CA. The listing
price of $3,591,084 equates to an unadjusted listing price of $9.66 ft.I.This data item is included
for comparison as there are no current comparable sale transactions located within the City of
Palm Desert. Consequently, we selected this listing; which is the closest comparable to the
subject, currently being offered on the open market. As the property has not sold, the adjusted
listing price should represent the top of the market for the subject property. Overall
comparability is considered fair as the property has not sold in the market.
@Capital Realty Analysts, 2017 Page 44
Adjustments
Adjustments to each of the sales are required for significant differences that affect value, The
appraiser adheres to a sequence of adjustments in all sales comparison analysis. Using the
sequence, the appraiser obtains intermediate price figures and applies succeeding adjustments
to each previously adjusted sale price. The adjustments applied to the price of a comparable
property reflect the comparable sales superiority or inferiority in regard to the real property
rights conveyed, financing, conditions of sale, market conditions, locational and physical
characteristics. A common method of extracting adjustments among the comparable sales is a
technique called matched pairs analysis. The goal of matched pairs analysis is to obtain market -
based adjustments,
The basic premise of matched pairs is to isolate a particular adjustment feature among two or
more ♦.. where the difference in adjusted prices would yield the market's value perception
for that feature. Generally, the appraiser follows the sequence of adjustments, attempting to
isolate market -based adjustments from intermediate adjusted sale prices. In many cases,
adjustment features cannot be isolated. Limited comparable data, unique property traits orother
factors may cause this,
When adjustment features cannot be isolated, matched pairs analysis is supplemented with
other techniques to adjust the comparable data. These other techniques typically include cost -
based adjustments, adjustments based upon a market survey, adjustments based upon published
data, and subjective adjustments. The following is a discussion of the relevant adjustment
features:
Property Rights Conveyed
Among this data set, all of the sales were fee simple estates. Consequently, no adjustments for
property rights conveyed are required of this clataset,
Financing Terms
All of the sales were reported to be cash equivalent sales with no indication of any non -market
or beneficial financing that would warrant a cash equivalency adjustment. No adjustments for
financing terms are required among this data set.
Conditions of Sale
Sales 1-3 were reported to be arms -length sales with no atypical conditions. No adjustments for
conditions of sale are required among these sales. Data No. 4 is a current listing. In light of the
fact that the property has not sold in the market, a downward adjustment of 10% is applied to
reflect the likelihood of a sale price slightly below the listing price; which is typical in the market.
(OCapital Realty Analysts, 2017 Page 41
Part IV —Analysis of Data and Conclusions
Adjustments for market conditions reflect a change in the prices paid for real property due to
changes in markets over time. This adjustment line item proved to be among the more
challenging in this assignment due to the lack of similarly sized commercial land sales in the City
of Palm Desert over the past approximately 4-years. Lacking the ability to isolate time as an
adjustment feature among the sales selected for direct comparison, we interviewed the brokers
who work the subject market area, and ran some time -based data tests via Costar analytics.
Among the brokers interviewed for this analysis, the consensus of opinion is that land values f
the larger commercial parcels have remained relatively flat since 2014. Alternativel
marketability may be trending up slightly. The following table, constructed from data acquir
via Costar Analytics, shows the trend in regional commercial land values over time: I
Average Sale Price Per Land SF ft Y tY ;L All
$14
a
07 08 0,9, 10 11 12
As shown, values appear to have bottomed in 2013/2014; increased sharply in 2015/2016, then
dropped off in 2017 to date. However, the 2017 ytd average is slightly higher than the current
average, suggesting an overall upward adjustment may be applicable to Sale 3, the 201-,�-
transaction. However, the 2017 ytd average is below the 2016 average, suggesting small
downward adjustment may be applicable to Sales 1 and 2, the 2016 sales. The sales are adjusted
accordingly.
@Capital Realty Analysts, 2017 Page Is
The locational *uAily gf—t�—ufjoj
1111111C`#.1dLC1J ITU5L 91 d rxaipn s-ancnore-a
neighborhood center (Desert Springs Marketplace). The north and west lines of the Subject abut
the Desert Willow project area, and the Marriott Desert Springs Resort is located immediately
South of the subject,
While the locational quality of the subject seems comparatively strong, the existing resort retail
and restaurant facilities that already exist appear to satisfy existing demand, suggesting that
feasibility for current development on the subject does not exist as of the date of value,
Alternatively, as the market continues to mature through the current cycle, demand for feasible
s,Q,eculative d eve I ow m
due to the strong resort draws located on 3 sides of the site.
