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2014-06 RESOLUTION 2014-06 A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY OF 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. WHEREAS, on November 25, 2014, the Successor Agency adopted a Resolution approving the amended LRPMP. NOW THEREFORE, BE IT RESOLVED by the Oversight Board of 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 Oversight Board has duly considered the amended LRPMP, which is attached hereto as Attachment 1 and incorporated herein by this reference. SECTION 3. -T•hat'the Oversight Board hereby adopts the amended LRPMP. SECTION 4. That Successor Agency staff is hereby directed to forward the amended LRPMP-61the DOE for.its review 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. RESOLUTION NO. 2014-06 PAGE 1 OF 21 DECEMBER 17, 2014 SECTION 6. The Successor Agency shall maintain on file as:a public record this Resolution,as approved Hereby. PASSED, APPROVED.AND ADOPTED by the Oversight Board of the :Successor Aericy:for the Grand Terrace Redevelopment Agency at a regular :meeting held. on ;the 17' day of December,.2014. Chair of tf1e'0_v&"rs-10it Board for the Community Re evelopment.Agency of the City of Grand Terrace ATTEST: . . Pat4ae etp. z T- ares V V Secretary i I, PAT JACQUEZ-HARES, CITY CLERK of the City of Grand Terrace, acting as the Secretary-: to the Oversight Board of the Successor Agency to the Grand Terrace Redevelopment Agency, do hereby certify that the foregoing Resolution was 'introduced and adopted at a regular meeting_ of. the- Oversight Board :of the Successor Agency Board of the Successor Agency for the th Community Redevelopment -Agency-of the City of Grand Terrace. held on the: 17. day of December;2014 by the following vote: AYES: Board Members Forbes, Morga, Saks; Wong and Chairman Stanckiewitz NOES: None _. . -ABSENT: Board Member Torres Pa ar- - = City Clerk l - RESOLUTION NO. 2014-06 PAGE 2 OF 21 . DECEMBER 17, 2014 Long-Range.Property Management Plan City of Grand Terrace Successor Agency No tiember 13, 2014 Page 3of21 AMENDED LONG-RANGE- PROPERTY ' ANAGEMENT LAN SUCCESSOR AGENCY TO THE.FORMER COMMUNITY REDEVELOPMENT AGENCY OF THE CITI( OF. GRAND TERRACE 0 ,. Prepared By :. kosmon com amen . KOSMONT COMPANIES 865 S. Figueroa Street, #3500 Los An geles, CA 90017 "' Telephone:_(213) 41.7-3300 RA www.kosmont.com NOVEMSER 13, 201.4 t Ionly Actual results may.'ddfer matenalty fromtltosate pressednn th s enalysisnted herein are for illustra4ve. lfheabalyse�j projections,assumptions,rates of Y P pwposes and are not a; o2rantee of actual and/or future results Project rc forma and tax analyses are projections) ICQS1110 865 South Fguerda Stre®t,35th Floor OoeAngeles CalHamia 90017 pti 213 417.3300 fax 213.417:3$11 RESOLUTION NO.2014-06 PAGE 3 OF 21 DECEMBER 17, 2014 " .. Long-Range:Property Management Plan City of Grand Terrace Successor Agency November 13, 2014. Page 4 of 21 ' Table of Contents : . Section Page : 1.0 . Introduction....::: ................................................. .:::...........................::.............3. 2.0 Long-Range Property Management Plan...:...:...............:...::.:.:.:.................::::. .6 Property#1:: 22100 Block of Barton Rd:.......................................................................6. Property#2: 22747 Barton Rd::..............:....... ............................: ...............:...........:9 :Property#3:=Vista:Grande Park Project.....................................................................11 Property#4:Mixed-Use Specific Plan Project...,......... 3.0 Attachments.....................:...................................................................................22 _ The analyses projections;assumptions,rates of return,and any examples presented herein are for illustrative (purposes and are not a;guarentee of actual andfor future results Project pro.forrna and tax analyses are projections - only Actual results may differ materialty fromihose.expressed in this analysis.. . 