The URL can be used to link to this page

2014-69 l RESOLUTION NO. 2014-069 A RESOLUTION OF THE SUCCESSOR AGENCY FOR THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF GRAND TERRACE AMENDING THE LONG RANGE PROPERTY MANAGEMENT PLAN WHEREAS, on October 22, 2013, the Successor Agency to the Community Redevelopment Agency of the City of Grand Terrace ("Successor Agency") approved the Long Range Property Management Plan ("LRPMP") pursuant to Health & Safety Code section 34191.5; and WHEREAS, on November 6, 2013, the Oversight Board for the Successor Agency to the Community Redevelopment Agency of the City of Grand Terrace ("Oversight Board") approved the LRPMP pursuant to Health& Safety Code section 34191.5; and WHEREAS, after submittal to the California Department of Finance ("DOF"), the DOF has determined that certain amendments needed to be made prior to issuance of its approval of the LRPMP; and WHEREAS, the Successor Agency now desires to amend the LRPMP in the manner required by the DOF and to submit the amended LRPMP to the Oversight Board for its approval. NOW THEREFORE, BE IT RESOLVED by the Successor Agency for the Grand Terrace Community Redevelopment Agency, as follows: SECTION 1. That the foregoing recitals are true and correct and are incorporated herein by reference SECTION 2. That the Successor Agency has duly considered the amended LRPMP, which is attached:hereto as Attachment 1 and incorporated herein by this reference. SECTION 3. That the Successor Agency hereby adopts the amended LRPMP. SECTION 4. That Successor Agency staff is hereby directed to take this matter to the Oversight Board.for the'Successor Agency for its consideration, ratification, and approval. SECTION 5. That the Successor Agency staff is hereby authorized to take all other actions necessary and proper to carry out this resolution including, but not limited to, making such modifications to the attached amended LRPMP so that it further complies with the requirements and directives of the DOF and such other non-substantive changes as may be required. SECTION 6. The Successor Agency shall maintain on file as a public record this Resolution as approved hereby. RESOLUTION NO. 2014-069 PAGE 1 OF 25 NOVEMBER 25, 2014 i J PASSED, APPROVED AND ADOPTED by the Successor Agency for the Grand Terrace Redevelopment Agency at a regular meeting held on the 251h day of November, 2014. Walt Stanc 'ewitz, Chair, Successor Agency to Grand Terrace Redevelopment Agency ATTEST: Pat Ja - es Agency Secretary , I, PAT JACQUEZ-NARES, AGENCY SECRETARY of the Successor Agency for the Community Redevelopment Agency of the City of Grand Terrace, do hereby certify that the foregoing Resolution was introduced and adopted at a regular meeting of the Successor Agency Board of the Successor Agency for the Community Redevelopment Agency of the City of Grand Terrace held on the 251h day of November, 2014 by the following vote: AYES: Council Members McNaboe, Mitchell, Robles,Mayor Stanckiewitz NOES: None ABSENT: None ABSTAIN: None Pat Jacqu Agency Secretary = APPROVED AS TO FORM Richard L. Adams II Successor Agency Counsel RESOLUTION NO.2014-069 PAGE 2 OF 25 NOVEMBER 25, 2014 Amended Long-Range Property Management Plan City of Grand Terrace Successor Agency Wovember 13,2014 Page 1 of 23 AMENDED LONG-RANGE PROPERTY MANAGEMENT PLAN V,. SUCCESSOR AGENCY TO THEiORMER COMMUNITY REDEVELOPMENT AGENCY OF THE CI{TY OF,,GRAND TERRACE i. h .t •` ` R n TERRA.C+e \ :. Prepared By: \ k � 11 '9 kosmon companies - �f KOSMONT COMPANIES ` t 865 S. Figueroa Street,#3500 Los Angeles, CA90017 Telephone: (213)417-3300 WWWAosmont.com NOVEMBER 13, 207A�1-rvGTTOBEn 1 204 Formatted:Right 'fhe analyses,projections;assumptions,rates of return,and any examples presented herein are for illustrative - purposes,and are not a guarantee of actual andfor future results.Project pro forma and tax analyses are projections - Y-qM only.Actual results may differ materially from those expressed in this analysis. - kosmqaL 965 South Flgueroa Street,35th Floor Los Angeles California 90017 ph 213.417.3300 fax 213.417.3311 RESOLUTION NO. 2014-069 PAGE 3 OF 25 NOVEMBER 25, 2014 Long-Range Property Management Plan City of Grand Terrace Successor Agency November 13.2014 , 9steber4,6-2B43 ; Page 2 of 23 Table of Contents Section Pa ge e 1.0 : Introduction............... 2.0 Long-Range Property Management Plan..............................................................6 der ? Property#f 22100 Block of Barton Rd................ ...6 Property#2:22747-Sartori Rd...........I........ 9 J ...........:..,':.4,...... Property#3:Vista Grande Park Project....., f :........... ............... 11 f Property#4:Mixed-Use Specific Plan Project 14 _ an 3.0 Attachments.........................`` 22 'ell 5 �x 1°a � 7 The analses,projecfiaris;assumptions,fetes of return,and any examples presented herein are for illustrative _ . .purposes and are not a guarantee of actual-andfor future results.Project pro forma and tax analyses are projections .. '. - only Actual results'may differ materially from those expressed in this analysis. - - kosmon,,L 665South Figueroa Street.35thFloor Los Angeles Califomia'90017 pb213.417.3300 W213.417.3311 RESOLUTION No. 2014-069 PAGE 4 OF 25 NOVEMBER 25, 2014 Long-Range Property Management Plan City of Grand Terrace Successor Agency November 13,2014 Geteber 2843 Page 3 of 23 1 .0 Introduction 1.1 Background&Purpose Health and Safety Code Section 34191.5, added by AB 1484 (signed into law on June 27, ' 2012), requires each Successor.Agency("SA")to prepare and approve a Long-Range Property Management Plan ("LRPMP") that addresses the disposition,,arid use of the real properties of . the former redevelopment agency. Properties held by a successor agency cannot be disposed of until the State Department of Finance ("DOF") has,app`roved the LRPMP. This document is the LRPMP for the SA to the former Community Redevelopment Agency,("RDA") of the City of Grand Terrace. Table 1.1:City Location Map = e .: . ^ Los Angeles County -San-Beimardrno-County. Valle f � ��"` _ tl I «x.<✓r� � h� � r t�: r F ti:�. ? i t �/ts Cr�stllt�'�La e f i � _. .'_ y ,rrrbwlt ad Ur . 1�` Gl i hlt}O A HfGNLAi1Ii) N zlfenlale DI rytTra b-r.`itC��CfrllOrft'�d9 r x P�asdena ea vvl � - For►ana a~oa LOS GELS An Bernaedrno , 1N�sJlapomo '? c*'`—+ , k. EDLr(1DS c R1�- rtor_n �g as 1.os�An et ItJO,FpLL 1 ;Irt�glet iO:�c I bkf,401I iEIU r �°m l r Moreno lley 'HP,4JT11Q P1 �nY�nB 6 L 3 "�1, yv, Cr r: IlertO Torran @ CitEde)U 4Grand Terrace f ' Limits Orange e a. . Rone o }_ O $ea�6 . '� c HcntetsnBf�HEI . Palo STt: STE COUi1ty f18 - V rd+s Tl .r a utiv_r�J' FOLIN Ifd It d Huntington Beach / I bW, ruf Lie e,�n� yf ti NEWPORTElEA. � �fVlne rr 51�1yII�A� 1. ; s a- es`b r x, S��FORE6T y(t" Diu°1} 1 r Rwerside.County LAG...a r1IGL H ha a } Ys rErl c6LA <,r The analyses,projections,assumptions,rates of return,and any examples presented herein are for illustrative - purposes and are not a guarantee of actual and/or future results.Project pro forma and tax analyses are projections only.Actual results may differ materially from those expressed in this analysis. .. .. kosmon„n 865 South Fguema Street,35th Floor Los Angeles carfonva 90017 ph 213A17330a fax 213.417.3311 RESOLUTION NO. 2014-069 PAGE 5 OF 25 NOVEMBER 25, 2014 ' A r Long-Range Property Management Plan ' City of Grand Terrace Successor Agency November 13,2014 ; 9stekeF 3 Page 4 of 23 1.2 Successor Agency Property Summary The SA/ former RDA is the owner of record on title for five (5) properties (comprised of 13 parcels)_in the City of Grand Terrace. Of these properties, two (2) are governmental use properties.that are proposed to be transferred to the City to continue exclusive and continued , governmental use. Of the remaining three(3) properties, two are designated to be liquidated , with distribution of sale proceeds to local taxing entities pursuant to A61484, and one of the properties is designated to be transferred to the City for future development. Table 1.2 below summarizes the recommendations for disposition for the LRPMPproperties, and Exhibit 1.2 on the following page includes a map of the SA and Housing Agency.properties. Table 1.2;SuccessorAgency Properly Summary, . Address/Description . . •. . 1 22100 Block of Barton"Rd. 0275-242-11 0275-242-11 2 22747 Barton;Rd. 0276-202-54', X 3 Vista Grande Park Project 0276 462-10 `X ., r e Mixed-Use Specific Plan.., 1167 151,-74 4: Project 1167-151-74, X 1167-161-03 1167-151-2Z t' 41 r�7=13-1--7d 1 The analyses,projections;assumptions,rates of return,and any examples presented herein are forillustrative purposes and are not a guarantee of actual and/or future results.Project pro forma and tax analyses are projections .. only.Actual results may differ materially from those expressed in this analysis. kosmon. 865 South Fgueroa Sheet,35th Floor Los Angeles California 90017 ph 213.417.3300 fax 213.417.3311 RESOLUTION NO. 2014-069 PAGE 6 OF 25 NOVEMBER 25, 2014 Amended Long-Range Property Management Plan City of Grand Terrace Successor Agency 43November 13,2014 Page 5 of.23 Exhibit 1.2:Map 6f Successor Agency and Housing Authority Properties Successor Agency and.Housing Authority ... Owned Properties..... 