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HomeMy WebLinkAboutSA34960 - Purchase and Sale APN 627-071-071 - 44889 San Clemente CircleContract No. SA34960 Resolution No. 2016-10 Resolution No. SA-RDA O51 CITY OF PALM DESERT/SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY STAFF REPORT REQUEST: AUTHORIZATION TO EXECUTE A PURCHASE AND SALE AGREEMENT BETWEEN THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY AND THE CITY OF PALM DESERT FOR THE PROPERTY LOCATED AT 44-889 SAN CLEMENTE CIRCLE, APN 627-071-071, PROPERTY 1(e) OF THE LONG RANGE PROPERTY MANAGEMENT PLAN SUBMITTED BY: Martin Alvarez, Director of Economic Development PROPERTY BUYER: City of Palm Desert DATE: January 14, 2016 CONTENTS: Purchase and Sale Agreement Grant Deed Resolution No. 2016-10 SA Resolution No. sa-xDA os i Appraisal Site Map / Parking Concept Plan Recommendation By Minute Motion: 1) Authorize the Executive Director/City Manager to execute the Purchase and Sale Agreement any and all documents necessary to effectuate the conveyance and acceptance. 2) That the City Council waive further reading and adopt Resolution No. 2o16-io authorizing and approving the acceptance of certain real property from the Successor Agency to the Palm Desert Redevelopment Agency; 3) That the Board of Directors of the Successor Agency to the Palm Desert Redevelopment Agency waive further reading and adopt Resolution No. SA-RDA O51 approving the conveyance of certain real property to City of Palm Desert; Staff Report Sale of Property — 44-889 San Clemente Circle 1(e) January 14, 2016 Page 2 of 3 Backqround On June 4, 2014 the State of California Department of Finance (DOF) approved the Long Range Property Management Plan (LRPMP) for the Successor Agency to the Palm Desert Redevelopment Agency (Successor Agency) authorizing the disposition of all Successor Agency properties. Property 1(e) of the LRPMP, known as 44-889 San Clemente Circle was approved for disposition. Property 1(e) is located at the southwest corner of San Clemente Circle and San Marcos Avenue and adjacent to the Alessandro West corridor. The site consists of a 6,098 square foot vacant lot (see attached map). Discussion: Over the last decade the former Redevelopment Agency and City have acquired several properties located adjacent to the Alessandro West Corridor. The intent of the acquisitions was to facilitate an improvement project that would assist in renovating the blighted area and provide improvements that would stimulate new economic development and expansion of the commercial properties located to the south. The proposed Purchase and Sale Agreement (PSA) will allow the City to acquire the site from the Successor Agency to implement future parking improvements on this site. The future parking improvements will also include the future road closure and vacation of San Marcos Avenue at San Clemente Circle and the property located at the northeast corner of San Clemente Circle and San Marcos Avenue (see attached parking concept plan). If approved, it is anticipated that the Alessandro West Improvement Project will commence the summer of 2016. The property was recently appraised and the fair market value has been established at $45,000. The proposed PSA between the Successor Agency and the City is in the amount of the appraised value. On November 2, 2015, the Oversight Board approved Resolution OB 135, approving a Purchase and Sale Agreement between the Successor Agency and the City. On November 9, 2015, the DOF granted the final approval of the property sale to the City. Fiscal Analysis Funds are currently budgeted in Fiscal Year 2015/2016 Account No. 4004341-4400100. Although the Capital Projects Fund would initially advance the funds for the property acquisition, the City will be reimbursed by the Successor Agency pursuant to the approved Alessandro Bond Proceeds Funding Agreement and funds available from the Project Area 1 Bond Funds. G-\Econ DevelopmentVvlart�n Alvarez\SA Property SalesV+lessandro AIIeyW4-889 San Clemente\44-889 San Clemente City-SA Propeny Sale 01-14-16 tlocx Staff Report Sale of Property — 44-889 San Clemente Circle 1(e) January 14, 2016 Page 3 of 3 Once this Successor Agency property is sold, the City, as a taxing entity, will receive approximately 3% of the sale proceeds. Submitted by: Martin Alvarez Director of Economic Development Department Head: i�� -�•�� i�� Rudy Acosta Assistant City Manager Revi ed: � CITY COUNCII, At�ON APPROVED �� DFNIED Paul S. Gibson RECEIVED OTHER, Director of Finance ���''��� f �% ���� �� -/?r �,._, �hn M. Wohlmuth ity Manager