Sale 1 is located along the Highway 111 corridor in Rancho Mirage. The traffic count is high in this
location, and the property is likely closer to becorning ripe for development as compared to the
subject, For these reasons, the locational quality of Sale I is considered superior to the locational
quality of the subject and downward adjustment is applied to Sale 1 for location. Sale 2 is located
near the JFK Hospital in Indio, A the traffic count is much lower in this location,
prospects for feasible medical related development is significantly higher as compared to the
subject. However, these features are not offsetting, as rental rates are lower in the Indio sub -
market, Consequently, the locational quality of Sale 2 is considered inferior to the locational
quality of the subject and upward adjustment is applied to Sale 2 for location.
Sale 3 is located along the Highway 111 corridor in Indian Wells, CA, This property has
approximately 2,000' of frontage along Highway 111, and would be considered a premier mixed -
use project site, However, the north line of the property abuts the Whitewater River Channel and
consequently, the offsite development cost is higher in this location than typical. Additionally,
mMI re than 1 broker suggested that permitting a project in Indian Wells may prove tirne-
consuming, difficult and costly, However, the property is located in close proximity to thousands
of hotel rooms and the Indian Wells Tennis Garden, Overall, the more costly wash location is
considered offset by the superior Indian Wells address and frontage, and no adjustment is
applied to Sale 3 for location. Listing 4 is located immediately North of the Lowe's in Palm Desert,
While there are no large resort or other draws located in the immediate area of this property,
the Monterey Avenue location is near the 1-10 / Monterey Interchange, and a high traffic count
exists in this location, As in Sale 3, these features are considered offsetting and no adjustment
for location is required of Listing, 4.
Size
Size adjustments are typically based upon the concept of marginal utility. Marginal utility is
defined as follows:
@Capital Realty Analysts, 2017 Page 43
"The increment of total utility added by the last unit of a good at any given point of consumption.
in general, the greater the number of items, the lower the marginal utility, 1. E., A greater supply
of an item or product lowers the value of each item."'
The concept of marginal utility typically holds true for parcels in the subject's sub -market area.
Among this data set, Sale 3, the largest parcel sale did have the lowest ft.2 sale price; suggest�ing
that the concept of marginal utility is valid. Alternatively, Sale 2, the smallest sale did not have
the highest ft.2 sale price; providing a conflict�ing indication. Sale 1 and Listing 4 did provide
positive indications. In light of the fact that 3 of the 4 pairings yielded a positive correilation
�_,avwmlize and xvrice the smaller sales are a&sted downward for size; while the larger parcel
is adjusted upwards for size.
Other Physical Attributes
in terms ofother physical attributes, the subject and Data |ternS 1-4 are considered sufficiently
similar that nofurther adjustments are required.
Conclusion, Market Value As Is
The following table shows the adjustment matrix applied to the comparable sales, to yield ft.'
6 Source: Appraisal Institute, The Dictionary of Real Estate Appraisal, 6 th ed, (Chicago: Appraisal
Institute, 2015)
I a ,
Sale Price
$4,375,000
$2,000,000
$2,940,000
$3,591,084
Size (AC)
11.14 10.70
7.96
14.74
8.53
Unit of Comparison
$/PSF $/PSF
$/PSF
$/PSF
$/PSF
Sale Price SF
$939
$5.77
$4.58
$9.66
Property Rights
Fee Simple Fee Simple
Fee Simple
Fee Simple
Fee Simple
Adjustment
$-
$-
$-
$_
Terms
Cash
Cash
Cash
Cash
Cash Equivalency
$-
$-
$.-
$-
am MM
9/29/17
Arm's-Length Arm's-Length Arm's-Length
3/31/16
7/11/16
3/7/14
--$0.47
-$0.29
$0.23
$8.92
$5.48
$4.81
Average Superior
-.$1.34
11.14 10.70
Inferior
Similar
$0.55
$-
7.96
14.74
-$0.55
$0,24
M
Listing
M
Similar
M
Other Physical Typical Similar Similar Similar Similar
Adjustment $- $- $.- $_
value Indications PSF $7.58 $5.48 $5M $7.83
As shown, the adjusted value range is from $5.05 ft.2 to $7.83 ft.2. As expected, the listing that
has yet to sell in the market bracketed the high end of the range. Net of this listing, the range
narrows 'to $5.05 ft.2 to $7.58 ft.2. With 2 of the 3 indications in the mid-$5 ft.2 range, the
preponderance of evidence suggests a ft.2 value estimate at the lower end of the range. Based
upon the available data, we conclude that the market value of the fee simple estate in the subject
property as of 9/29/17 is as follows:
$5.50 ft.2 x 485,258 ft.2= $7,668,919
$2,670,000 (Rounded)
Two Million Six Hundred Seventy Thousand Dollars
Exposure Time
Exposure time is defined as follows;
-ty# VR� r
i ne esTITTf_dTe__II#Iff_r
the market prior to the hypothetical consummation of a sale at market value on the effective
date of the appraisal; a retrospective estimate based upon an analysis of past events assuming a
competitive and open market."