'kosmo 865 South Figueroa Street,35th Floor LosAngeles 'Califomia 90017 ph.213.417.3300 fax 213.417:3341 RESOLUTION N0:.2014-06 PAGE 4 OF 21 DECEMBER 17; 20I4 Long-Range Property Management Plan City of Grand Terrace Successor Agency November 13, 2014 Page 5 of 21 1 .0 Introduction 1.1 BacKground & Purpose Health and Safety.Code:Section 34.19.1.5; 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 and 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 approved 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 Valle ;� has Angeles County San Bernardino County 'r } ? ,111$ `,' 1 t .'�`i t-i ��zt', "'.' {¢ ` 9 "Y,"rt✓,1'°$y I $f 2f d t> s * F -.sa^t t `ro- d .ax ra7llad8Fliflrftge 1 rY s g r x � i Syr e z ftR f r Burnk k; z61 sadena e� �fir�� n4al�a i ,♦ �k � ,p�'= GEL ' l.'Inei� tSan Bernarc�h �r o utrGtr?�rs as lso nge tlN0 lj._, � u} od w , ;r >s ty } 'r > �'� Moren Y IteY> 1 : . tt��rrn�r t, r wnefye° �c r, , ; Oro a `_ 4 � �aI�aTC11! r �Ierlio 4. Torran - Cit r 'Coun �S ; otlrtrrr� �� 11 (3AttA`7ti PtT i dI inn f Huntington Beach `� ne 1K. e Est rv7ies� Erp� s'Tor 3 ► �x` °.ro, ,. T. P _the analyses projections,assumptions,rates of return;and any examplespresented herein are for illustr3uve- purposes and are not a!guarantee of actual and/or future results Project pro forma and tax analyses are projection s lonly.Actual results may differ malenally from;those expressed m airs analyses.. - kosmo- m South Fgueroa Street,35th Floor LosAngetes California 90017 -ph 213.417.3300 fax 213.417.3311 . RESOLUTION N0:2014-06 _ PAGE 5 OF 21 DECEMBER 17, 2014 Long-Range.Property Management Plan City of Grand Terrace Successor Agency November 13, 2014 Page 6 of 21 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 AB1484, 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 LRPMP properties, and Exhibit 1.2 on the following page includes a map of the SA and Housing Agency properties. Table T.2; Successor Agency Property Summary, Purpose Address/Description - 0275-242-11 1 22100 Block of Barton Rd. X 0275-242-11 2 22747�Barton-Rd �.0276-202 54 Xq. 3 Vista Grande Park Project 0276-462-10 X l '11,67-141 08. k 11.67-151 68 Mixed Use Specific Plan 1167-151 71 4 1167-15174 X Project ; 1167-161-03 1167-161-04 1The analyses,projections assumptions,rates of return,and any examples presented herein ere 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 materialty from:ihose expressed in this analysis., .. kosmon, 865 South Figueroa Street,35th Floor Los Angeles' Califomia 90017 ph 2l3 417.3300 fax 213.417.3311 . RESOLUTION NO. 2014-06 PAGE 6 OF 21 DECEMBER 17,2014 Amended Long-Range Property Management Flan City of Grand Terrace Successor Agency ' - ' November 13, 2014" _... Page 7 of 21.. .. Exhibit 1.2:Map of Successor Agency and Housing Authority Properties " Successor Aaency.and.Housing'Authority_ Owned'Properfies � LEGEND ,,, . , I Proposed Boundaries Future-of Project: HT - ® SA - .Properties ... -Housing Authority ' . rrr,rnrrtrG (Not.part of PMP). . . $ 4A 1 R 1 2;; f#. I A PN I ixvhujl Acreage. --- I B H s j z75<-z42 0{ 5A I o . rON / 1 � 1 H2 .: tIl 0275''252'04 HA 0.81 2 1 0216-202-54'1 SA 633 \ h. 4F 4E. 1. �0276r-462-rI&{ SA- ]` Ct_35- 1 7 4A 11b7-14I OS SA Q 94 -- - II DE.B R � 1 1 , � I .° i i r Qfi 48 k:1167-151-.7;k SA o . �;.ac 1 1167-151=681 SA I 14,94: PRFEE.I :4 SA 1167-15 73 SA 0 47. 