MEETI G D AYES: � NOES: - ABSENT: ��� ABSTAINs VERIFIED BY: Originat on Fite witL City di- ��' ���� �Y% o��� o� �te �� cg� O�ce BY� SA�-lil)� � �� ���� ���/ G:\Econ Development\Martin Alvarez\SA Property SalesWlessandro Alley\44-889 San Clemente\44-889 San Clemente City-SA Property Sale 01-14-16.docx Contract No. SA34960 AGREEMENT OF PURCHASE AND SALE AND ESCROW INSTRUCTIONS Foresite Escrow ("Escrow") 41-995 Boardwalk, Ste G-2 Palm Desert, CA 92211 Attention: Esther Lopez, Escrow Officer ("Escrow Holder") Escrow No: THIS AGREEMENT OF PURCHASE AND SALE AND ESCROW INSTRUCTIONS ("Agreement") is dated for reference purposes as of this 14th day of January, 2016 (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"). This Agreement is made with reference to the following facts: RECITALS A. Seller is the owner of certain real property located in the City of Palm Desert, Riverside County, California, commonly known as APN: 627-071-071 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, utiliry 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 Ag reement. 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 Forty Five Thousand Dollars ($45,000.00) ("Purchase Price"). The purchase price shall be paid in cash, and this Agreement is not subject to any financing contingency. 3. Payment of Purchase Price. Not later than two (2) business days prior to Closing, Buyer shall deposit with Escrow Holder in immediately available funds the Purchase Price, together with such other amounts, if any, as may be required in order to pay Buyer's share of prorations. Contract No. SA34960 4. Title. 4.1 Preliminary Title Report. Upon execution of this Agreement by both parties, Seller will order from Lawyer's Title Company (through its Riverside, California office —"Title Company") a preliminary title report, together with legible copies of all 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 title 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 unwitling 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. f Intentionally Omittedl. 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 Seller 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 physical 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." G\Econ DevelopmentlMart�n Alvarez\SA Property SalesWiessandro Alleykl4-889 San Ciemente\PD - SARDA - Purchase and Sale Agreement (44889) doc 2 Contract No. SA34960 Buyer acknowledges that it has either consulted with or had an opportunity to consult with legal counsel regarding the above waiver. The provisions of this Section 6 will survive Close of Escrow. Buyer Initials 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 Opening 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 Holder ("Escrow Opening"). 7.3 Close of Escrow; Closing 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 material default 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 Buyer. 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. G:\Econ Development�MaAin Alvarez�SA Property Sales�Alessandro AIIeyW4-889 San Clemente\PD - SARDA - Purchase and Sale Agreement (44889) doc 3 Contract No. SA34960 (b) Preliminary Change 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. (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. A fully executed and acknowledged Grant Deed conveying the Property to Buyer, or Buyer's nominees or assigns, in fee simple. (b) FIRPTA Affidavit. An original affidavit, using Escrow Holder's standard forms, certifying that Seller and this transaction are not subject to the withholding requirements of the Foreign Investment in Real Property Tax Act and equivalent California legislation. (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 place unless and until: (a) Seller's Obliqation. 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, Seller 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. (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. G�1Econ DevelopmentVvlart�n Alvarez\SA Property SalesV+lessandro AIIeyW4-889 San Clemente\PD - SARDA - Purchase and Sale AgreemeM (44889).doc 4 Contract No. SA34960 (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. (iv) Seller shall have performed all of its other obligations under this Agreement. In the event that any of the foregoing conditions have not occurred 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 Policv. 