The exposure time of the comparables was reported at 2-months to 6-months. Costar Analytics
reports the average exposure time in the subject's sub -market area at 8.5-months. Based upon
the available data, we conclude that the appropriate exposure time for the subject is 8-mont�hs.
MarketingTime
. i_P_ffJ_P4 2S'1*llQAVS:
? i mated
market value level during the period immediately after the effective date of an appraisal"
Marketing times for this property type are trending down as historic highs in stock market are
adding perceived risk. Consequently, investment dollars are now slowly starting to flow from
securities to commercial real estate. This trend is expected to continue through the short term
'? "t" wr;rpP."4kr*- h e rn a r k e t i n ��_fune_A#x ected to be A r
than the exposure time estimate. Based upon the available data, we conclude that the
appropriate exposure time for the subject is correlated at 12-months at market value.
@Capital Realty Analysts, 2017 Page 10
Education
Bachelor of Science, Business, University of Nevada, Las Vegas — 1982
All required appraisal Institute sponsored courses required tQattain the KAA| designation, along
with appraisal Institute sponsored courses, seminars and online forums required for continuing
education.
Professional Organizations/Licensing
Member of the Appraisal Institute, MAI member number 11072
State of California certified general real estate aL)Qraiser, AG 0194
General Experience
1997 Current — Capital Realty Analysts, President
1991-1996 Mackenzie and Associates, staff appraiser
Qualified as an expert real estate witness, United States Bankruptcy Court
Qualified as an expert real estate witness, Riverside County Superior Court
Public Sector
Private Sector
Institutional
United States ofAmerica
Trust for Public Land
Bari kofArne ,ica
8LKx
Annenberg Foundation
Wells Fargo Bank
B|x
C8Commeoia|
Pacific Western Bank
po|[
remmn
Washington Mutual Bank
Dept. of Justice
Bechtel Corporation
Home Savings Bank
State ofCalifornia
n6LRecreation Corp.
Bank Midwest
State ofArizona
United State Filter Corp,
Pacific National Bank
niverside[ounty
Sunrise Company
Pacific Premie,Bank
City ofPalm Springs
Price Waterhouse
Sterling Bank
City ofCoachella
Mojave Desert Land Trust
Pacific Mercantile Batik
City ofDesert Hot Springs
Habitat for Humanity
Banc One
City ofCathedral city
Lennarnumes
Fidelity Federal Bank
City ofRancho Mirage
"Temple Construction
Bankers rrustCompany
City ofPa|mDesert
Takenaka[orpomt|on
Northern Trust Batik
City ufIndian Wells
Betty Ford Center
First Batik
City nfIndio
ocartInstitute ofthe Desert
Commerce Federal Savings
City of|aOwima
Basic Capital Management
Great American Batik
Palm Springs USD
Estate ofFrank Sinatra
Mitsubishi Bank
Desert Sands Unified SD
Merrill Lynch
First Citizens Bank
Coachella Valley Unified SD
VVeoman Development
E|Paseo Bank
Various Public Utilities
Attorneys
Community Valley Bank
[VAG
Developers
Bank Six
Eisenhower Memorial Hsp.