11G7'i.,l al Sit AM;37.. / 4S. 9G L AE 1 11b'f=16l-U3I s 5t3: I 4F 126T45104', 1 1SA0.25 5A I I I I I ILL L;;. I H2 11;167.231 01 t HA 'p', 1.38 k� 43 1167-311-aa k riA i s: 4>; 1 116736 ® _ f 151 22 SA 14.55. SB 67 15 1 -A: SA 2:50 ' .... .. .. ...... .C0n411nnlly DevClopmetn DeparOttentt,,6-6-13. ....... .. ... ..... ... ... ... ... •..... ..... .... ... ...This map rs for deferencm only_Far definled fnfomoation,please consult with the Communiry•DeveTopmam Department: IThe analyses;projections;assumptions rates;of retum;and;any examples presented herein are;for illustrative purposes and.are not a.parantee of actual and/or futuresesults Project pro forma and taxanalyses are projections l . only'Actual results may differ materially from,those expressed lh'this analysis: kosmonam, ri e65 south F 9 uer6a'Street,35th Flo6r Los An9 ales''Califomia '90017 ph.213AI7.3300 fax 213.417.3311 ' � RESOLUTION NO. 2014-06; :PAGE 7 OF 21 DECEIVIBER 17, 2014 Amended Long-Range_Property Management Plan City of Grand Terrace Successor Agency November 13, 2014 Pa ge 8 of 21 2.0 ' Long- anger rope ; y Management anq . Propertv#1; 22100 Block of Barton Road Gq$ rt ;` NlcC(arr�,nS� , a. Y t r�... .. ... gyp, .. x 0 Barton Rra Parcel Data . . 1 Address 22100;BCock of Barton Road ' .. APN 0275-242=10.&0275-242-11 ' r Lot Size 088 acres (38;�,333 square feet) "e7777 Use Vacant land Zon1ngu BRSP Generali Conrnercial ' .� Current Title City of Grand Terrace Successor Agency lThe analyses pmiec8ons assumptions rates of return;and any examples presehted herein are for illustrati+e., purposes and are not a guarantee of actual and/or future results.Project pro forma and tax analyses are protections only Actual results may oiffer materially from:those expressed in this analysis.. ICOSITIOn 805 South Figueroa Street,35th Floor Los Angeles California 90017 ph 213 417.3300 fax 213 417 3311 RESOLUTION NO::2014=06 DECEMBER_17, 2014 PAGE 8 OF 21- Long-Range.Property Management Plan City of Grand Terrace Successor Agency November 13, 2014 Page 9 of 21 a p•y i a u o • • • • [Purchase Date- ' , 8/1/2009(APN#027524210) t 1 :Purchase Price $399,231 Funding Source r; m Ta_x Increment Purpose Future commercial development in advancement of RDA planning objectives ,Estimate of�Current�Value� $3_50,000` __ _ Method of:Valuation Professional appraisal obtained bj ity dated August. 23, 2011 �w '� �'��iatL�C•tt'�:i� l�rl•J•l�tll��c�:_111�'i•Jtt�t'l�d��"��l:ia[� 'A�a�lo •1-�� ,`lai�'' 1 1 No Revenues,or There are no revenues generated by this'property„and there no E Contractual ., = 4 3 ..i - contract�aa requirements related to thin propertyt , t.:RequireXnents .� ala�t'C w -®Ili. i 9�•Jr illIU11 I��i•111 ' OIIA�'I�IfJtH1d10 It;l;�•1t � �Jl�'f�Jl�d�e�• -1��W" Win+e��rr �r 7.c��r•�ormh�lwv�1 i om and;Limlted'Phase II,Phase I Envr :Environmental Sltw creenin Gated March 1 S 2009,,.April 9 2009 and Septem6'er 11;-2009',No known.history of k, environmental coritiarnination, designation as Brownfield site, or x,VR; remediationiuvas identified r , ' During the aforementionetl escrow, atsubsequent Phase 1 Assessment,was conducted b O'Reill which Identified y y;, ,Soil Removal cub[c<yar. soil plle, as a Recognized Environmental Concern a Required (REC) Additionalsoll`sampling°of the soil pile deterrnmed'the °stockpile contains'non hazartlous level`s of diesel and motor oilh , =1 t range,hydrocarbons As azondition to the close of escrow; I O'Reilly was,-requinng the:;Agency to remove the soil;from the i j property T6',properly dispose of the soil pile to the appropriate tratm eent storage:disposal facility, additional analysis for VOC's` d and:meta ls is require tl °l _ The Agency,has included the anticipated cost of soi�,removal on the;Reco nized Obli anon Pa rnent Schedule "RODS" 9 _ 9 Y ) `The analyses,projections assumptions.rates of retain;and any examples.presented herein ere for illustrative. purposes and are not aguarantee of actual and/or future results.Project pro forma and tax analyses are projections ony Actual results may differ maienally(romThose expressed in this analysis._ .. ICOS1710ri 885 South Rgueroa Street,35th Floor LosAngeles bal'rfornia 90017 :ph 213A17.3300 fax 213.417.3311 mmann es RESOLUTION NO. 2014-06 PAGE 9 OF 21 DECEMBER 17, 2014 Long-Range.Property Management Plan