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HomeMy WebLinkAboutRDA Reso 1986-0692 RESOLUTION NO. 692 RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF 'CHULA VISTA APPROPRIATING ADDITIONAL FUNDS FOR PURCHASE OF COUNTY OF SAN DIEGO-OWNED PARCELS #563-350-13 AND #566-131-01 AS A SITE FOR A RELOCATION MOBILEHOME PARK FOR LOW AND MODERATE INCOME DISPLACED PARK RESIDENTS FROM THE AGENCY'S LOW AND MODERATE INCOME HOUSING FUND IN AN AMOUNT OF $8,500 The Redevelopment Agency of the City of Chu1a Vista does hereby resolve as follows: WHEREAS, the Agency desires to assist low and moderate income residents displaced from mobi1ehome parks due to park closings; and, WHEREAS, the Agency has stated that one of it I S goal s is to fi nd property within the City that would be suitable for a relocation mobilehome park; and, WHEREAS, the County of San Diego has land available for purchase that could be developed as a mobi1ehome park; and, WHEREAS, the estimated cost of purchase is now $168,500; and, WHEREAS, the Agency previously appropriated $160,000 and short fall of $8,500 exists. NOW, THEREFORE, BE IT RESOLVED that the Redevelopment Agency of the Ci ty of Chu1 a Vi sta that the Agency hereby appropri ates an addi ti ona 1 $8,500 for the purchase of San Diego County-owned parcels #563-350-13 and #566-131-01 for development of a relocation park for displaced low and moderate income park residents from' the unappropriated balance of the low and moderate income housing fund to account #993-9930-5517, real estate purchases. Approved as to form by Development Director ~~Jdw~ (!"homas . H~~/ ~Agency Atto~ WPC 2286H I' f i l f '. , ! 1 I i , 1 I 1 I 1 , t i .( 1.....___ ADOPTED AND APPROVED BY THE CHULA VISTA REDEVELOPMENT AGENCY, this 5th day of June , 1986, by the following vote, -to-wit: AYES: Members Malcolm, Moore, Campbell, McCandliss, Cox Noes: Members None Absent: Members None ~I.~.. Chal n, edevelopment Agency ATTEST: STATE OF CALIFORNIA) COUNTY OF SAN DIEGO) ss: CITY OF CHULA VISTA ) I, Paul G. Desrochers, Secretary to the Redevelopment Agency of the City of Chula Vista, California, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of Resolution No. 692 has not been amended or repealed. and that the same DATED : Sec reta ry SEAL fr-- " " ", , " I I" I l 1 \. i. [ \~ I l' ) 'i , ) 1 REDEVELOPMENT AGENCY AGENDA STATEMENT Item 9 Meeting Date 6/5/86 ITEM TITLE: Request for an additional appropriation of $8,500 to purchase County-owned parcels for a relocation mobilehome park RESOLUTION 692 appropriating an additional $8,500 for purchase of County-owned parcel~A Community Development Director~ Executive Director r? (4/5ths Vote: Yes~No_l SUBMITTED BY: REVIEWED BY: At the May 1 meeting the Agency approved an appropriation of $160,000 to purchase a 14.3 acre County-owned parcel to the south of the KOA Campground. Subsequently, County staff updated their appraisal of the land to $165,000 and estimate their charge for staff time to be approximately $2,500. In addition, a title policy is needed and staff estimates the cost of this to be a maximum of $1,000. RECOMMENDATION: That the Agency adopt the resol uti on approvi ng the additional appropriation of $8,500 for the purchase of County-owned parcels #563-350-13 and #566-131-01 for a total cost of purchase not to exceed. $168,500. BOARDS/COMMISSIONS RECOMMENDATION: Not Applicable 1. I DISCUSSION: I I , 1 \ j' i j j { ! I \ , , After Agency approval of the purchase of the County-owned site in the Sweetwater River Valley, staff formally requested that the County update their appraisal of the land. The County was unwilling to expend staff time on the appraisal prior to having a buyer so as not to spend money unnecessarily. In October 1984, the County appraised the land at $143,310. Prior to their' recent update of the appraisal they estimated that based on inflation, the land was now worth roughly $155,000 - $160,000. Thus, staff requested an appropriation not to exceed $160,000. However, in using the Consumers Price Index-All Urban Consumers-All Items for the Los Angeles Metropolitan Area, they calculated that the land was now worth $165,000 based on inflation. The percent increase in the CPI from October 1984 to March 1986 was 16.3%. .The actual dollar amount based on a 16.3% increase is $166,669; however, the County rounded this figure to $165,000. As a poi nt of i nformati on, the County uses the CPI fi gures for the Los Angel es area rather than the San Di ego area as part of thei r protocol. Thi s may be \ ~"'-- r \ \ I \ I \ \ \ I i I. \\ , 1 ! Page 2, Item 9 Meeting Date 6/5/86 due to the fact that the sample size in the Los Angeles area is larger than that for San Diego and some feel that as a result the Los Angeles CPI figure is statistically slightly more accurate. If one uses the San Diego CPI figure to update the value of the land rather than the Los Angeles figures, the new value would also slightly exceed the County's asking price of $165,000. The County estimates the cost of staff time to process the sal e to be approximately $2,500.. These costs i ncl ude prepari ng a report for the County Board of Supervisors, and providing instruments for conveyance. The City, as buyer, is required to pay these costs. In addition, obtaining title insurance will cost approximately $1,000. Conclusion Based on the County's recent appraisal of the site, their estimated cost for staff time, and the approximate cost of title insurance the cost of purchasing the site is estimated at $168,500. Thus, staff requests an additional appropriation of $8,500 to cover these costs. FISCAL IMPACT: be drawn from housing fund. ) , I , ) AGENCY AGTl C:N: -~--"'-~'-"'._,-,-~~ VlPC 2285H \ 1 I , \ \ I 'j i i \ i .l The money to finance the recommended land acquisition would unappropriated funds in the Agency's low and moderate income Currently, the fund has approximately $1,.7 million. RO""'''on ' , d ' ,,~iJ:U~j' 8GOp!,e. (.. C; ~ lu'/r"