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HomeMy WebLinkAbout12/16/2013 - RESOLUTIONS - 019 RESOLUTION NO. 019 A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY, TO THE PALM SPRINGS COMMUNITY REDEVELOPMENT AGENCY, APPROVING THE LONG-RANGE PROPERTY MANAGEMENT PLAN. WHEREAS, the Community Redevelopment Agency of the City of Palm Springs ("Redevelopment Agency") was a redevelopment agency in the City of Palm Springs ("City"), duly created pursuant to the California Community Redevelopment Law (Part 1 (commencing with Section 33000) of Division 24 of the California Health and Safety Code) ("Redevelopment Law"); and WHEREAS, the Community Redevelopment Agency was responsible for the administration of redevelopment activities within the City; and WHEREAS, AB X1 26 and AB X1 27 were signed by the Governor of California on June 28, 2011, making certain changes to the Redevelopment Law, including adding Part 1.8 (commencing with Section 34161) and Part 1.85 (commencing with Section 34170) ("Part 1.85") to Division 24 of the California Health and Safety Code which effectively dissolves the Redevelopment Agency ("Dissolution Act"); and WHEREAS, under the Dissolution Act, the term "successor agency" was defined to refer to the dissolved redevelopment agency's sponsoring community (the city, county or city and county that formed the Dissolved RDA), unless the sponsoring community adopted a resolution electing not to serve in that capacity; and WHEREAS, pursuant to Health & Safety Code Section 34191.5(b), successor agencies are required to send long-range property management plans to the oversight board and State Department of Finance no later than six months following the issuance of the finding of completion; and WHEREAS, the Successor Agency requested that the State Department of Finance issue a finding of completion on December 16, 2013; and WHEREAS, staff and consultants to the Successor Agency of the Palm Springs Community Redevelopment Agency prepared a Long Range Property Management Plan, in the form attached herewith as Attachment 1, in accordance with the provisions of Section 34191.3 of the Dissolution Act, indicating the intended disposition and use of the real property assets of the former Redevelopment Agency; and WHEREAS, pursuant to Health & Safety Code Section 34191.5(b), the Long-Range Property Management Plan shall be submitted for review and approval to the Oversight Resolution No. 019 Page 2 Board and Department of Finance no later than six months from the date the finding of completion is issued by the State Department of Finance. NOW, THEREFORE, BE IT RESOLVED BY THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS AS FOLLOWS: SECTION 1. The Oversight Board hereby finds and determines that the foregoing recitals are true and correct, and incorporates them herein by reference. SECTION 2. The Oversight Board approves the long-range property management plan (as submitted hereto as Attachment 1) subject to the approval of the State Department of Finance. SECTION 3. Upon receipt of the finding of completion from the State Department of Finance, staff is directed to submit the long-range property management plan to the State Department of Finance as required by law. SECTION 4. Staff is directed to prepare a marketing plan for the disposition of certain properties outlined in the long-range property management plan. SECTION 5. At such time as the Successor Agency receives proceeds from the sale of any property as identified in the long-range property management plan, the Successor Agency shall comply with applicable statutes regarding the distribution of these proceeds to the County Auditor Controller for dissemination to the affected taxing agencies. SECTION 6. This Resolution shall take effect three days after its adoption. i T OMAS FLAY0, Chairman CRA Oversight Board ATTEST: MES THOMPSON, Clerk/Secretary Resolution No. 019 Page 3 CERTIFICATION STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss CITY OF PALM SPRINGS ) I, James Thompson, Secretary of the Oversight Board of the Successor Agency of the Palm Springs Community Redevelopment Agency hereby certify that Resolution No. 019 was adopted by the Oversight Board at a Special Meeting held on the 16th day of December, 2013, and that the same was adopted by the following vote: AYES: Board Members Foat, Ready, Van Horn, Vice Chair Howell, and Chair Flavin. NOES: None. ABSENT: Board Members Arthur and Marshall. ABSTAIN: None. ES THOMPSON versight Board Clerk/Secretary City of Palm Springs, California Resolution No. 019 Page 4 ATTACHMENT LONG-RANGE PROPERTY MANAGEMENT PLAN SUCCESSOR AGENCY OF THE CITY OF PALM SPRINGS COMMUNITY REDEVELOPMENT AGENCY LONG- RANGE PROPERTY MANAGEMENT PLAN Successor Agency to the Palm Springs Community Redevelopment Agency December 12 , 2013 o PSG BETTER COMMUNITIES. BOLDER FUTURES. RedevelopmentSuccessor Agency to the Palm Springs Community Long-Range Property TABLE OF CONTENTS INTRODUCTION................................................................................................................................................1 EXECUTIVESUMMARY....................................................................................................................................1 STATEMENT OF LEGAL REQUIREMENTS....................................................................................................2 PROPERTY VALUATION ESTIMATES AND LIMITATIONS.........................................................................4 PROPERTY INVENTORY- FORMER AGENCY PROPERTIES..................................................................... 