City of Grand Terrace Successor Agency November 13, 2014 Page 10 of 21 o. i Potential forNot TOD _ applicable Agency Planning ~Future 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 ■�ir6�� i4b1 •ll��t �� S1�l��JU11La1 o �i �Y •7 � r � a��=alle ' � �'��i�o �7t ' This property was in escrow for sal6 o O'Reilly Automotive . . i History fi Stores, Inca("O'Reilly):in May; however, escrow was . terminated�in August of,201.3 due;to redevelopme6t dissolution" W t. �'®�` .ta t.r i�i•�i'�i i. V��'�=ice•1�1:�.. . • - t As Purchase and Sale Agreement with O'Reilly is no� onger, e in.place:at this time, it is recommended that the property be sold to a developeror end.user for development consistent g Liquidation, with Agency planning objectives fora sale price consistent with estimate of current value.;Revenue generated from the sale of this property is''<propose'd;to be distrik ufed to local;taxing: 2 agenaes pursuant to'.AB 1484 I The analyses,projections,assump6ons,rates of return,and any examples presented herein are for illustrative I 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 matenally:from those expressed in this analysis.- . kosmon , M South Figueroa Street,35th Floor Los Angetes California 90017 :ph 213 417.3300 fax 213.417.3311 RESOLUTION NO. 201.4-06 PAGE 10 OF 21 DECEMBER 17, 2014 Long-Range.Property Management Plan City'ofGrand Terrace Successor Agency November 13,2014 Page.11 of 21 " Property#2. 22747 Barton Road . . .: .. k :Gity�Ha11 rw' : : - PImAe rope 22747,Barton Road , r �: APN ..0276 202-54 Lot Size 0 33 acres (14375 square feet), .. Use Vacant-Land: . _. . Zon�rig BRSP Office Professional ., � Current Title City of Grand Terrace Successor.Agency (The analyses projections assumptions,rates of return,and any examples.presented herein are for illustrative. purposes and are hota guarantee of actual and/or future results Project pro forma and tax analyses are projections only Actual results may difer inatenally from those expressed in this analysis.. . kosmon �, 865South Fl9uerda Street,35th Floor Los Angeles balrfomia 90017 :ph 213.417.3300 fax 213 417 3311 . . . RESOLUTIONNO.'2014-06 PAGE 11 OF 21 DECEMBER 17, 2014 Long-Range:Property Management Plan City of Grand'Terrace Successor Agency November 13, 2014 Page. 12 of 21 YPurchase Date __ _... ._ 01/13I2009 Purchase Price $360,000 _ Funding Source T ax increment j ----______ ...e__ Purpose Future commercial development in advancement of _ RDA planning:objectives 'Estimate of Current Value Method ofValuations Comparable sales evaluation .. , ■��-�1-�A1 -�.'�la Al-�C1��. dl wa,i-1114•�a •�'�1 No Revenues or There.are-no revenues generated by-thjs,property, and the` }� Contractual, re no s Requirements contractual requirements.related to this property ■ Yl.`Y�a1�,.+ °� w C ' era°i��'�►i'u'il•J®Ii'iC-�il� � �� pit'1' �-��a�ae' ` na� ° • - .I'�=l�l•.��8�®�a�lf•-'yJe��°Jelal�1��:�1i71V� No known Brownfield site ry or reined ation of environmental contamination,:desig nation as None: 'rta I k(4-W sl �7 11. .E a�is®Y'#1: �ta'�a�► �e'YY'g. I Potential for TOD_ Not applicable w__w Future commercial development will advance Agency objectives. Agency Planning of elimination of blight and strengthening of commercial uses and Objectives the economic base of the community. Immediate proximity.of the subject property to City Hall should also be noted. �:7�1��10 � sl�<•J��fd��1!1Yby�lcjC i°Ilelall��lale�• � +�ru ° ! i � ' ` -�,a�`' 1'�,i�:r:le►:W t �`r,J't�t��j `aia�'yirr�l++•�■! r Previously abandoned structure on-site:was demolished: There History has been no notable development proposal and other activity in: connection:with this property since Agency acquisition. .. 