Accountants
Alliance Batik
Desert Hospital
Education
Associates in Arts, Liberal Arts, College of the Desert, Palm Desert, CA — 2009-2011
Completed Real Estate Appraisal Courses
14w Basic Appraisal Principles
"A* Basic Appraisal Procedures
Supervisory Appraiser/Trainee Appraiser Course
Residential Report Writing and Case Studies
Residential Market Analysis and Highest and Best Use (v2)
Residential Appraiser Site Valuation and Cost Approach (0)
Residential Sales Comparison and Income Approaches (0)
'041� 2016-2017 15 Hour Equivalent USPAP Course
Professional Organizations/Licensing
State of California appraiser trainee, 3004172
General Experience
2016 - Current — Capital Realty Analysts, staff appraiser
2007 — 2016 - Hotel, Restaurant/Front of house service staff
@Capital Realty Analysts, 2017 Page 48
X M
@Capital Realty Analysts, 2017 Page 49
Comparable Land Sales Data Sheets
EE=
Date of Sale: March 31, 2011
Grantor: Home Tech Visions,M
ICTF. rt M- 01011BUKOTINUfflueml
Financing: Cash to Seller
K)Capital Realty Analysts, 2017 Page 5M
Fff
Site Size: 10. 70--acres, or 466,092 f I
I
Miff =-
I . 0, 4, 10,
min MIN my=
Nesent Use: The property is vacant,
Site N/A, the property is vacant,
Improvements:
Highest & Best Hold for investment
Use:
Topography: Generally level, approximately 1' below street grade
Lot Dimensions: See Plat Map
Legal Access: W side of Highway 111, N side of Mirage Cove Drive
Verification: Steve Lyle, listing/selling broker 760-772-6400
History: The seller acquired this property in 2013 for an unknown sale price. The prior sale
occurred on 12/7/01 for $2,007,000,
Comments- This property was acquired for future development of a mixed -use project,
@Capital Realty Analysts, 2017 Page 51
if h l
�lrow"'
' fm
yet
1/
�
Intel
46 F
r / / l irk ' � �,//iih f➢
t 9/„ ti+� ,ir '� 1 ,. , �h �.,/�i -
Comparable Land Sales Data Sheets
General Plan: Regional Commercial, Indio, CA
Flood Zone: Zone X: "Areas of 0.2% annual chance flood; areas of 1% annual chance
flood with average depths of less than I foot or with drainage areas less
than 1 square mile; and areas protected by levees from 1% annual
chance flood,"
Site Size: 7.96-acres or 346,6738 f t'
Utilities: All available to the site
Minerals: NoneKnown
Present Use: Vacantland
M11IM11=1
Topography: Level at curb grade
Lot Dimensions: Irregular, See Plat Map
Legal Access: N side of Dr. Carreon Blvd.
History: This property was originally developed as the clubhouse for the Indian
Springs Golf Club.
Comments: The seller acquired the property on 5/20/16 via foreclosure. The prior
sale occurred on 9/25/14 for $1,000,000.
e G/
is cy;'
rrr ' i i !//�d /i �✓ j iii //l'; % % %/i1%' y'
4 Am"
a /
ix
'
, y
Comparable Land Sales Data Sheets
General Plan: Community Commercial
Flood Zone: Zone X: "Areas determined to be outside the 0,2% annual chance
floodplain."
Site Size: 14.74-acres, or 642,135 ft2
Price Per SF: $4.58
Utilities: All available
Site Position: Corn(M
Minerals: NoneKnown
�Iresent Use: The property is vacarz,
Site N/A, the property is vacant.
Improvements:
Highest & Best Hold for investment
Use:
Legal Access: N side of Highway 111, E side of Miles Avenue
Verification: John Bilger, listing broker (858) 523-2090
History: Unknown
Comments: This property is currently listed for sale for $6,200,000,
..................................
@Capital Realty Analysts, 2017 Page 55
k i+ �N � k ��« rs sr u� /1�f�rrr,�;a�,r 711�✓mwSNvixfv i��r l �a(%yQ��'f,� ��
;j'
Comparable Land Sales Data Sheets
Zoning: P,C. — (2), Planned Commercial
General Plan: C-R, Regional Commercial
Flood Zone: Zone X: "Areas of 0.2% annual chance flood; areas of 1% annual chance flood
with average depths of less than 1 foot or with drainage areas less than 1. square
mile, and areas protected by levees from 1% annual chance flood,"
Site Size: 8.53-acres, 371,567 Sq. Ft.
Utilities: All available
Minerals: None Known
V'resent Use: The property is vacant.
Site N/A, the property is vacant.
Improvements:
Highest & Best Hold for investment
Use -
Topography: Chiefly level at curb grade
Leg-a-1 Access: E side of Monterey Avenue
Verification: Michael Borman, Listing broker (310) 451-81,71
History: The property was acquired by the current owner over 10-years prior to the date
of value.
Comments: 'This property was surplus to the Lowe's store located immediately South of the
site.
@Capital Realty Analysts, 201.7 Page 57
=METROSCAN PROPERTY PROFILE=
Riverside (CA)
A A A 0 A k A k A A * * + A A K k* W * * k A A A I k A A * K k A * A A A A Ae A A A A S 4 k A * A k A A k * k A A * A k A & A k k * & 4 * A I A h * I k I * A * k* * 4 k * " A
<<< OWNERSHIP INFORMATION
Parcel Number :620 370 002 Bldg # of
Ref Parcel Nbr :000 000 000 S: T:
It:
Pus Enterest,:
Owrier. Name :Redevelopment Agency City of Pa Lm
Desert...
CoOwn er
Site Address :*no Site Address'
Mail Address
SALES AND LOAN INFORMATTON
k.