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 Electronic/Counterpart Documents. In 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 original signatures. Buyer and Seller hereby agree, if requested by Escrow Holder, to provide to Escrow Holder within seventy-two (72) hours after transmission, such documents bearing the original signatures. Buyer and Seller further acknowledge and agree that electronically transmitted documents bearing non-original signatures will not be accepted for recording and that the parties will provide originally executed documents to Escrow Holder for such purpose. Escrow Holder is authorized to utilize documents which have been signed by Buyer and Seller in counterparts. G\Econ Development\Martin Alvarez\SA Propeny SaiesWiessandro Aliey444-889 San Clemente\PD - SARDA - Purchase antl Sale Agreement (44889) doc 5 Contract No. SA34960 7.9 Costs of Escrow and Closinq Costs. Seller shall pay all of the Escrow Holder's fee, the costs and expenses associated with the Title Policy as described in Section 4, and any additional closing costs and charges relating to the closing of the sale of the Property. 7.10 Property 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) allocable 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 shall report the gross proceeds of the purchase and sale 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 Seller 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 below: G.\Econ Development\Martin Alvarez\SA Property SalesWlessantlro AIIeyW4-889 San ClementelPD - SARDA - Purchase antl Sale Agreement (44889).doc 6 Ciontract No. SA34960 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 To Buyer: City of Palm Desert 73-510 Fred Waring Drive Palm Desert, CA 92260 Attn: City Manager Any party may change its address by a notice given to the other party in the manner set forth above. 10. Miscellaneous. 10.1 Integration. 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 Law/Venue. This Agreement shall 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 Attornevs' 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. G\Econ DevelopmentUAartin Alvarez\SA Property SalesWlessandro Alley\44-889 San ClementelPD - SARDA - Purchase and Sale Agreement (44889) doc 7 Contract No. SA34960 10.8 Assiqnability. Any assignment of Agreement shall require the prior written consent of Seller, withhold in its sole discretion. Buyer's rights under this which Seller may grant or 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 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 initialed by the parties are expressly made and constitute a part of this Agreement. 10.12 Counterparts. This Agreement may be executed in counterparts and when so executed by the parties, shall become binding upon them and each such counterpart will be an original document. REMAINDER OF PAGE INTENTIONALLY LEFT BLANK SIGNATURE PAGE FOLLOWS G�Econ DevelopmentUvlartin Alvarez\SA PropeAy SalesWlessandro Alleyki4-889 San Clemente\PD - SARDA - Purchase and Sale Agreement (44889) doc 8 Contract No. SA34960 SELLER: SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY By: Name: John M. Wohlmuth Its: Executive Director BUYER: CITY OF PALM DESERT, a California municipal corporation �� John M. Wohlmuth, City Manager ATTEST: APPROVED AS TO LEGAL FORM: BEST BEST & KRIEGER LLP Rachelle Klassen, City Clerk Robert W. Hargreaves, City Attorney G:�Econ DevelopmentVvlartin Alvarez\SA Property SaiesV+iessandro Alleykl4-889 San Clemente\PD - SARDA - Purchase and Saie Agreement (44889) doc 9 Contract No. SA34960 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 . 2015. Dated: , 2015 FORESITE ESCROW By: Its: Escrow Officer G.\Econ DevelopmentlMaAin Alvarez\SA Property SalesWlessandro Alleyki4-889 San Clemente\PD - SARDA - Purchase and Sale Agreement (44889).tloc 10 Contract No. SA34960 EXHIB;IT A LEGAL DESCRIPTIQN OF PRpPERTY THE LAND REFERRED TO HEREIN BELOV"J (S SITUaTED IN THE CITY OF PALM DESERT, COUNTY OF RIVERSIDE, STATE, OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS: THE LAND REFERRED TO HEREIN IS SITUATED IN THE COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AIYO IS DESCRIBED AS FOLLOWS: LOT 116 OF PALMA VILLAGE UNIT N0. 