HomeMy WebLinkAboutAgenda Statement 1987/05/05 Item 10 COUNCIL AGENDA STATEMENT
Item 10
Meeting Date 5/5/87
ITEM TITLE: Resolution/30/8 Approving conveyance to the Redevelopment
Agency of grant deeds for 495 I Street and sliver parcels
located at Fifth Avenue and H Street and Fifth Avenue and I
Street
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SUBMITTED BY: Community Development Director
REVIEWED BY: City Manager (4/5ths Vote: Yes No X )
The Redevelopment Agency is in the process of negotiating a Disposition and
Development Agreement (DDA) with the Homart Development Company for the
expansion and renovation of the Chula Vista Shopping Center. located at Club
site, located at 495 I Street, and two small sliver parcels, ated
corners of Fifth Avenue and I Street and Fifth Avenue and H Street, currently
owned by the City, are important components of financing and redevelopment
plans for the shopping center. This item is to convey those parcels from the
City to the Agency for inclusion in the DDA for redevelopment of the center.
RECOMMENDATION: That the Council adopt the resolution approving conveyance
of grant deeds for parcels Street and parcels
located the
located at Fifth A venue and H Street and Fifth Avenue and I Street to
Redevelopment Agency. *
BOARDS/COMMISSIONS RECOMMENDATION: Not applicable.
DISCUSSION:
The City-owned land parcel at 495 I Street is located within the Sears block
and is the site of the Boys' Club. With the construction of the New Boys' and
Girls' Club facility at Greg Rogers Park, it is recommended that the 1 .45 acre
parcel be conveyed to the Redevelopment Agency so that the parcel can be
included in redevelopment negotiations for expansion of the shopping center.
The two sliver parcels located at the southwest corner of H Street and Fifth
Avenue and at the northwest corner of I Street and Fifth Avenue were left over
from the widening of H Street and Fifth Avenue. They total approximately 140
square feet. These parcels, called fillets, are also located immediately
adjacent to the Chula Vista Shopping Center and are expected to be included in
future redevelopment of the center. These parcels do not revert to abutting
land owners with the of closure of Fifth Avenue.
*This transfer of property from the City to the Redevelopment Agency is one
of the side issues which is involved in this transaction, which is not covered
in the Business Points letter which is being transmitted to you separately.
This transaction may or may not involve payment from the Agency to the City.
Because of the evolving nature of the total financial package involving the
City, the Agency, and Homart, a completed package of recommendations has
not yet been developed. Action on these items, therefore, are placed on
the agenda for consideration, but are not recommended for final action until
the entire financial package is completed and presented to you.
Page 2, Item 10
Meeting Date 5/5/87
City conveyance to the Agency of these three parcels would facilitate
consolidation of land necessary for expansion and redevelopment of the Chula
Vista Shopping Center. The Agency has requested appraisals for these
properties for the purpose of negotiating the DDA with Homart. Copies of the
appraisal report are on file at the Community Development Department.
FISCAL IMPACT: The City currently receives no rent for any of the parcels
and has no costs associated with their ownership. Conveyance of these parcels
to the agency will allow the Agency to negotiate for approximately $1 million
in credit or payment from future redevelopment of the Chula Vista Shopping
Center.
WPC 282511
oy the City Counct`
Chula Vista, California
Dated 5