3 AN -LEGEND H1 � Proposed Boundaries: of Future Project . : -SA Properties . ® -Housing Authority (N t f PMPJ.. . 1A otpar o . 1B 4A' # APN owner,Acreage, B H3; oltl m 0275-242-11 SA 0.44 iB 0275-242710 SA E44 H2 Bi 0275=251704 I:IA 0i01 2 0276-202-54 SA 0.33 4F a 0276-462 10 SA 0.35 DE a 4111, 1167--141=08 SA '0.94 4G, 48• 1167-151-74 SA: 15-,65;; ® nc 1167.45168 -SA 14.94` '4D 1167--15171 -SA. '4i97. 4C 4E 1167=151-03- SA 2t80 - 4F 1167-151-04 SA; _ 0.25 82 31677231-01 HA'. 138 - ® R B3 11G7=311 Ol HA Ii3 G 4D ® 4c 1167.--15122 SA '14:35 MEN ® iY�ww.w`ss�6t+ 69 Thntdp fmcee%ere% defai d"mfomtatian,please consultw3h fhe CommunilyDevelopmen!DepaNriertt :. . rP-u analyses,projections,assumptions,rates of retum,and any examples presented herein are for illustrativeosesndre not a guarani"of actual andlor;future results:Project,pro'forms and tax analyses are projectionsARUSS Actual results may differ materially from those'expressed In'this.analysls. .. .. - - ICosm south Figueroa Street,35th Floor Los Angeles California ph 213.417.3300 fax 213.417.3311 , RESOLUTION NO. 2014-069 PAGE 7 OF 25 NOVEMBER 25, 2014 l Long-Range Property Management Plan City of Grand Terrace:Successor Agency November 13,2014 99tebbF Page 6 of 23• 2.0 Long-Range Property --:Management Plan Property#1: 22106 Block of Barton Road j v Barton Rd ,. - D. Property#1 LAddress 22100:Block of Barton Road APN 0275-242 10&0275 242 11 Lot Siie _ �T 0.88 acres (38 333.square Use Vacant land i Zornng _BRS_P-Gen_eral Commercial___ Current Title City of Grarid Terrace Successor Agency w. The analyses,projections,assumptions,rates of return,and any'exardples presented herein are for illustrative a _ purposes and are riot a guarantee'of actual and/or future results.Project pro forma and laic analyses are projections - onty.Actual results may differ matenalty from those expressed in this analysis. ICO$Il]on 6657s uth Figueroa Street,351h Floor Los Angeles 'California 9go17 ph 213:417.3300 fax 213.417.3311 RESOLUTION NO. 2014-069 PAGE 8 OF 25 NOVEMBER 25, 2014 Long-Range Property Management Plan ' City of Grand Terrace Successor Agency November 13,2014 6t6teber 4&2913 Page 7 of 23' • • • • •. Purchase Date 1/272009'(APN#0275 242 11)& . 8/1/2009(APN#0275 242.-10) Purchase Price $399,231 _ . _ . . [Funding:Source Tax increment Purpose Future commercial development in advancement of RDA planning objectives i Estimate of_CurrentValue_ $350_000, w Professional appraisal obtained by City dated August Method of Valuation 23,2011: r I No Revenues:or . . There are no revenues generatetlby this property :and there no Contractual I• contractual requirements related to,this property •; Requirements: :t _ .^ f< ` P,hase[Envieonmental Site Assessment sand Limited Phase II j l Enviro..nmental Site.Screening dated March 18 2009;,Apri1 15, I 2009 and September.11 2009 No known history of gnationsBrowedseoioel nf renvnmnta contamination, remediationwas.identified:, During the aforementioned.'escrow,.a subsequent Phase 1 Assessment was conducted by O'Reilly,:which identifieda:10 . f Soil Removal <. cubic yard soil pile,as a Recognize'd.Environrriental Concern Required (REC).;Additional�soil sampling of„the soil pile determined the ( stockpile contains non-hazardous levels:of diesel and motor oil "", :range hydrocarbons.As a condition to.the close:of•escrow, ! ' °O'Reillywas requiring the Agencyto remove,the soif from the property:To properly dispose ofthe soil pile to the appropriate treatment stora e'-dls osal;facili g p ty,a additional analysis for VOC s r and metals•is required j •.The'Agency has ind uded'thd anticipated cost-of soil'rem6val on ', 1. = ... .:the Recognized Obligation?ayrnent Schedule,("ROPS"): The analyses,Projections,assumptions,rates of return,and any examples presented herein are for illustrative purposes and are not a guarantee ofactual andfor future results.Project pro forma and tax analyses are projections RA, only.Actual results may differ materially from those expressed in this analysis. , °r kosmonP : 685 South Figueroa Street,35th Floor Los Angeles California 90017 ph 2131417.3300 fax 213.417.3311 l RESOLUTION NO. 2014-069 PAGE 9 OF 25 NOVEMBER 25, 2014 Long-Range Property Management Plan City of Grand Terrace Successor Agency November 13,2014 ; (3steber 1&2942 Page,8of23 ' Potential#or TOD Not appljcable .' __ _ Agency Planning wFuture development of retail commercial uses will advance Objectives Agency objectives of elimination of blight and strengthening of ; commercial uses and.the economic base of the community This property.was in,escrow for. sale to O Reilly Automotive, History' ''Stores, 'Inc (`'O Reilly") m,;May; ' however,;°:escrow.'Was'] _ terminated in August of 2013 due to redevelopment dissolution.. . .. f .Asthe Purchase,and`Sale Agreement with`O'Reilly,is no.longer ? in place at this time,it is recommended that the property be soldtoadeveloper`orend user fordevelopmentconsi`stent Liquidation with Agency planning objectives for a sale price consistent with estimate of currentvalue-Revenue generated.fr6m1he sale of,, this property is.proposed--to be:distributed to local taxing agencies.pursuant fo AB 1484' , \.s rhe analyses,projections,assumptions,rates of return,and any examples presented herein are for iltustrative : -o andare not a guarantee ofactualendforfutureresults.Project pro forma anti tax anayses are projections 1� - .Actual results may differ materialty from those expressed in this analysis. Ros�' 665 south Figueroa street,35th floor Los Angeles California 90017 ph 213,417.3300 fax 213.417.3311 RESOLUTION NO. 2014-069 PAGE 10 OF 25 NOVEMBER 25, 2014 r l\ Long-Range Property Management Plan City of Grand Terrace.Successor Agency November 13,2014 , GeteWr 46,2043 Page 9 of 23 Property#2: 22747 Barton Road t.u r MPalrn Ave Parcel Data-PropertSr#2' (Address 22747,1Barton Road = APN�\".._,.w 0276 202ti54P_T ,._w. Lot Size' � 0 33 acres(14,375,square feet) , Use J Vacant Land: . �Zomng : _ BR$P Office_.Professional Current Title 4City of Grand Terrace Successor Agency f1 The analyses,projections assumptions,rates of return,and my examples presented herein are for illustrative purposes and am not a guarantee of actual endfor future results.Project pro forma and tart analyses are projections 1� only.Actual results may differ materially from those expressed In this analysis. .. 1 OSnIon 66$SouN Rgueroa Street 35th Floor los Angeles Cal forma 90017 ph 213.417.3300 fax 213.417.3311 RESOLUTION NO. 2014-069 PAGE I I OF 25 NOVEMBER 25, 2014 Long-Range Property Management Plan City of Grand Terrace.SuccessorAgency i November 13,2014 Goteber 46;W M Page 10 of 23: '. Acquisition : Valuation • • Property Purchase Date ' 01/13/2009 . . Purchase'Price $360,000 _ Funding Source Tax increment _ __ I_ Purpose _ Future commercial developmentin advancement of RDA planning objectives ".Estimate of Current Value ' Method of Valuation VComparable sales evaluation I No:Revenues of i I There are no revenues generated by-this property and there no " Contractual" r contractual requirements related to this property.. 1 RdoulrementS:4 None No known history of environmental contamination,designation as Brownfield site;-or remediation`., "Milli"- •. •. .•- Potential for TOD Not applicable _ t 'Future commercial development will advance Agency objectives Agency Planning' \of elirriination of blight''and strengthening.of commercial uses and: Objectives ^',the economic base of the community. Immediate proximity of the sS:64ect-property to City Hall'should also be noted. : . : Previously abandoned structure on-site was demolished. There ' Histo, \11 „ ry has•�lieen no notable development proposal and other activity in connection with this property since Agency acquisition. \ ♦\ : - . .. Recommendation,for Disposition—Property#2 Sale of property to develo er or end-user for development p consistent,with Agency plan ning',objectives and,proximity to City Lfquid'afion Hall for:a sale price consistent with estimate of current value T, Revenue generated 'from the sale,of this property is.proposed.to b'disthbutedto local"taxing agencies pursuant to AB.1484. The analyses,projechons,assu'mp4ans,rates of return,and any exanfples presented herein are far illustrative purposes and are not a guarantee of actual andfor future results.Project Pro forma and tax analyses are prolectons - - only.Actual results may litter,materially from those expressed In this analysis. : - l{Osmon 865§oulh Fgueroa Street 351h Floor Los Angeles baldomla g0017 ph810.417MO fax213.417.3311... .. RESOLUTION NO. 2014-069 PAGE 12 OF 25 NOVEMBER 25,2014 r Long-Range Property Management Plan City of Grand Terrace:Successor Agency November 13.2014 Oeteber 16�2013 Page 11 of 23: Property#3: Vista Grande-Park Project . 