HomeMy WebLinkAboutSale of Jointly-Owned Property - w/Riverside County - Miriam Way (APN 618-490-025)REQUEST:
SUBMITTED BY:
DATE:
Recommendation:
CITY OF PALM DESERT
STAFF REPORT
APPROPRIATE $187,000 AND AUTHORIZE PAYMENT TO
RIVERSIDE COUNTY FOR A FIFTY PERCENT SHARE OF
SURPLUS PROCEEDS FROM THE SALE OF JOINTLY -OWNED
PROPERTY LOCATED NEAR MIRIAM WAY (APN 618-490-025)
LAURI AYLAIAN, REDEVELOPMENT MANAGER
14 APRIL 2005
By Minute Motion, that the City Council:
1. Appropriate $187,000 from the Capital Project Reserve (400-4950-
419-4010), and
2. Authorize payment in an amount up to $186,089.93 to Riverside
County as a fifty percent share of surplus proceeds from the sale of
property commonly known as APN 618-490-025, which was jointly
owned by the City and County.
Executive Summary:
Approval of the staff recommendation will permit payment to the County of half of the
surplus proceeds from sale of jointly -owned land, in accordance with terms of the
acquisition agreement dated 10 November 2004.
Discussion:
The City of Palm Desert and Riverside County each held a fifty percent interest in an
undeveloped ten -acre parcel north of Miriam Way. The County sold their fifty percent
interest to the City in November 2004 after finding that they had no use for it. The
agreement that transferred the interest to the City required, in part, that the County receive
fifty percent of any surplus proceeds realized if the City subsequently sold the parcel.
On 13 January 2005, the City held a public hearing on a proposal to sell the ten acres to
the owner of the adjacent property. The resulting sale of the property for $1,742,400
closed escrow in March 2005. The County's share of the surplus proceeds is $186,089.93.
G:\RDA\Mara Hunt\W PDATA\AYLAIAN\STFRPTS\041405 Share of Surplus Proceeds on Sale of 10-Acre Parcel at Miriam Way.wpd
Staff Report
Authorize Payment to Riverside Co. for 50% share of surplus proceeds from sale of 10-
acres
April 14, 2005
Page 2
Approval of the staff recommendation will allow staff to pay to Riverside County one half
of the surplus proceeds from the sale.
Submitted by:
Lauri Aylaian
Redevelopment Manager
Approval:
Carlos L. 0
City Manager
Department Head:
lf--------
Dave Yrigo
Director edevelopment/Housing
Paul Gibson
Director of Finance
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