'wf .: - f Sale of property to developer or,b d-user for development °< consistenfiwith Agency tannin ob Jed No and proximity to Cjt I 9_ YP : 9 J p tY Y Liquidation Hall for a sale price-consistent with estimate of current value Revenue generated from, he sale of this,property is,,proposed to , be distributed,.to.local taxing agencies pursuant to AB,1484 =' (The analyses,projections assumptions,rates of return,and any examples presented herein are for illustrative. purposes and are notaaguarantee of actual and/or future results Project pro forma and tax analyses are projectionsI only.Actual results may differ inaterially from those expressed inthis analysis._ . kosman 865 South Figueroa Street,35th Floor Los Angeles :California 90017 ph 213.417.3300 fax 213.417.3311 panlca RESOLUTION NO..2014-06 PAGE 12 OF 21 DECEMBER 17, 2014 Long-Range:Property Management Plan Eity of Grand Terrace Successor Agency November 13, 2014 Page 13 of 21 ProDerty#3- Vista Grande Park Project. ossm G"1 a, ! t2 c� x: Grand Serrate Rd l . . i Address 22720 Vista Orantle Way APN.. 0276-462-10 :. . .. t;Lot Size 0 35 (1'5,246 square feet) ` j A Use Vacant Land. M y Zonmg Residential (R12Q) .M v,. . h _ Current Title.: City of Grand Terrace.Successor Agency:.: LPurcha Purchase Price $601:000 Funding Source27Ta_x increment ,' Eliminate public nuisance (red-tagged,foreclosed Purpose residential structure) and provide.for open'space or future civic use LEs fe of Current Value $0 _ i Non-revenue generating public use with consideration of. Method of Valuation . unstable geotechnical conditions.. fThe analyses projections assumptions rates of return,and any examplespresented herein are for illustriWe.. purposes and are not a;guarantee of actual andfor future results Project pro forma and tax analyses are protections only Actual`result- may differ materially from'those expressed in this analysis,. . kosrnan lei885 South Fgueroa8tree4,35ocr lth Floor os Angeles CaI fomia 90617 :ph 213.417.3300 fax 213A17.3311 RESOLUTION NO.2014=06 PAGE 13 OF 21 DECEMBER-17; 2014 Long-Range.Property Management Plan City of Grand Terrace Successor Agency November 13, 2014 Page 14 of 21 No Revenues or There are no revenues generated"by-this,'property and no "'•j Contractual. s contractual req,uirements`.' .Requirements l j Property includes unstable soil in rear'iportion of parcel (Natural Hazard I Subsiding,Soil Disclosure",Report obtained by City dated May 27, 2009) Prope ty is Ai E,conditions . , located in."Slide:Prone Zone"within County General PIan., There is no i ,: History of environmental contamination,'designation as Brownfield site; or.remedation ' 16�rYar�l40�1�1 'e1.l��tai�'�l':� 'talaiCalii�J „ ^a'fat:tid• a 3-=fLa�l�elee 'l�:i� 4�Potental for TOD Not_applicable m _ The Vista Grande Park Project is explicitly indicated as one of 14 priority non-housing projects in the approved RDA Five-Year Implementation Plan adopted December 8,.2009 for the years Agency Planning 2010-2014 for the advancement of Agency objectives#4 Objectives :(improve parking and open space):and.#5 (civic and cultural_: enhancement). Demolition of the previous red-tagged, foreclosed residential structure also served to advance Agency planning #1 (eliminate blight). ��ittC�{�Jsli��lr��. ®'b �� jL�ls�ilAlla/I�slt{ry"lW `% o � Ili-'t�� i alyacs�.Yo Previously,abandoned'structure(red tagged, foreclosed 'residence),, te was demolished.:There has been no notable °.; History developmentproposal activityor other activity in connection with,,, l< this_prope.y'since Agency acquisition:from`the previous Bank pwner,as;a:Real Estate Owned ("REO")•property. XThe analyses,projections,assumptions,rates of return,and any examples.presented herein amfor illustrative. purposes and are not a guarantee of actual and/or future results project pro forma and tax analyses are projections FAonly.Actual results may differ materially:from those expressed in this analysis.. . kOsmont,s 865 South Figueroa Street,35th Floor Los Angeles California 90017 :ph 2f3.417.3300 fax 213.417.3311 RESOLUTION NO. 2014-06 PAGE 14 OF 21 DECEMBER 