Transferred :06/01/2007 Loan Amount
Document # :426227 Muiti-Parcel Lendor
Sale Price loan Type
Deed Type :Grant Deed Tnteyest Rate
1 Owned :100 Vesting Type
A.
k <<< ASSESSMENT AND TAX INFORMATION
L, a n d Exempt Type
Structure Exempt Amount::.
k.
Other Tax Rate Area
:18-074
Total 16-11 Taxes
I Improved
<<< PROPERTY DESCRIPTION >>>
Map Grid
Census :Tract:449.19 BJock:4
Land Use :C24 Ceara, Vacant Commercial
Zoning:
Legs 1 :.20 ACRES IN PAR 2 PM 183/038 PM
:27400
Sub/Plat
Book Page:
TractNum :
Lot :2
Block
Ag Prsry
<0< PROPERTY CHARACTERISTICS >>>
* Bedrooms Pool :No Lot Acres:.20
AS DITIONALS
* BathFull RoofType: Lot SqFt :8,712
1CmAdd1TTe,res :No
* Bath3Qtr YearBlt Elect Svc:
AddtISqFt
* BathHalf Storkes Gas Svc :
AddtlGrgTyp
k
* BathTotal: Units WaterSrce:
Addt]PkqSqFt:
* Cntrl Ht :No Bldg SF SewerType:
* Cntrl A/C:No Grg Type: StreetTyp:
-A
Fiieplace :No Grg SF view
MiscImprl:None
MiscImpr2:None
A A k * I A k A * * A * k A * A I k A* k k
A A A 4 A k* k k r k A * A * k k A
A
li!16)-mation compiledfi-oin 17¢Xrious s(wirces. Curel,ogic makes no representations
or warreinties as to the accuracy or coatoleteness of atftwination conlouied
in this re1wri.
14 1j i7 R C) i; C it Iq 1> R 0 P E R T Y P R 0 F X L E
Riverside (CA)
H.
<<< OWNERSHIP INFORMATION >>>
Parcel Number :620 310 003 Bldg # of
Ref Parcel Nbr :000 000 000 S: T: R: Q:
Pos Et nezest:
Owner Name :Redevelopment Agency City of Palm Desert
coowner
Site Address :*no Site Address'
Mail Address
<<< SALES AND LOAN INFORMATION >>>
Transferred :06/01/200/ Loan Amount
Doc-'Lonent # :426227 MuLti-Parcel Lender
Sale Price Loan Type
Deed Type :Grant Deed Interest Rate
Z Owned :100 Vesting Type
Ac
<<< ASSESSMENT AND TAX INFORMATION
Land Exempt Type
Structure Exempt Amount
Othr-,s Tax Rate Area :18-OV4
Total 16-17 Taxes
1 Improved
4
<<0 PROPERTY DESCRIPTION >>,>
A
Map Grid
Census :Trace :449.19 1.',lock:4
Land Use :C24 Com,Vacant Commorcia] Zoning:
Legal :.20 ACRES IN PAR 3 PM 183/038 PM
F.
27400
Sub/Plat
A
Book Page:
TractNum :
Lot 3
Block
Ay Prsry
<<< PROPERTY CHARACTERISTICS
Bedrooms Pool :No Lot Acres:.20 ADDITIONALS
A
BathFull RoofType: Lot SqFt :8,/12 RTT1KCJT-T-Ti :No
"��"T7
Brat h3Qtr YearHlL Elect Svc: AddtlSqFt
BathHalf Stories Gas Svc : AddtlGrgTyp
BathTotal: Units WaterSrce: Add tlPkgSqFt:
A
Cntrl Ht :No B1dq SF SewerType:
Cntrl A/C:No Gry Type: StreetTyp:
FLreplace:No Grg SP view
rr
MiscTmprl:None
MiscImpr2:None
A A k A ^k * * * * is * * k * * * k * k k * A A A
4 A A A
h?16rmation eompiledtrom various sourcvs. CoreLogic makes no representations
or warranfies as to the m.,(.wraey or completeness qf iqlbrmafion eontefined in this report
=METROSCAN PROPERTY PROFILE=
Riverside (CA)
k A * A k A A A * k A + A + A k 4 4
--------------
<<< OWNERSHIP INFORMATION
Parcel Number :620 370 004 Bldg #
Ref Parcel Nbr :000 000 000 S: T:
R: Q:
Pea Interest:
Owner Name :Redevelopment Agency City of Palm
Desert
CoOwner
Site Address :'no Site Address*
Mail Address
<<< SALES AND LOAN INFURMATTON
Transferred :06/01/2007 Loan Amount
Document # :426227 Multi-ParceJ Lender
Sale Price Loan Type
Deed Type :Grant Deed Lnterest Rate
Owned :200 Vesting Type
p.