5 Properties to by Sold by Successor Agency.........................................................................................6 CASA DEL CAMINO PROPERTY (PROPERTY 1)..............................................................................................7 DESERT HOTEL PROPERTY (PROPERTY 2).....................................................................................................9 MCKINNEY PARCEL (PROPERTY 3).....................................................................................................................11 CONVENTION CENTER NORTH PARKING LOT (PROPERTY 4)..............................................................13 PRAIRIE SCHOONER PARCEL (PROPERTY 5)................................................................................................15 CORKN BOTTLE (PROPERTY 6)..........................................................................................................................17 PLAZA THEATER (PROPERTY 7).........................................................................................................................19 CATHOLIC CHURCH PARKING LOT (PROPERTY 8)...................................................................................20 BLUE COYOTE PARKING LOT AND DRIVEWAY(PROPERTY 9)............................................................21 FOOD COURT PARKING LOT(PROPERTY 10)...............................................................................................22 HENRY FRANK ARCADE PARKING LOT (PROPERTY 11)...........................................................................23 VINEYARD PARKING LOT (PROPERTY 12).....................................................................................................24 ATTACHMENTS..............................................................................................................................................25 Successor Agency to the Palm Springs Community Redevelopment Long-Rangege INTRODUCTION Assembly Bill ("AB") 1484, enacted in June 2012, requires all successor agencies to former redevelopment agencies that owned property as of the time of redevelopment dissolution in 2011 to prepare a Long Range Property Management Plan ("PMP"). The PMP governs the disposition and use of property held by the former redevelopment agency pursuant to legal requirements, as detailed in the"Statement of Legal Requirements"section on the next page. This is the Long Range Property Management Plan for the Successor Agency to the Palm Springs Community Redevelopment Agency("Successor Agency"). EXECUTIVE SUMMARY The former Palm Springs Community Redevelopment Agency ("Agency") is the owner of record on the title for 12 properties (comprised of 19 parcels) in Palm Springs. All 12 properties are proposed to be sold by the Successor Agency, with the proceeds of the sale to be distributed by the Riverside County Auditor-Controller in accordance with the Dissolution Act. The following chart outlines the Assessor's Parcel Number(APN)and proposed disposition for each of the 12 properties. # Site Name Assessor's Parcel Number(s) Disposition 1 Casa del Camino Property 505-182-004 Sell property 2 Desert Hotel Property 513-091-003 Sell property 3 McKinney Parcel 513-290-013 Sell property 508-034-012, 4 Convention Center North Parking Lot 508-034-013, and Sell property 508-034-014 508-055-007, 5 Prairie Schooner Parcel 508-055-008, and Sell property 508-055-009 B Cork n Bottle 513-081-017 Sell property 7 Plaza Theater 513-144-010 Sell property a Catholic Church Parking Lot 505-324-002 Sell property 9 Blue Coyote Parking Lot and Driveway 513-082-023 and Sell property 513-082-040 10 Food Court Parking Lot 513-082-043 Sell property 11 Henry Frank Arcade Parking Lot 513-091-004 Sell property 513-153-015, 12 Vineyard Parking Lot 513-153-016, and Sell property 513-153-029 Page 1 Successor Agency to the Palm Springs Community Redevelopment Agency Long-Range Property STATEMENT OF LEGAL REQUIREMENTS Pursuant to Health and Safety Code section 34191.5 (part of AB 1484), each successor agency that holds property from a former redevelopment agency is required to submit a PMP to the State Department of Finance ("DOF") within six months after receiving a "Finding of Completion" from DOF. Prior to the submittal of the PMP to DOF, the successor agency's oversight board must approve the PMP. In general, the PMP addresses the disposition and use of the real properties of the former redevelopment agency. AB 1484 requires that the PMP include all of the following components: 1. Inventory of all properties in the Community Redevelopment Property Trust Fund ("Trust Fund"), established to serve as the repository of the former redevelopment agency's real properties. This inventory shall consist of all of the following information: a. Date of acquisition of the property and the value of the property at that time, and an estimate of the current value of the property. b. Purpose for which the property was acquired. c. Parcel data, including address, lot size, and current zoning in the former redevelopment agency redevelopment plan or specific, community, or general plan. d. Estimate of the current value of the parcel including, if available, any appraisal information. e. Estimate of any lease, rental, or any other revenues generated by the property, and a description of the contractual requirements for the disposition of those funds. f. History of environmental contamination, including designation as a brownfield site, and related environmental studies, and history of any remediation efforts. g. Description of the property's potential for transit-oriented development and the advancement of the planning objectives of the successor agency. h. Brief history of previous development proposals and activity, including the rental or lease of property. 