5 o�'PJe r' t•.j Jets OJT d m m d Grand Data—Property#3 Address 22720 Vista Grande.Way APN 0276 462-40 mot Size' 0_35 15 Z square feet),y 4' Use Vacant Land �Zoriing a" Residential_(R1 20) w� ��_.. Current Title City of.Grand Terrace Successor AgencyAcquisition&Valuation Information—Property#3 Purchase Date 6/9/2009 { Purchase Pnce 000 4-Funding Source Tax increment — 1 Eliminate public nuisance(red-tagged,foreclosed Purpose residential structure)and provide for open.space or future civic use Estimate of Current Value' $0 _—A W Method of Valuation Non-revenue generating public use with consideration'of unstable geotechnical conditions The analyses,projections,assumptions,rates of return,and any examples presented herein are for aWstrafive - pdiposes and ani not a guarantee of actual"andfor future results.Project pro forma and tail analyses are projections - only.Actual results may differ matenally from those expressed in this analysis. koSM2 e65;South Figueroa Street,35th Floor Ui Angeles California 90017 ph 213.41R3300 "fax 213.417.3311 RESOLUTION NO. 20147069 PAGE 13 OF 25 NOVEMBER 25, 2014 Long-Range Property Management Plan City of Grand Terrace Successor Agency November 13,2014 , GetebeF 3 Page 12 of 23 I No Revenues or !Contractual There are no"revenues generated by this property and no Requirements contractual requirements; Property includes unstable soil in rear portion of parcel(Natural i Hazard Disclosure Report obtained by City dated'May 27,2009) .s Subsiding Soil j Conditions Property,is located in `Slide Prone Zone within County General Flan.;'There is no history of environmentalcontamination, designation as Brownfield site,or reniediation. Potentialfor''TOD Not applicabledi -- The Vista Grande Park Project,is'explicitly incated;as one of 14 priority non-housing projects in the approved RDA Five-Year Implementation,Pla i adopted December 8,2009 for the.years. Agency Planning 2010-2014 foe the'advancement of Agency objectives#4 Objectives (improve parking andopen space)and i#5'(civic and cultural .enhancement). Demolition of the previous red-tagged, -' foreclosed residential structure6�a' lsoserved to advance Agency `,,,,planning,#1 (eliminate,blight). 4;' i .. ..• I Previously abandoned structure(red-tagged,foreclosed' - residence)on-site was demolished.There has been no notable. : History; "'development proposal activity orother activity'in'connection with• I { this property since Agency acquisition from the previous Bank s I owner,as a-Real,Estate Owned'("REU')property. �The analyses,projections,assumptions,rates of return,and any examples presented herein are for illustrative purposes and are not a guarantee of actual andfor future results.Project pro forma and'taz analyses are projections - only.Actual results may diner materially From those expressed In this analysis. i koSrn011i 885South Figueroa Street,35th Floor Los Angeles Caldomia 90017 ph213:417.3300 fax213.417.3311 RESOLUTION NO. 2014-069 PAGE 14 OF 25 NOVEMBER 25, 2014 Long-Range Property Management Plan City of Grand Terrace:Successor Agency November 13,2014 E>E043 Page 13 of 23• Retention of the property by-the City for government use consistent with`is identificatlon;as a priority non-housing redevelopment.project, Within the.approved and adopted RDA Five=Year Implementation n; Plan'Health and.Safety Code Secfion 34'191`.5(c)(2)(A)�allows for . 'the,.City to retain title:to,property fordevelopment that included in a` redevelopment plan and.also-for government use On.May T4;2013 and June 5 2013 the Successor,Agency and s Oversight Board°adopted respective resolutions approving the Transfer to City transfer of. he property to the City ofGrand,Terrace-pursuant to for Government" Hearth and Safety Code;Sections 34181(a)and 34'19i1 3',On: Use October.15,2013;'the DOF disallowed the transfer as the dog.park has,nbt,yet'been constructed:However;development•;:of he property.. as a dog park as identified in'the adopted RDA 5 Year Implementation Plan is the best use ofrthe property and is viable F Given the unstable geotechnical conditions:of the property,one possiblefiuture use iS.a,dog park as.propos'ed by.a community + volunteer organization UistaGrande Park construction costs.were v explicitly,intidbted:; rmong.designated uses;of proceeds from-ahe RDA2011A Tax Allocation-Bonds - r GF 4,. d 1 The analyses,projections,assurrtphons,rates of return,and any examples presented herein are for illustrative : - purposesand are trot a guarantee of actual future results.Project pro farina and'taz analyses am projections Dory.Actual results may differ materially tram(hose expressed In this analysts. kosmon„L ei Southflgueroa Street,35th Floor Los Angeles California 90017 ph 213.417.3300 fax 213A17.3311 RESOLUTION NO. 2014-069 PAGE 15 OF 25 NOVEMBER 25, 2014 Long-Range Property Management Plan City of Grand Terrace Successor Agency November 13,2014 GetebeF 46,2013 Page 14 of23' Property#4: Mixed-Use Specific Plan Project 9 Mixed Use Specific Plan Barton Rrd G ProjectBoundary f ;� t " PMPE!roperhe5wthln ,i A Spearic'; lan.P�ojecf Legend. A 1167-141-08 B. 116745W4 De Berry 5•t C 1167451-68 D .11.67A5171 E ':1167-161A3; }fi +' F 1167-161.64 tr" 1167.151-22 ". G s rQ ® D ; M R1ver3ide t�x, �1 •Pico rip I 1�. Giand Terrace .. 