?o< ASSESSMENT AND TAX INFORMATION
Land Exenpt Type
StrucLure Exempt Amuuni.
01-ner Tax Rate Aiea
:18-074
Total 16-17 Taxes
Q ImProved
n<< PROPERTY DESCRIPT10N
Map Grid
Census :Tract:449.19 Block:4
Land Use :C24 Com,Vacant Commorcia-1
Zoning:
Legal :1.56 ACRES IN PAR 4 PM 183/038 PM
:27400
M.
Sub/Plat
Jr
Book Page:
TractNum :
Lot :4
Block
Ag Prsry
A.
<<< PROPERTY CHARACTERISTICS >>>
Bedrooms Pool :No Lot Acres:1.rya 6
ADDITION ALS
BathFull RoofType: Lot SqFt :67,944
RmAdditi s :No
Bath3Qtr YearBlt Elect Svc:
AddtlSqFt
BathHalf Stories Gas Svc :
AddtlGrgTyp
*
BathTotal: Units Water Srce:
AddtlPkqSqFt:
*
Cntrl Ht :No Bldg SF SewerType:
*
Cntrl A/C:No Grg Type: St reetTyp:
*
Fireplace:No E. SF View
MiscImprl:None
MiscImpr2:None
k k
A A * A A * * k A * * * k * * A k * k * *
* Jr * ^k * * k A * k A * I A A * A
lqforntalion c�otnpdedftotn wirtous soinves. Corel,ogic makes no
representations
or warranties as to the oe(:,tinw., y or compleleness of itifinw?u1ion eontamed
in this report.
==141197ROSCAIV PROPER T1 PROFILE=
Riverside (CA)
<<< OWNERSHIP INFORMATION
--------- Pcer = ----------------
arl Number.. :620 310 017 Bldg of,
A
ROE Parcel Nbr :000 000 000 S: T: R:
Fos Interest:
Owner. Name Qedevelopment Agency City of Palm Desert
CoOwr�cr
Site Address :"no Site Address,,
MdiJ Address
4
<<< SALES AND LOAN INFORMATION
A
Transferred :06/01/200/ loan Amount
Do(...'u.irient R :426227 Multi -Parcel Lender
Sale Price Loan Type
Doed Type :Grant Deed Interest Rate
Z Owned Q00 Vesting Type
------------
<<< ASSESSMENT AND TAX INFORMATION
Land Exempt Type
Structure Exempt Amount
Other Tax Rate Area :18-074
k
ToLal 16-17 Taxes
A
1 Improved
Ar
<on PROPERTY DESCRIPTION
Map Grid
A.
Census :Tract:449.19 Block:4
Land Use :C24 Com,Vacant_ Commercial Zoning:
Legal :.69 ACRES IN PAR 17 PM 183/038 PM
:27400
k.
Sub/Plat
A
Book Page:
TractNum :
A,
Lot K/
k Block
Ag Prsry
<<< PROPERTY CHARACTERISTICS >>>
Bedrooms Pool :No Lot Acres:.69 ADDITIONALS
BaLhFull RoofType: Lot SqFt :30,Ob6 RmARITART :No
Bath3Qtr » YearBlt Elect Svc: AddtlSqPt
BaLhHalf Stories Gas Svc : AddtIGrqTyp
BathTotal: Units » WaterSrce: AddtiPkgSqFt:
Cntri HL :No Bldg SF SewerType:
Cntrl A/C:No Grg Type: StreetTyp:
Fireplace:% Gig SP view
Misclmprl:None
MiscImpr2:None
k A k * 4 k A A * k A k k k A A k kAr A k AA A * k* * k * A A * I * * * A * * * A k * A * * * * * A k * A AA *A. A
hp(ormation comptled,ftoin varion,y sourees Corel,ogicmakes no rLI..)re,wntolions
or warranties as io the aecnracy or ewnpleteness qfittl6rmation contained in this report,
=METROSCAN PROPERTY PROFILE=
Riverside (CA)
k * * k A A A k A & 4 * * k k A * * A N 4 A A * * k k 0 A * * k A A A k A A 4 4 A k•k I A A k q * * A * A " A A * A # * A 4 * * A k A 0 A k A I k A A A 4 A * A A * * A k 4 4 *
<<< OWNERSHIP INFORMATION
Parcel Number :620 370 018 Bldq # of
Ref Parcel Nbr :000 000 000 S: T:
R: Q:
Pos Interest:
Owner Name :Redevelopment Agoncy City oF Palm
Desert
CoOwr1E-",r
Site Address :*no Site Address'
Mail Address
<<< SALES AND 11AN INIURMATION
k.