17, 2014 I ' Long-Range:Property Management Plan City of Grand Terrace Successor Agency November 13, 2014- ::Page 15 of 21 is Pr Retantion of the property by the City for go�ernrnent use consistent .y with its identification as a priority non housing redevelopment pro�ecY - within the approved'and` RDA Fiue Year Implementation h { ° Plan' Health and Safety Code Section 34191 5 (c)k( llows - t �_ the City`to retaih title to property for development that'is included jn a redev�.Ioprniaht tlolanTand also for governrnent use3, t r . ' On,Mayr14, 2013, and Junev; 201°3,the Successor Agency a`ndi Oversight Boar.,,adopted respective resolutions approving the Transfer to C ty transf" f the�� ro a to tf�°e�i of Grand Terrace ursuant�to for GOV@rnnlehit Health antl Sa ety Cotle1 Sections.341 81(a)'and`341914 On ` N Use October`15, 2013; the DOF disallowed the transfer ais the dog park '4 has`not yet been constructed{However';development of the property as4,dog park as identified m the adoptd&RDA:5 Year f ' Implementation Plan is the best use of the"property, and;is viable . ; � t 5 �` 4 Given`the Zw- unstable geotechnicat conditions'of the property,rone ' 4 g y passjble future use is a do ark as proposed by a community 9'p s Avolunteerorganization Vista Granite Park�construction costswere ° - explicitly indicated among designated uses of proceeds from the k t / r ' say RDA 2011 A Tax AlloaafionBondsr p. ` . . . lThe analyses projections assumptions rates of return,'an I any examples presented herein are for mush . purposes and are not aguarantee of actual and/or future results Project pro forma and tax analyses,are protections) an*Acival results may differmater aUy from inop.e expressed in this analysis._ . kosmon 865 -oathFgueroaStreet;35ttiFloor to Angeles Califs 90017 :ph21341Y3300 fax213.417.3311 _. RESOLUTION NO::2014=06 PAGE 15 OF 21 DECEMBER 17, 2014 Long-Range.Property Management Plan City of Grand Terrace Successor Agency November 13, 2014 Page 16 of 21 Propertv#4: Mixed-Use Specific Plan Proiect t j Mixed-Use.Specific"Plan %. B a„r t o n R d 'ProjectBoundary. s PMP_Propertieswithin Specific Plan Project: Legend. 11 tip t1 67141-08 :;B 1167151-74 G 1167151-68. Q I 1167.151=71 .. .:1167-161-03 p I.F ( 1167161 0.4 far: �I`G 1167151=22 I ' G tt „s B 'Ryverside' - i ;a Fict7 r{p1 aA t;Cnnfil., � tAarbc Pi C-O S t 4 r � Grand Terrace j , o High School �= W.,C6r&hbrce Dr ;Address 2i992 &21974 De Berry St. .219,00,-Block of Van-Buren St �! APN 1167-151-68, 71, 74 11:67-161-03, 04, 22 Lot See 54 1 acres -�' � ' Use Vacant Land Commercial manufacturing 1167-141-OS 1167�151-22, 1167 161 03,04 Zoning Restricted Manufa'cturing`. 1167.1;51-71,.74 j M-2 Industrial 1167 151-68 General.Plan Mixed-Use (Commercial / Residential Mix) }:Current Title Gity,of Grand Terrace Successor;Agency ,,; IThe analyses,projections,assumptions,rates of return,and any examples presented herein are for illustrative. I purposes and are not a guarantee of actual and/or future results r Project pro forma and tax analyses are projections only.Actual results may differ materially from those expressed in this analysis.. , kosm'kM,s t365 South Fgueroa Street,35th Floor Los Angeles California 90017 ph 213 417.3300 fax 213.417.3311 PAGE I6 OF 21 RESOLUTION NO. 2014-06 DECENMER 172014 Long-Range.Property Management Plan City of Grand Terrace Successor Agency November 13, 2014 Page 17 of 21 ■s t61_AA ii�f�11:�i�:'�Lc�rril t:t'�t•9 e�Y A Y i.��i A 1='i�►.iA A..��i•t a":�sd s;i' Mae��rr� i „1'1/22/2000 11'r67151 68,7 , 74 ss Purchase Date 08/16/2005 1167 1611 03 r « 'I 0/25/2005 1�1�67 141�08 * A 07/29/2011 11467 1`51. 22 t }! ,a 1167-141=08}-$245,280 1:167-151-22—$1,393,702 1167-151-6.8.