7, IN THE CITY OF PALM DESERT, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 21, PAGES 16, 17 AND 18, OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, LOCATED WITHIN THE NORTHWEST QUARTER OF SECTION 20, TOWNSHIP S SOUTH, RANGE 6 EAST, S, S. 6, &M, EXCEPTING THEREFROM THE SOUTHERLY Z7.00 FEET. ASS�SSOR'S RARCEI NUMBER: 627-071-071-5 Contract No. SA34960 EXHIBIT B GRANT DEED [See Attached] Exhibit B Grant Deed as to I'orm RECORDING REQUESTED BY: SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY c/o CITY OF PALM DESERT 73-510 Fred Waring Drive Palm Desert, California 92260 Attn: Executive Director WHEN RECORDED RETURN TO: CITY OF PALM DESERT 73-510 Fred Waring Drive Palm Desert, California 92260 Attn: City Clerk APN: 627-071-071 Exempt from Recording Fees Pursuant to G.C. 6103 Above Space for Recorder's Use Documentary transfer tax is $0.00 Exempt from Documentary Transfer Taxes Pursuant to R 8 T Code Section 11922 GRANT DEED FOR VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY, a public entity ("Grantor"), hereby grants to CITY OF PALM DESERT, a California municipal corporation ("Grantee"), the following described real property (the "Property") situated in the City of Palm Desert, County of Riverside, State of California: See Exhibit A attached hereto. AND excepting therefrom any public rights of way or easements. IN WITNESS WHEREOF, Grantor has caused its name to be affixed hereto and this instrument to be executed by its duly authorized officer. DATED: .2015 GRANTOR: SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY By: Name: John M. Wohlmuth Its: Executive Director Exhibit B Grant Deed as to Form CALIFORNIA ALL PURPOSE ACKNOWLEDGMENT A notary public or other ollice completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy or validity of that document. State of California ) ) SS. County of ) On , 20_, before me, , a 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 EXHlBIT A LEGAL DESCRIPTION OF PRQPERTY THE LAND REFERRED TO HEREIN BELOW fS SITUA�TED IN THE CITY OF PALM DESERT, COUNTY OF R(VERSIDE, STATE OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS: THE LAND REFERRED TO HEREIN IS SITUATED IN THE COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AND IS DESCRIBED AS FO�LOWS: LOT 116 OF PALMA VILLAGE UNIT N0. 7, IN THE CITY OF PALM DESERT', COUNTY OF RIVERSIDE, STATE OF CALIFORfVIA, AS PER MAP RECORD�D IN BOOK 21, PAGES 16, 17 AND 18, OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, �OCATED `NITHIN THE NORTHWEST QUARTER OF SECTION 20, TOWNSHIP 5 SOUTH, RANGE 6 EAST, S. S, B, &M, EXCEPTING THEREFROM THE SOU7HERLY 27,00 FEE7. ASSESSOR'S PARCEL NUMBER: 627-071-071-5 RECORDING REQUESTED BY: SUCCESSOR AGENCY 70 THE PALM DESERT REDEVELOPMENT AGENCY c/o CITY OF PALM DESERT 73-510 Fred Waring Drive Palm Desert, California 92260 Attn: Executive Director �1��I:I��GixK�I:U7��T:7��l:�ri71 CITY OF PALM DESERT 73-510 Fred Waring Drive Palm Desert, California 9226Q Attn: City Clerk APN: 627-071-071 Exempt from Recording Fees Pursuant to G.C. 6103 Above Space for Recorder's Use Documentary transfer tax is $0.00 Exempt from Documentary Transfer Taxes Pursuant to R& T Code Section 11922 GRANT DEED FOR VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY,a public entity ("Grantor"), hereby grants to CITY OF PALM DESERT, a California municipal corporation ("Grantee"), the following described real property (the "Property") situated in the City of Palm Desert, County of Riverside, State of California: See Exhibit A attached hereto. AND excepting therefrom any public rights of way or easements. IN WITNESS WHEREOF, Grantor has caused its name to be affixed hereto and this instrument to be executed by its duly authorized officer. DATED: , 2015 GRANTOR: SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY By: Name: John M. Wohlmuth Its: Executive Director CALIFORNIA ALL PURPOSE ACKNOWLEDGMENT A notary public or other officc complcting this certificate vcrifics only the identity of thc individual who signed thc documcnt to w�hich this certificate is attached, and not the truthfulness, accuracy or validity of that document. State of California ) ) SS. County of ) On , 20_, before me, , a 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/heNtheir 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 EXHiBIT A LEGAL DESCRIPTiON OF PROPERTY THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE CITY OF PALM DESERT, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS: THE LP.ND REFERREr `.:� �ERc'.N :5 j?T'�q'c(:,'� IN -`NE (:C::�vT" . ..�ti�1�= _—�—_ . CALIFORNIA, AND :5 DES�.R?5cD A� =O�_��VS LOT 116 OF PALMFa `JILvaGE JfJ?T NG. 7'.N THE C: ��' OF ?A_��1 J_S�R•" �...-'v-` ;% ='vr�5: %�. STATE OF CALIFORNIA, t.5 PER rsc,P RECORD_D ,'r: B:JGK �_, �'aGE� :.:. : ��"aC :�. �r '"AP�, i', THE OFFICE OF TH� CCUNT'� RE:.ORDER �� SA:D � ��.:Pd`� . �_��_-'-� , .— :'• _ , _ ,, �S' QUARTER OF SEC?'ION 2G, 70WNSHIP � SOU?H, RA��vGE 6 EAS �,�. S. 6. &r`. EXCEPTING THEREFROM �HE SOUTNER��� �?.�0 FEE' ASSESSOR'S PARC�L N;:�MBER „??