Transferred :06/01/2007 loan Amount
Document # :426227 Multi-ParceL Lender
Sale Price Loan Type
Deed Type :Grant Deed Interest, Rate
k.
1 Owned :100 Vesting Type
<<< ASSESSMENT AND TAX INFORMATION
La n d Exempt Type
ke
Structure 1,-,.xem.pl-. Amount
Other Tax Rate Area
:Q-074
Total 16-17 Taxes
A Improved
ITIO>v> N
<<< PROPERTY DESCRP
kr
k.
Map Grid
Census :Tract:449.19 Black:4
Land Use :C24 Com,Vacant Commercial
Zoninq:
Legal :1.02 ACRES IN PAR 18 PM 183/038 PPI
27400
Sub/Plat
k.
Book Page:
TractNum :
Lot :18
B 1 a C,, k
Ag Prsry
<<< PROPERTY CHARACTERISTICS >>>
*
Bedrooms Pool :N(,,,) Lot Acres:1.02
ADDITIONALS
k.
k
BathFull RoofType: hnt SqFt :44,431
RmAddi"Gons :No
k
Bath3Qtr YearBlt Elect Svc:
AddtiSqFt
A
BathHalf Stories Gas Svc :
AddtlGrgTyp
4
BathTotal: Units WaterSrce:
AddtlPkgSqFt:
*
Cntrl Ht :No Bldg SE SewerType:
*
CntrL A/C:No Grg Type: StreetTyp:
*
Fireplace :No Grg SF View
k
MiscImprl0one
k
MiscImpr2:None
A A it k k A * * k * k A A k* 'k..*
* k k * k * A * * k * k* k k k A 4 k k k
hi/brmation comptIccIftont various sourees. CoreLogic makes no
representations
or warranties as to the accuracy or eompletenvss of oiftwinevion (,vntained
in this report.
97ROS CAN PROPER TY PROFILE=
Riverside (CA)
k k A k k
- - - - - - - - - - - -
<<< OWNERSHIP INFORMATION
ie
Parcel Number :62) 370 020 Bldg # of
A
Ret Parcel Nbr :009 618 782 S: T: R: Q:
Pas Tnterest:l on Prcl
Owner Name Qedevelopment Agency City of Palm Desert.
CoOwne r
Site Address :*no Site Address'
MaLl Address
A.
<<< SALES AND LOAN INFORMATION >>>
k Transferred :06/01/200/ Loan Amount
A Document # :364239 Lender
A Sale Price Loan Type
4
Dead Type :Correction Interest Rate
2 Owned :100 Vesting Type
A.
k <<O ASSESSMENT AND TAX INFORMATION
land :$1,863,863 Exeupt Type
Structure Exempt Amount
Othe'l, Tax Rate Area :18-074
Total 01,863,863 16-11 Taxes
Y Improved
<<< PROPERTY DESCRIPTION
41
Map Grid
k
Census :Tract:449.19 Block:4
Land Use :C24 Com,Vacant Connerciai Zonl-ng:
4
legal :3.61 ACRES M/h IN POR PAR I PM
4-
183/038 PM 27400
Sub/Piat
Book Page:
TractNum
Lo 1,
Block
Ag Prsry
<<< PROPERTY CHARACTERISTICS >>>
----------
Bedrooms Pool :No Lot Acres:3.61 ADDITIONALS
BathFuil RoofType: Lot SqFt :lb'7,252 No
Bath3Q-tr YearBIL Elect Svc: AddtISqFt
Rathlialf Stories Gas Svc : AddtlGrgTyp
A
BathTolzal: Units WaterSrce: AddtlPkgSqFt:
A,
CnLcl Ht :No Bldg SF SewerType:
k
Untri A/C:No Org Type: StreetTyp:
A
Fireplace:% Cry SF View
Misclmprl :None
Misc-lmprWone
A k k kk A A k k k A * k A k F. A A k k A k A * * A * * * * * * * * 4 1 * * * * A * k I A k A k A A A k * A A A A
btfivnianon coniptiedfi-oin va.rzous sources. CoreLogninakes no representations
or ivarrannes (is to the acvuracy or completeness iV niformation contained in this report
= M E T R O S CAN PROPERTY PROFILE=
Riverside (CA)
k k * * * I * * * * * A k * * * a A * * * a * A * k * * A A A k * k A A A * k 4 4 k A A k * k * A A * * k I k A * 'A'** k * k k * * * * k * k A * * k k * * * * A * k * 4 *'k A
<e< OWNERSHIP INFORMATION >V',,
Parcel Number
:620 370 033 BLdg 0 of
Ref Parcel
Nbr :000 000 000 S: T:
R: Q-
Pos Interest:
Owner Name
:Redevelopment Agency City of Palm
r
Deset
k.
