HomeMy WebLinkAboutItem No.SA4CITY OF LAKE ELSINORE
REPORT TO THE REDEVELOPMENT AGENCY
TO: Redevelopment Agency
FROM: Ron Molendyk, Executive Director
DATE: November 9, 1993
SUBJECT: San Jacinto River Channel
Property Acquisition
The Redevelopment Agency of the City of Lake Elsinore is re-
constructing the Lakeshore Drive bridge. In order to build the new
bridge, the San Jacinto River Channel must also be widened and
constructed to its ultimate width. 1.
The river channel improvements are currently underway and will be
completed near the end of this year. The work is being done under
a Right -of -Entry permit because the Redevelopment Agency does not
own the property.
Property engineering and property appraisals have been completed.
Parcel No. 373- 210 -018 consists of 1.304 acres which lies adjacent
to the south side of the bridge and immediately west of Von's
parking lot. It is owned by Real Estate Investment Trust of
California. All 3 parcels within the river channel were appraised
at $1,000 each, regardless of size, because the parcels never could
be developed due to low elevations and many other restrictions.
MacFarlane and Associates has been negotiating with the owners of
the property on behalf of the RDA. They have arrived at a mutual
agreement for the cost of the property and the immediate right -of-
entry permission. All costs are included in the purchase price of
$15,000 and the escrow costs of $666.50.
FISCAL IMPACT
Sufficient funds exist in the 1993/94 RDA Capital Improvement
Budget for the San Jacinto River Channel to purchase this parcel
and pay escrow fees in the amount of $15,666.50.
RECOMMENDATIONS
1. Authorize the payment of $15,000 for the acquisition of Parcel
No. 373 - 210 -018, and $666.50 for escrow fees.
2. Request the Chairman to execute the escrow instructions, the
amendment to the escrow instructions and accept the Grant Deed
on behalf of the Agency.
PREPARED BY:
APPROVED BY:
APPROVED FOR
AGENDA LISTING
AGENDA ITEM NO..L.
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