—$500,191 Purchase Price 1167A51-71.:-$166,395 1167-151-74—$523,96.2 1:167-161-03—$899,953 1167-161-04 $409.701 . . .Total-$41139,184. Tax increment, including proceeds from the RDA Tax Allocation Fundmg Source B'ondsassueof20116 Purpose Land assembly for large commercial project in advancement of RDAx� planning objectives 1167 141=08 $283 500 , , 1167 15122 $0 ($927800 before adjustmentforwetlands,mlttgatton)` 1167 151 68 $0($976,100 before adjustment for storm water mtttgatton) F 1 c f _ f - t Estimate of 1167 151 71 $0($216 400 before adjustment for storm water mitigation) rs{ I Current Value' 1167 151 74 $0($' 022 500 before adjustment forwetlands mltlg'atton) f 1%167 161'03 „$479 100 - �, i 1167 161 04 $43 500.-. Total '$806 100; Method of -_ Valuation : Comparable sales evaluation ��1a1=aAiwdi ��iaA►ai:tea'��lydleJ�lam�+��:��1e��l�r:l �i ��li�l�lrl�=� ��a - AI�I�C: There are no revenues generated by this property and no t No Revenues,or , _'Contractual7. contractual requjrements It should be noted that Parcels,, and D E p- lncludeapproXlrnately 1 1 acres of anticipated storm drain h Requirements = easements N, '. �I�.11eJ�i YC• IIYA�1giUA e.IAY� -�IAl-ll�'t�e a��lAioJal 1L/i��1:�7i1 No known.hi story of environmental contamination, designation as None Brownfield site, or remediatiom It should be noted:that the Property contains approximately 4 acres of wetlands that will need to be maintained onsite... lThe analyses projections assumptions,rates of retuin,and any examples presented herein are for Illustrative purposes and are rota guarantee of actual and/or future results.'Project pro forma and tax analyses are protections brry.-Actu4tresulismay,differinaienalli'fiomth p expressedln this analysis., - 1COSmton 665 South Fgueroa Street,35th Floor Los Angeles califarnia 90017 ph 213.417.3300 fax 213.417.3311 . romP-Ies RESOLUTION N0.2014-06 PAGE 17 OF 21 DECEMBER 17, 2014 Long-Range:Property Management Plan City of Grand Terrace Successor Agency November 13, 2014 Page 18 of 21 LM lag t►wW!1L1e1�Llla�k '�' All� .. '�l.I�l� Fr:l .. �.�� e1 MMMUl ! Potential for . Not applicable } f`.TOD . The,Mixed-Use Specific Plan Project 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). lorO.Actual Tfie analyses,projections,assumptions,,rates of return,and any examples presented herein ere for tlLustraWe.purposes and are.not aguarantee of actual and/or future results:Project pro forma and tax analysesare protections results may differ matenally from;those expressed in this analysis., kOSmOn 865 South Figueroa Street,35th Floor Los Angeles California 90017 ph 213.417.3300 fax 213.417.3311 - rnmpanles ' RESOLUTION NO.2014-06 PAGE 18 OF 21 DECEMBER 17, 2014 Long-Range Property Management Plan City of Grand Terrace Successor Agency November 13, 2014 Page 19 of 21 1` For more than_two decades,the City has atter'rpted to foster' development in the.Specific Plan Project Area (also:known.as the Southwest Commercial Site) `:However, the significant drainage>& sewer,infrastructure'improvenients,required:yhave hampered development l The-;property contarns`approw mat ely'4 acres of wetlantls'.as designated' j. . by the`California°Department of Fish and:Game and the°U.S Army. l Corps:of Engineers that will need to;be maintained onsitec Development of, property will require retention basins`on the site and significant sto'rm`tlrain irnpr'ovements:along`De Berry;°Van Buren,,` and Fico Streets,reducing developable land on the property by j approximately 4 8cres.` San;Bernardino Association of Governments,Caltrans and the_City_are,-' Working to replace the 1-215 interchange at'Barton Road;,however locale streets that woold``provide access toahe property'are not:adequate for 4. the increased traffic volume that"would result from development of the 1 property. Significant curb,7 gutter, and storm drain improvements°would .'. 6 be'addrtronally required.. 1,History.,,!