3 Ft W. 7� �The analyses,projed,00a,assumptions;rates of return,and any examples presented herein are for itiostrative - - - - purposes and are not a guarantee of actual endfor future results Project pm forma and tax analyses are projections - only.Actual results may differ materially from those expressed in this analysis. - kOSii1011T w south Figueroa Street,35th Floor Los Angeles California 90017 ph M.417.3300 fax 213.417.3311 m-r�« JJ' L RESOLUTION NO. 2014-069 PAGE 16 OF 25 NOVEMBER 25, 2014 Long-Range Property Management Plan City of Grand Terrace.Successor Agency I' NoGember 13,2014 9sfegeF4F 2043 Page 15 of 23. . W .. W Commerce Dr Address<� 21992&'21974�De Berry St �.. St 21900:B Iock•of Van Buren : -, 1167=141-.08 APN 1167-151-68,71,74 1167-161 03 04 22 ` -77 5 77tLotSize re _ Use Vacant:Land s' ' f Commercial manufacturing 1167-T41 08 1967 T51=22�1167-161 03;04 Zoning Restricted Mariufactunng,,1167 15:1 71 74 M 2 lntjustnal 1.167 151-68 _ General Plan Mixed-Use(Commercial]Residential Mix) Current;Title City of„Grand'Terrace Successor Agency h ` t z. ,`may} •mac \�_ `+ct ,y 1 4 [ N pdf ��✓'e, _f1 The analyses,projections,assumptions,rates of return,and any examples presented herein are for 0lustra6ve puRwses and are not a guarantee of actual andfor future results.Project pro forma and tax analyses are projections - 1� - ony.-Actual results may critter materially from those expressed in this analysis. I\/ _ KOSmon,�,d 885tpum:Figueroa Street.35th Floor'Los Angeles California NOW p11213:417.3300 fax 213.417.3311 RESOLUTION NO. 2014-069 PAGE 17 OF 25 NOVEMBER 25,2014 Long-Range Property Management Plan City of Grand Terrace Successor Agency November 13,2014 06ter:oo:ooe:o-z�-roa'onto Page 16 of 23 11/2212000: 1167-1.51-68,71,74 i 07/21/2005'1167-161-04 q Purchase Date 08/16/2005: 1167-161-03 i 10/25/20,05: 1167-141 08. 0 7/2 912 0 1 1_1167-151-22 1167-141-08—$245,280 1167-151-22—$1,393,702 1167-151-68—$500,191 Purchase Price 1167-151-71 —$166,395 1167-151-74—$523,962 1167-161-03—$899,953 1167-161-04—$409,701 Total—$4,139,184 i Tax increment including proceeds,from.the.RDA Tax Allocation Funding Source Bonds Issue of 201`1 B Pur pose Land assembly for large commerclalfproject�in advancement of RDA P planning objectives _ 1167-141-08—$283,500T_. 1167-151-22—$0($927,800 before adjustment for wetlands mitigation) ^.i _ . . . 1. 1167=151-68—$0'($976 100 before adjustment for storm water mitigation)• e i Estimate of 1167-151-71—$0($216 400 before adjustment for sform:Wat6r mitigation) t' , ! Current;Value 1167=15.1-74—$0($1,022,500 before adjustment for wetlands-mitigation). , r.J: I 1167-161-03—.$479,100 1167.161-04—$43,500 j. Total-'$806,100 Method of Valuation Comparable sales evaluation MUM i There are no revenues generated by this property and no i I No Revenues or • - i contractual requirements: It should,be..noted that Parcels C and D "I - Contractual: , . 1 Requirements Include approximately 1.1 acres of.anticipated storm drain j easements. • • e • • • • • • •s . No known history of environmental contamination,designation as None Brownfield site,or remediation. It should be noted that the Property contains approximately 4 acres of wetlands that will need to be maintained onsite. The analyses,projections,assumptions,rates of return,and any examples presented he are far tllustrafive purposes end are not a guarantee of actual'and/or future results Project pro forma and tax analyses are projections - only,Actual results may differ materially from those expressed in this analysis. - kosmon�; 665 South Figueroa Street,35th Floor Los Angeles California 90017 ph 213.417.3300 fax 213.417.3311 -` KO s rn 19- RESOLUTION NO. 2014-069 PAGE 18 OF 25 NOVEMBER 25, 2014 . Long-Range Property Management Plan City of Grand Terrace Successor Agency " November 13,2014 9steb& Page 17 of 23 • - • Potentialbfor Not app 1ca e Y, TOD _ _ _ The Mixed-Use Specific PlanProject is explicitly indicated as one of 14 Agency priority non-housing projects in.the approved RDA Five-Year Planning Implementation Plan adopted December 8,2009 for the years 2010- . . Objectives 2014 for the advancement of Agency objectives#1 (eliminate,blight);#2: (strengthen commercial use),#3(strengthen economic base),and#9: . (improve utilities). a °, l \ V 12 r' \ ..N .. 