-�7:-G?:-� cs�y oF PRiM �E���� ] j—j I O PRF.11 WARING �RIV6 PAL�1 �fiSIiRT, �,AL►PORI�iIA 922�0-2j7H TBL: 760 346-06 � � inti�C� cityol(�almdcscrt.org APN: 627-071-071 (Vacant Land — San Clemente Circle) CERTIFICATE OF ACCEPTANCE THIS IS TO CERTIFY that the interest in real property conveyed by the GRANT DEED from SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY, to the CITY OF PALM DESERT, A MUNICIPAL CORPORAITON, is hereby accepted by order of the Palm Desert City Council, on behalf of the City of Palm Desert, pursuant to its action on January 14, 2016, and the grantee consents to the recordation thereof by its duly authorized officer. JOHN M. WOHLMUTH, CITY MANAGER CITY OF PALM DESERT, CALIFORNIA January 14, 2016 ,••. �,�,��:,P •:,��,:;� RESOLUTION NO. 2016-10 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT APPROVING THE ACCEPTANCE OF CERTAIN REAL PROPERTY KNOW AS A.P.N. 627-071-071 FROM THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY RECITALS: A. AB X1 26 and AB X1 27 were signed by the Governor of California on June 29, 2011, making certain changes to the Community Redevelopment Law (Part 1 (commencing with Section 33000) of Division 24 of the California Health and Safety Code), including adding Part 1.8 (commencing with Section 34161) and Part 1.85 (commencing with Section 34170) ("Part 1.85"). B. The City Council of the City of Palm Desert (the "City") made an election to serve as the successor agency for the Palm Desert Redevelopment Agency (the "Agency") under Part 1.85 (the "Successor Agency"). C. The City Council, acting as the governing board for the Successor Agency, established rules and regulations applicable to the governance and operation of the Successor Agency, and pursuant to such resolution provided that the Successor Agency will be governed by a Board of Directors consisting of the members of the City Council of the City. D. The Long Range Property Management Plan was approved by the State of California Department of Finance on June 2, 2014, allowing for the disposition of the property located at 44889 San Clemente Circle, Palm Desert, California. On November 9, 2016, the State Department of Finance granted final approval of a purchase and sale agreement to the Successor Agency authorizing the sale of the property to the City of Palm Desert. E. The City of Palm Desert desires to accept from the Successor Agency an executed grant deed in the form attached hereto as Attachment "A" (the "Deed") for APN 627-071-071 accepting that certain real property described therein. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PALM DESERT HEREBY FINDS, DETERMINES, RESOLVES, AND ORDERS AS FOLLOWS: Section 1. The above recitals are true and correct and are a substantive part of this Resolution. Section 2. The City Council hereby authorizes the Mayor to accept an executed Deed from the Successor Agency, and to take any such other actions as may be necessary to effectuate the execution of all other documents and instruments for the purpose of this Resolution, all under such circumstances and at such time as he deems appropriate upon the advice of legal counsel. RESOLUTION NO. 2o16-io APPROVED and ADOPTED this day of , 2016. AYES: NOES: ABSENT: ABSTAIN: Robert A. Spiegel, Mayor ATTEST: Rachelle D. Klassen, City Clerk RESOLUTION NO. RECORDING REQUESTED BY: ATTACHMENT "A" FORM OF GRANT DEED SUCCESSOR AGF,NCY'I'O'I'lIE PALM DGSERI' REDL'VELOPML'N"C AGGNCY c/o CITY OP PALM DF,SF;R"I' 73-510 Frcd Waring Drivc Yalm Dcscrt, California 92260 Attn: Ciry Clerk VV111-:N RI-;CORDEU RGTURN TO: CITY OF PALM llLSER"1' 73-510 Pred Waring Drivc Palm Descrt. Califomia 92260 Atm: City Clcrk APN: 627-071-071 [SPACF, A130VE �OR RECORDGR'S IJSf ONLYJ GRANT DEED FOR VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY, a public entity ("Grantor"), hereby grants to CITY OF PALM DESERT, a California municipal corporation ("Grantee"), the following described real property (the "Property") situated in the City of Palm Desert, County of Riverside, State of California: See Exhibit A attached hcreto. AND excepting therefrom any public rights of way or easements. IN WI'1'NESS WHEREOF, Grantor has caused its name to be affixed hereto and this instrument to be executed by its duly authorized officer. Dated: , 2016 GRANTOR: SUCCESSOR AGENCY TO THE PALM DESER'1' REDEVELOPMENT AGENCY By: Name: John M. Wohlmuth Its: Executive Director RESOLUTION NO. A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfuiness, accuracy, or validity of that document. State of California County of Riverside On , 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 offcial seal. Signature (Seal) EXHI 'IT A LEQAL DESCRIPTIQN OF PRQPERTY THE LAND REFERRED TO: HEREIN BELOV'U IS SITUA�TED