-,. y The Crty°s 1988 GeoeraL Plan updated;the.land.use'designation-:within- the;Project to allow light Industrial uses, since the retarl.,project uses envisioned.wlthin.ahe-1983:General`.Plan did'nof:prove viakile due to freeway access and other deficiencies. In 2010, the General Plan was i. updated tore-designate,the project`area, aswell-assurrounding., ` properties-as.Mixed Use:, requiring-the preparation of the-Specific Plan ` ¢' It was critical to.the City to specify the-requirement of a specific plan so:`- ; that the project area-would develop in a cohesive and orderly manner s The',RDA entered1nto:a Memorandum of Untlerstanding.,'("MOU") dated;'' September 11,2007 with developer,Grand Terrace Partners;LLC "Develo er" followin an Exclusive;Ne otieitin A reement "ENA" with`>Developer. :The intended`use;included recreational;commercial =uses.. The Developer evenfually withdrew from the project, however,' due to insufficient freeway access K. Parcel B underwent slot-line adjustment to accommodate Baseball .. Park Project on parcel 1167-151-75. .A'formersingle family residence - was,.demolished on Parcel F: lThe analyses,projectons,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 maierially from those expressed in this analysis., kosRm42iL 865 South Figueroa Street,35th Floor Los Angeles California 90017 ph 213.417.3300 fax 213.417.3311 RESOLUTION NO. 2014-06 PAGE 19 OF 21 DECEMBER 17, 2014 Long-Range.Property Management Plan City of Grand Terrace Successor Agency November 13, 2014 Page 20 of 21 e e i Retention of the property by,the City.for futur.'e+development consistent { . with.its identification as a priority,,non-housing~redevelopment,project within-the' approved:`and-adopted RDA Five-Year lmplementation Plan.'`'° Given.the extensive infrastructure improvements required in order to, facilitate'viable commercial development in thefuture t is recommended.to"""enable.the City-to continue assemblage activities as. l outlined in approved:and adopted.RDA Implementation Plan.: Health and.Safety°Code Section-34191.5(c)'(2)(A) allows:forthe City,to: E retain`title to property for development:that is,included in.an:approved.,,,, P Transfer t6 redevelopment plan. This property and future commercial developer dn't ICkty for ° are consistent with the redevelopment plans and objectives l Future': Development Among,designated uses proceisds:from the RDA:2011A Tax i Allocation Bonds=were Specifc"Plan Project Area'infrastructure,study„ desig-n;and construction and,,Storm drain and Street.rehabilitation on. -Van Buren; Pico,and Main Streets ' . . It iS'anticipated that compensation agreements.Will be entered into with the affected taxing entities However,;if it is determined that ¢ i compensation,agreements are,notneeded, then proceeds from future ' I i sale_of.the property are recommended for retention by tho'Clty. 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., . k0Smon 865 South Figueroa Street,35th Floor Los Angeles Calif omia 90017 ph 213.417.3300 fax 213A17.3311 mmpanlu RESOLUTION NO. 2014-06 PAGE 20 OF 21 DECEMBER 17, 2014 Long-Range:Property Management Plan City of Grand Terrace Successor Agency _ November 13, 2014 Page 21 of 21 .0 Attachments pp A. A roved Five-Year :Redevelopment Implementation Plan 2009-2014:(adopted December 8, 2009).:. :.: B: Report to City-Council on Amendment to Redevelopment Plan (Adopted May 11,' 2010) C. Mixed-Use'Specific Plan Project California Department of Fish & Game-and-U.S. Army Corps:of Engineers Wetlands Jurisdictional Maps D. Mixed Use Specific Plan.Project Storm Drain Easement Legal:Description and Map E.: Tax Certificate for 2011A RDA Tax Allocation.Bonds:(including List of Anticipated Uses) . - lThe analyses projections assumptions,rates of retum,and any examples presented hereh are for illustiatiw. 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 malenally from those expressed m this analysis... I kosmo 665 South Figueroa Street,35th Floor tosAngeles:<balifomia 90017 'ph 213,417.3300 fax 213A11.3311 RESOLUTION NO. 2014-06 PAGE 21 OF 21 DECEMBER 17,2014 - .