'SX_ tr. J. The analyses,prujections,assumptions,rates of return,and any examples presented here s a in'are for illustrative purposes are not a guarantee of actual"andfor future results,project pro forma and tax analyses are projections - only.Actual results may differ materially from those expressed in this analysis. I kosmon Sb5 South F gueroa Street 351h Floor !o3 Angeles California 90017 ph 213:417.3300 fax 213.417.3311 RESOLUTION NO. 2014-069 PAGE 19 OF 25 NOVEMBER 25, 2014 - Long-Range Property Management Plan .' i City of Grand Terrace:Successor Agency November 13,2014 Ek;taber 16,2043 Page 18 of 23; For more than two decades, the City:,has attempted to. foster; ; development.'in the Specific-Plan Project"'Area (also'known_as the!' i . . . Southwest Commercial .Site). _ However, the significant drainage sewer,.,.'.infrastructure Mrovements:`: .required have' Hampered development... -Theproperty'contains^a roximately 4:acres_of wetlands as designated`' r 1 PP.. ! by the'California Department of Fish and-Game and,the U.S. Army Corps of .Engineers,,°that. will need ,'.to be maintained onsite` Development:of the property will .require retention basins,on the site ` - and.significarit storm drain improvements..along De Berry.,,Van.Bueen.: ' and Pico. Streets, 'reducing. developable land. on:.the:. property. by; : . approximately 4 acres...:. San Bernardino Association of Govemments,'Caltrans,and the City are worsks gthat w lace the I=215-intercha': at Barton Rood;however local;, that-would provide access to the property'are not adequate for -the increased traffic volume that would result from development of the'I property. Significant curb; gutter, and,'storm`,drain improvements woul&, ` �Hr,story -be additionally required. The City s.1988 General Plan updated the land use designation within the Project-to allow light industrial uses since the retail project uses , envisioned within the'_1983 General Plan.did:not prove" "viable due to freeway access and other deficiencies:'In 20,10, the General.Plan was= l updated` to re-designate'"the .project.area, as.well as surrounding, t properties as Mixed Use requiring the preparation of the Specific Plan. -:Jtwas"critical.to the,City to.specify the�requirement of aspecificplan sop I . -that th6,pr6ject area would'develop in a cohesive and orderly manner.`.• �.: The RDA entered into a'Memorandurn of Understanding)( MOU")dated' ' Septemb'er 11, 2007'With developer Grand Terrace'Partners, 'LLC (bev'elopern):following-::an Exclusive= Negotiating-Agree'ment ( ENA?') E with Developer.: The: intended use-included recreational commercial''; = 'uses. .The Developer eventually withdrew from the project, however; due to insufficient freeway access Parcel B underwent a,;lot-line adjustment to,accommodate:•Baseball: Park,Protecton parcel.1167-151 75. :A`former single#amity residence. was demolished on Parcel,F. i Tile analyses,projections,assuioptions,rates of realm,and any examples presented herein are for illustrative purposes and are not a guarantee of sdual'andlor future results.Project pro ronna and tax analyses are projections .: . only.Actual results may Sitter materially from those expressed In this analysis kosmonpm 885 South Flgueroa 5lreet 35fh Floor Los Angeles Caldornia 90017 ph213.417.3300 fax213.417.3311 RESOLUTION NO. 2014-069 PAGE 20 OF 25 NOVEMBER 25,2014 Long-Range Property Management Plan City of Grand Terrace Successor Agency November 13,2014 , ... Qeteber 4&2Q;t Page 19 of 23 Elmo `,Retention of'the property by the'City for future development consistent i .with its'identification°as a=pnority'non fiousing.redevelopment p�o�ect within the approved and�adopted RMFive-Year Implementation Plan Gwen the extensive infrastructur2 improvements regUired•�n;order t0 #aclhtat6.wiable commercial developmenfln the future it.is, recommended'to ena6le!.the,City to,confinue assemblage z bt i.v'ities as outljned:in- a approved!and adopted'RDA=Implementation Plan.• Health-and Safety.Code�Section 34191 5(6).(2)(A)allows for.the City to�� 'retain,tit[ fo property for-development,that is included in an approved,.` Transfer.to, 4redevelopment plan This-property and,'future commercal development City for' _ ' 'are consistent with the redevelopmen'fplans and objectives Future Development Among designated uses;'of proceeds from the;RDA 201'1A Tax 'Allocation Bonds were Specific Plan Project Area mfrastructure,study , design,and;construction'and.Storm drain andstreet refiabilitation on x,.,., Van Buren,.Pico,and Main Streets 'R It is antic that compensation aareements will be entered into with.] 