IN THE CITY OF PALM DESERT, COUNTY OF RIVERSIDE, STATE; OF CALIFjORNIA, AND IS DESCRIBED AS FOlLOWS: THE LAND REFERRED TO HEREIN IS SITUATED IN THE COUNTY OF RIVERSIDE, STATE OF CAIIFORNIA, AND IS DESCRIBED AS FOLLOWS: LOT 116 OF PALMA VILLAGE UNIT NO. 7, IN THE CITY OF PALM �OESERT, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS PER MAP RECOR�ED IhJ 800K 21, PAGES 16, I7 AND 18, OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, LOCATED WITHIN THE NORTHWEST QUARTER OF SECTION 20, TOWNSHIP 5 SOUTH, RANGE 6 EAST, S. S. B. &M, EXCEPTING THEREFROM THE SOUTHERLY 27.00 FEET. AS�[SSOR'S PARCEI NUMBER: 6Z7-071-071-5 RESOLUTION NO. SA-RDA O51 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY AUTHORIZING THE CONVEYANCE OF CERTAIN REAL PROPERTY KNOWN AS A.P.N. 627-071-071 TO THE CITY OF PALM DESERT AND FURTHER AUTHORIZING THE EXECUTION AND DELIVERY OF A GRANT DEED WITH RESPECT TO SUCH REAL PROPERTY. RECITALS: A. AB X1 26 and AB X1 27 were signed by the Governor of California on June 29, 2011, making certain changes to the Community Redevelopment Law (Part 1 (commencing with Section 33000) of Division 24 of the California Health and Safety Code), including adding Part 1.8 (commencing with Section 34161) and Part 1.85 (commencing with Section 34170) ("Part 1.85"). B. The City Council of the City of Palm Desert (the "City") made an election to serve as the Successor Agency for the Palm Desert Redevelopment Agency (the "Agency") under Part 1.85 (the "Successor Agency"). C. The City Council, acting as the governing board for the Successor Agency, established rules and regulations applicable to the governance and operation of the Successor Agency, and pursuant to such resolution provided that the Successor Agency will be governed by a Board of Directors (the "Board") consisting of the members of the City Council of the City. D. The Long Range Property Management Plan was approved by the State of California Department of Finance on June 2, 2014, allowing for the disposition of the property located at 44889 San Clemente Circle, Palm Desert, California. On November 9, 2016, the State Department of Finance granted final approval of a purchase and sale agreement to the Successor Agency authorizing the sale of the property to the City of the City of Palm Desert. E. The Successor Agency desires to execute and deliver to the City the certain grant deed in the form attached hereto as Attachment "A" (the "Deed") for APN 627-071-071 and conveying that certain real property described therein. F. The Board desires to accept the conveyance of the real property described in the Deed and the real property described in any such grant deed and deliver an executed Deed to the City in the future. RESOLUTION NO. SA-RDA O51 NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY HEREBY FINDS, DETERMINES, RESOLVES, AND ORDERS AS FOLLOWS: Section 1. of this Resolution. Section 2. Section 34167.5. The above recitals are true and correct and are a substantive part This Resolution is adopted pursuant to Health and Safety Code Section 3. The Board hereby accepts the conveyance of the real property to the City of Palm Desert as described in the Deed and authorizes and directs the Chair to execute and cause to be recorded an appropriate Deed to delivered to the City in the future. Section 4. The 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, and any such actions previously taken by such officers or staff are hereby ratified and confirmed. APPROVED and ADOPTED this day of , 2016. AYES: NOES: ABSENT: ABSTAIN: Robert A. Spiegel, Chairman ATTEST: Rachelle D. Klassen, Secretary -2- RESOLUTION NO. ATTACHMENT "A" FORM OF GRANT DEED RECORDING REQUESTED BY: SiJCCESSOR AGENCY TO TI IF, YAI,M DESGR'C RF,DI:V�LONMEN"I' AGCiNCY c/o CITY OF PALM UGSGRT 73-S10 Fred Waring llrive Yalm Dcscrt, California 92260 Attn: City Clcrk WHGN RI�.CORDED RGTURN TO: CI"IY OP PALM DF,SER'I' 73-510 I-'rcd Waring Drive Palm Desert. California 92260 Attn: Ciri� Clerk APN: 627-071-071 �SYACE A130V1; POR RLCORllER'S USE ONLY) GRANT DEED FOR VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY, a public entity ("Grantor"), hereby grants to CITY OF PALM DESERT, a California municipal corporation ("Grantee"), the following described real property (the "Property") situated in the City of Palm Desert, County of Riverside, State of California: See Exhibit A attached hereto. AND excepting therefrom any public rights of way or easements. IN W[TNESS WHEREOF, Grantor has caused its name to be affixed hereto and this instrument to be executed by its duly authorized officer. Dated: , 2016 GRANTOR: SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY By: Name: John M. Wohlmuth Its: Executive Dircctor -3- RESOLUTION NO. A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of California County of Riverside On before me, (inscrt namc and tidc of thc officcr) 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) EXHI�IT A LEQAL DESCRIPTIQN OF PRQPERTY THE LAND REFERRED TO HEREIN BELOV'V IS SITUAiTED IN THE CITY OF PALM DESERT, COUNTY OF RIVERSID�, STATE;OF CALIFIORNIA, AND IS DESCRIBED AS FOLLOWS: THE LAN� REFERRED TO HEREIN IS SITUATED IN THE COUNTY:OF RIVERSIQE, STATE OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS: LOT 116 OF PALMA VILLAGE UNIT NO. 7, IN THE CITY OF PALM �DESERT, COUNTY OF RIVERSIDE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK Z1, PAGES 16, 17 ANO 18, OP MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY, LOCATED `N[THIN THE NORTHWEST QUARTER OF SECTION 20, TOWNSHIP 5 SOUTH, RANGE b EAST, S, S, 8. &M, EXCEPTING THEREFROM THE SaUTHERLY 27.00 FEET'. ASs�SSOR'S FARCEl. NUMBER: 627-Q71-071-5 Ib�uwrrir ; � '� � A Restricted Appraisal Report Of .14-Acres of Vacant Land Prepared For: Location: Successor Agency to the Palm Desert SWC of San Marcos Avenue 8s San Redevelopment Agency Clemente Circle, Palm Desert, CA., Attn: Mr. John Wohlmuth Otherwise Known As APN: 627-071- 73-510 Fred Waring Drive 071; Riverside County, CA. Palm Desert, CA. 92260 � ( � , ; - ��. ti ` 4� �= _ � �� � s � ;.. *.,a.sr `. �- ,.. Date of Report: August 13, 2015 Date of Value: July 30, 2015 Capital Realty Analysts File No.: 15-4134 CAPITAL REALTY ANALYSTS MICHAEL A. SCARCELLA, MAI 7gO1 S MAIN STREET, SUITE 2�7 La QumrTA, CA 92253 PxoNE: (760) 564-6222 Fax: (888) 985-9994 EMAIL: MIKt ;u ftl�;,11 l Y 1D� ISOR CO�1 August 13, 2015 Successor Agency to the Palm Desert Redevelopment Agency Attn: Mr. John Wohlmuth 73-510 Fred Waring Drive Palm Desert, CA. 92260 CAPITAL REALTY ANALYSTS REAL ESTATE APPRAISERS � ANALYSTS � ADVISORS 78-015 MAIN STREET, SUITE 207 LA QUINTA, CA 92253-8962 r�:tl�,�+;l;�ty�+�; :'�a'�r RE: .14-Acres of Vacant Land, Located at the Southwest Corner of San Marcos Avenue and San Clemente Circle, Palm Desert, CA., Otherwise Known As APN: 627-071-071; Riverside County, CA. Dear Mr. Alvarez: At your request and authorization, I have completed this restricted appraisal report, setting forth my opinion of the market value of the fee simple estate in the subject property as of July 30, 2015. Per your request, the following market value estimates are reported for the subject property: �- Market Value "As Is" The subject property includes .14-acres of vacant land, located at the SWC of San Marcos Avenue 8s San Clemente Circle, Palm Desert, CA. The property has a General Plan designation of Medium Density Residential. Surrounding uses are single family residential on similarly sized lots. Because the format of this report is restricted, some or all information that support the analysis, conclusions and opinions in the report are retained in my files. This report may not be properly understood without the additional information contained within my files. The following guidelines apply to this report: � The property rights being appraised are the fee simple estate. � The purpose of the appraisal is to estimate the market value of the fee simple estate in the subject property "As Is". Definition of Market Value The definition of market value for this appraisal is as follows: "The most probable price which a 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 specifed date and the passing of title from seller to buyer under conditions whereby: Phone: (760) 564-6222 Fax:(888)985-9994 Email: mike@realtyadvisor.com August 13, 2015 Capital Realty Analysts / Mr. John Wohlmuth Page 3 Definition of Market Value 1. Buyer and seller are typically motivated. 2. Both parties are well informed or well advised, and acting in what they consider their best interests; 3. A reasonable time is allowed for exposure on the open market; 4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. The price represents the normal consideration for the property sold unaffected by special or creative iinancing or sales concessions granted by anyone associated with the sale. � Assumptions and limiting conditions are attached. �k- The intended use and sole purpose of this value estimate is for internal use by the Client. �4- The required certifications are attached. � Effective Date of Value: July 30, 2015 �- Highest and Best Use "As Vacant": Hold for investment � Highest and Best Use "As Improved": N/A, the