CoOwner
Site Address
: 4 n o Site Address'
Mail Address
<<" SALES AND LOAN INFORMATION of
Transferred
:06/01/2007 Luan Amount
Document #
:364238 Lender
Sale Price Loan Type
Deed Type
:Mis(c Interest Rato
k.
V Owned
:100 Vesting Type
<<< ASSESSMENT AND TAX INFORMATION
Land
:$480,372 Exempt Type
Structure
Exempt Amount
Other
Tax RaLe Area
:18-074
k.
Total
:$480,372 16-IV Taxes
1 Tmproved
<<< PROPERTY DESCRIPTION
Map Grid
Census
:Tract:449.19 B1_ock:4
Land Use
:r24 Com,Vacant Commercial
Zoning:
Legal
:.94 ACRES M/L IN PAR PARS 9 & 6 PM
:183/038 PM 27400
Sub/pint
Book
Page:
TractNum
Lot
Block
Ag Prsry
k.
ee< PROPERTY CHARACTERISTICS >>>
Bedrooms
Pool :No Lot Acres:.94
ADD ITIONALS
BathFull
RoofType: Lot SqFt :40,946
AMATO :No
Bath3Qtr
YearBlt Elect Svc:
AddtISqFt
Bat hHalf
Stories Gas Svc :
AddtlGrgTyp
BathTatal:
Units WaterSrce:
AddtlPkqSqFt:
Cntri Ht :No
Bldg SF SewerType:
Cntrl A/C:No
Grg Type: St reet.'Iyp:
Fireplace:%
Grg SF 'View
MiscImprI:None
MiscImpr2:None
* * * * * * k k * * *
* * * * * * A * k k A * * * k 4 A A A k
h A 4
('oiL,LO,,,ici�itike,4'norel)f,eseti.tci.tiolis
w- warranties cm to the acctwac), or cony,)Ietetiess qj"bilormation contained
in this report.
"11917ROSCAIT PROPER TY PROFILE=
Riverside (CA)
kk A A * A* k *.k. A * A + k k * A A k k A k A k * 4 k 4 A I k k k k * A * k A k k A * A * k k A k. 4 k A kkk A k j A 4 k A A
Ar
---- --- --- ---
OWNERSHTP TNFORMATTON >>>
Parcel Number :620 370 043 Bldg # C7f.
Ref Parcel Nbr, :000 000 000 S: T : R
k.
Pus Interest:
Owner Name :RedeveLn.)Ment Agency City , Palm Desert
o 0 w n. e r
Site Address :'no Site Address
Mail Address
<<< SALES AND LOAN INEURMATION
-------------
Transferred :06/01/2007 Loan Amount
Document A :364240 Lender
Sale Price Loan Type
Doed Type Wsc Inn erest Rate
A
k A Owned :1-00 Vesting Type
<<< ASSESSMENT AND TAX INFORMAT10N >>>
Land :$1,505,043 Exempt Type
Structure Exempt Amount
0 t h e r Tax Rate Area :18-00
Total :$1,505,043 16-17 Taxes
k W Improved
k
----------
<<< PROPERTY DESCRIPTION >>.>
Map Grid
A
Census :Tract:449.19 131ock:4
Land Use :C24 Com,Vacant Com-mercial. Zoning:
Legal :2.92 ACRES M/L IN POR PARS 16 & 19
:PM 183/038 PM 21400
Sub/Plat
Book Page:
TractNum :
Lot : 1 6
Block
Act Prsry
-----------
<<< PROPERTY CHARACTERISTICS >>>
Bedrooms Pool Lot Acres:2.92 ADDITIONALS
'-- - -7- "
BathFOIJ o RofType: Lot SqFL :127,195 J. No
Hath3Qtr YearRlt Elect Svc: Add t1SqFt
RathHaif Stories Gas Svc : AddtlGrgTyp
HathTotaL: Units WatexSrce: AddLlPkgSqFt:
A
CntrJ 1-It :No Bldg SF SewerType:
Cntri A/C:No (:trig Type: StreetTyp:
Fileplace:No Grg SF View
Misclmprl:None
A
MiscImpr2:None
'A
k k k k * k k A k A k * k A A k A k A k * * * * * I * k * * * A k * * * 4 * k A * * A * k A k
k •k k
Ittfi)nnalion, compiledfi-om varioussources. CoreLogic makes no representations
or warrunfies as to the occurocy or completeness q1 tit4brtnation contained in this report,