HomeMy WebLinkAboutItem No. 17 Devel Agrmnt City of LE & SC Investors, Inc.Text File
City of Lake Elsinore 130 South Main Street
Lake Elsinore, CA 92530
www.lake-elsinore.org
File Number: ID# 17-769
Agenda Date: 8/14/2018 Status: Approval FinalVersion: 1
File Type: ReportIn Control: City Council / Successor Agency
Agenda Number: 17)
Page 1 City of Lake Elsinore Printed on 8/9/2018
REPORT TO CITY COUNCIL
To:Honorable Mayor and Members of the City Council
From:Grant Yates, City Manager
Date:August 14, 2018
Subject: Disposition and Development Agreement byand between City of Lake
Elsinore and Southern California Investors, Inc.
Recommendation
Open the Public Hearing, receive testimony, if any, and continue the item to the August 28,
2018,regularly scheduled City Council meeting.
Discussion
The proposed Disposition and Development Agreement will provide for the sale by the City of
certain unimproved real property comprised on approximately 2.15 acres located on the south
side of W. Minthorn Street(the “City Property”). The purchase price will be the appraised fair
market value of the City Property. The proposed sale will be undertaken pursuant to
Government Code Section 52201 et seq. to create an economic opportunity by providing for the
development of a proposed industrial/manufacturing use that will generate jobs and property tax
revenues to the benefit of the City and the region.
Pursuant to the Redevelopment Dissolution Act, the City Property was conveyedby the
Successor Agency to the City for future development. The proposed sale of the City Property is
subject to the provisionsof that certain Compensation Agreement Pursuant to Health & Safety
Code Section 34180(f) by and among the City and the affected taxing entities. The net
proceeds of the sale of the City Property will be disbursed among the taxing entities, including
the City, in accordance with the terms of the Compensation Agreement.
Due to additional noticing requirements and discussions between the Developer and the City,
the City Attorney has requested that the noticed public hearing be continued to the August 28,
2018, regularly scheduled City Council meeting.