subject property is vacant History of the Subject Property The subject parcel was acquired by the City of Palm Desert in 2009 for �285,000. At the date of sale, the property was improved with a 2,216 SF residential triplex. The improvements were constructed new in 1959 as a single-family home. The property was subsequently converted to a triplex. The improvements were reported to be in poor condition on the sale date. The triplex has since been demolished and the site is currently vacant. August 13, 2015 Capital Realty Analysts / Mr. John Wohlmuth Page 4 The property was acquired in order to add to the assemblage of parcels located along the alley along the south line of the subject site in order to facilitate a future expansion of the alley. According to the Desert Area MLS, the property is not currently listed for sale. An Assessor's Plat Map for the subject property is included in the Addendum. The Client's need for a current market value estimate generated the requirement for this analysis. Appraisal Process A direct Sales Comparison Approach is applied to estimate the market value of the fee simple estate in the subject property. Lacking improvements with an associated cost or income earning ability, the Cost Approach and the Income Approach are not considered relevant. Sales Comparison Approach The following table shows the data applied to estimate the market value of the subject property: 1 S Side of Florida Avenue, W of Tennessee Avenue Palm Desert, CA. 1/22 / 15 0.15 2 Portola Palms Lot 134 SWC of Fred Waring 8v Magnesia Falls Palm Desert, CA. 12/16/14 3 W side of Chaparrosa Way, S of Fuller Drive Palm Desert, CA. 2/27/15 4 Sub. E side of Nevada Circle East, South of Merle Way Palm Desert, CA. SWC of San Marcos Avenue 8v San Clemente Circle Palm Desert, CA 6/10/14 0.08 0.09 0.09 0.14 6,460 $72,000 3,485 $25,000 3,920 $50,000 3,920 $65,000 . 1•: $11.15 $7.17 $12.75 $16.58 Sale 1 is located in the Palm Desert Country Club area. The lot backs to Fred Waring Drive. This data point is superior to the subject in locational quality, but similar in size. In addition, this data point is the most recent sale of a sufiiciently similar detached SFR lot in Palm Desert that I could locate and verify. Overall, downward adjustment is required. Sales 2, 3 and 4 are mobile home lots located within Portola Palms, Palm Desert Greens and the Portola Country Club respectively. August 13, 2015 Capital Realty Analysts / Mr. John Wohlmuth Page 5 These lots were selected for comparison, as they would support similarly priced retail home values as compared to the subject, and no other detached SFR lots located in the immediate area of the subject have recently sold. Sale 2 is located in Portola Palms. This community of 142 mobile homes has a good location, but lacks significant common amenities. Overall upward adjustment is required. Sales 3 and 4 are both located in parks with executive golf courses. These 2 sale properties would both have a much higher level of marketability, and value, as both are located in gated communities with golf. Overall downward adjustments are required of Sales 3 and 4. Conclusion Although Sale 1 is the only recent, sufiiciently similar detached SFR lot sale and is most similar in size as compared to the subject; the locational quality of the property is superior. Sales 2-4 could potentially attract a similar buyer. However, the lots are smaller and located in gated communities; hence all 3 are considered fair indicators. Clearly, the lack of market sales activity; and the subject's location in an area of aging SFRs suggests a lower range PSF value estimate as of the date of value. Based upon the available data, I conclude that the market value of the fee simple estate in the subject property "As Is", as of July 30, 2015 is as follows: $7.50 PSF x 6,098 SF = $45,735 $45,000 (Rounded) (Forty Five Thousand Dollars) The undersigned have no personal interest either present or contemplated in the subject property and certify that my employment was not dependent upon producing a speci�c value, or a value within a given range. No fee, received or to be received for the employment of my services is in any way contingent on the opinions reported herein. I hope you find the details of this appraisal report relevant to your decisions. Thank you for the opportunity to be of service. Respectfully submitted, CAPITAL REALTY ANALYSTS �t�� Michael A. Scarcella, MAI State Certification No.: AG019463 Expiration Date: October 24, 2015 �� �e � Date: 2015 44-889 San Clemente Circle � e VICINITY MAP --_� _ % � II ; 1l I� ji (" _ =� O