'the affected; taAna •entities: However if it is determined that` _compensation agreements are not needed then proceeds froth future sale of.the nroAertv are recommended for retention by the Citv. D 'F F 4 99 1d. r i FOebe �F^vRa�vcvFe e e T�PT''P�Y; ar-��evt�immTenvca—rvri \ f - 1,•: • / \ai \ s The analyses,projections,assumptions,rales cf return,and any examples presented herein are for illustrative purposes and are not a guaranteeof actual'andtor future results.Project pro forma and tax analyses are projections only.Actual results may differ materlall from those expressed in this analysis. fCOSir10Il 865:South R9veroa Street,351h Floor Los Angeles California 90017 ph 213.417.3300 fax 213.417.3311 - 'lam/ .. ..• .: .... _ --. -...._. RESOLUTION NO. 2014-069 PAGE 21 OF 25 NOVEMBER 25, 2014 i' Long-Range Property Management Plan City of Grand Terrace Successor Agency November 13,2014 Geteber 4&2013' Page 20 of 23 ' FODer+v$G• Baseball Dart DrGiee•t - .. , {{ aUSE--r—r een'21 onm.lil &of\./;.;R h e*.;,t• :,a,91 a sn' Mixed Uon Mix) .. .. _.__ The analyses,projections,assumptions,rates of return,and any examples presented herein are for illustrative - - - purposes and are not a guarantee olactual and/or future results.Project pro forma and taz analyses are projections - 11'' only.Actual results may differ materially from those expressed in this analysts. R ... _ O$III OII 665 South Figueroa Street,35th Floor Los Angeles California 90017 ph 213A17.3300 fax 213,417.3311 RESOLUTION NO. 2014-069 PAGE 22 OF 25 NOVEMBER 25, 2014 Long-Range Property Management Plan City of Grand Terrace.Successor Agency November 13,2014 006ber-4"84-3 Page 21 of 23 44122 42 no, _. T v — NOR my l ' D�;r Sirrr11-*iD-'w;;;7Fr'.Aw f,36'- �1i '..-R• .��r_ Th _ ir.il'h 4h,b.' r+7r N { . �+ !Femenbc� An . , 5F „yy{ The Baseball D.,rL Or ;, ft;,-'—_-lini4l.. nrl nn+r.rl n�� r.F 4 A o Gnn "ririrlh mom hr.,,r.in�;;�rr-;i ^ic ,r,+ham nnr.:i...-rl RDA Giv,V..nr Ar.ency Planning' . L..r.L`.:r. nF.+4:r.n DL,�`'%,llopt—A r1r. .. 7r>t•n a ,,.'O(14 0 204'A Fnr ih}i-,rL innr..,m.+.,4 rl�h +L. +h rl .l '+ F+h •?. i n-h h ll F' Irl - �. IFSAF�f77 E - The analyses,projections,assumptians,rates of return,and any examples presented herein are for illustrative - purposes and are not a guarantee ofactual'andtor future results.Project pro forma and talc analyses are projections Am only.Actual results may doer materially from those expressed in this analysis. kosmon 865 South Figueroa Street 35th Floor Los Angeles California 90017 ph MA'17.3300 fax 213.417.3311 �Pb. RESOLUTION NO. 2014-069 PAGE 23 OF 25 NOVEMBER 25, 2014 Long-Range Property Management Plan City of Grand Terrace Successor Agency November 13,2014 { GetebeF S Page 22 of 23' 'ni+nc c4nni w4h sic i.7nniifin..i��n as title to i ih i n I Flpd in - I - plan,:,,rl nlcr.fi. g.evemr ni-.us _ - t _ esse _Me Health and, f .OR. J, koSMThe analyses,projections,essuinotions,rates of return,and any examples presented herein are for tltustrative p4 rp6ses and are not a guarantee of actual andfw future results.Project pro romta and tail analyses are projections only.Actual results may differ materially fmm those expressed In this analysis. - .. on '665:South Figueroa Street,1ph Flow Las Angeles California go017 ph 213,417.3300 fax 213.417.3311 RESOLUTION NO. 2014-069 PAGE 24 OF 25 NOVEMBER 25, 2014 Long-Range Property Management Plan City of Grand Terrace:Successor Agency November 13,2014 06 Page 23 of 23 3.0 Attachments A.: Approved Five-Year Redevelopment .Implementation Plan 2009-2014 (adopted December 8,2009) B. Report to City Council on Amendment to Redevelopment Plan"(Adopted May 11,2610) C. Mixed-Use Specific Plan Project California Department of Fish& Game and U.S.Army Corps of Engineers Wetlands Jurisdictro'nal Maps , . .` D. Mixed-Use Specific Plan Project Storm,Drain Easemei9t.,Legal,Description and Map E. Tax Certificate for 2011A RD&Taz�,Allocation Bonds (including.List of Anticipated Uses) q 4' e 'Y" - The analyses,projections,assumptions,rates of return,and any examples presented herein are for illustrative,:.: - -- purposes and are not a guaranteeof actuafandror future mutts.Project pro forma and'tai analyses are projections .. PA onty.Actual mutts may differ materially from those expressed in this analysis. " kosmon�e 885South:f9gueroaStreet,35thFloor "Los Angeles California'90017 ph2131417.3300 'fax213.417.3311 RESOLUTION NO.2014-069 PAGE 25 OF 25 NOVEMBER 25, 2014