2. Address the use or disposition of all the properties in the Trust Fund. Permissible uses include: a. Retention for governmental use pursuant to subdivision (a) of Section 34181; b. Retention for future development; c. Sale of the property; or d. Use of property to fulfill an enforceable obligation. Page 2 Successor Agency to the Palm Springs Community RedevelopmentAgency Long-Range Property , gement Plan 3. Separately identify and list properties in the Trust Fund dedicated to governmental use purposes and properties retained for purposes of fulfilling an enforceable obligation. With respect to the use or disposition of all other properties, all the following shall apply: a. If the plan directs the use or liquidation of the property for a project identified in an approved redevelopment plan, the property shall transfer to the city, county, or city and county. b. If the plan directs the liquidation of the property or the use of revenues generated from the property, such as lease or parking revenues, for any purpose other than to fulfill an enforceable obligation or other than that specified in subsection 3(a) above, the proceeds from the sale shall be distributed as property tax to the taxing entities. c. Property shall not be transferred to a successor agency, city, county, or city and county, unless the PMP has been approved by the oversight board and DOF. Page 3 RedevelopmentSuccessor Agency to the Palm Springs Community Long-Range Property Management Plan PROPERTY VALUATION ESTIMATES AND LIMITATIONS The Dissolution Act requires that a property management plan include an estimate of the value of property, as well as recent appraisal information, to provide the oversight board, DOF, and other interested parties information on the properties involved. DOF has officially stated that they do not expect successor agencies to obtain appraisals on properties if none currently exist, so no such appraisals have been prepared for this PMP. Instead, an estimate of property value was prepared by the Successor Agency's independent consultant based on a limited amount of analysis, well short of what would normally be conducted for an appraisal — but at least useful for providing some information on what is often difficult to assess property values given the unique deficiencies (size, contamination, location, etc.) of former redevelopment properties. Coming out of a real estate recession, it still can be difficult to identify comparable properties in the area because sales volumes of small, infill parcels can be very limited. The limitations of this methodology aside, the value estimates themselves (or even appraised values) are not necessarily representative of what the properties could be worth when put on the open market for sale by the Successor Agency. As necessary, following DOF approval of this PMP, the Successor Agency will seek buyers to purchase the properties, based on the conditions outlined in this document. Once these offers are provided, these may ultimately be a much more precise determination of value than what is included in this PMP. As such, the reader is encouraged to understand this context when reviewing the estimated values contained herein. Page 4 RedevelopmentSuccessor Agency to the Palm Springs Community Long-Range • Management- PROPERTY INVENTORY - FORMER AGENCY PROPERTIES The former Agency owned 12 properties (consisting of 19 parcels) at dissolution. The properties are grouped into property sites with specific property numbers shown in the Property Inventory Data table attached. A detailed description of the properties is provided below. The Property Inventory Data table (Attachment 1) utilizes the DOF-created database that provides a matrix of all of the information required pursuant to Health and Safety Code Section 34191.5(c) (part of AB 1484). It is important to note the following in reviewing the PMP: • Estimates of current value of property were provided by RSG based on the individual methodologies described under each property profiled in this PMP. As the DOF has officially stated, the DOF does not require a new appraisal report to be prepared for the purposes of a PMP, even if a recent appraisal does not exist. The ultimate value of the properties sold will be determined based on what the market bears and not what an appraisal estimates. More details for each value estimate are provided in the individual property profiles. • Data contained in the "Value at Time of Purchase" column in the Property Inventory Data table includes all available information obtained resulting from comprehensive title research and staffs best efforts to locate the information. In many cases, this information was not available and is noted accordingly. Page 5 Successor Agency to the Palm Springs Community Redevelopment Agency Long-Range Property ._ Properties to by Sold by Successor Agency All 12 Agency-owned properties are proposed to be for sale. A description of the properties, including the legally required information, aerial maps, and photographs of each property, are presented in this section. Pursuant to the requirements of 34191.5(c) of the Health and Safety Code, the following characteristics apply to each of the 12 Agency-owned properties: • Proposed Sale Value: Market to determine. • Proposed Sale Date: Following DOF approval of PMP. • History of Environmental Contamination. Studies. and/or Remediation. and Desianadon as a Brownfield Site: No record of past environmental contamination, studies, and/or remediation, and designation as a brownfield site. This does not necessarily preclude potential environmental contamination, studies, and/or remediation, and designation as a brownfield site of which the Successor Agency is not aware. The remainder of the information required by Health and Safety Code Section 34191.5(c) is provided below and in Attachment 1. Page 6 Successor Agency to the Palm Springs Community RedevelopmentAgency Long-Range Property Management Plan CASA DEL CAMINO PROPERTY (PROPERTY 1) Address: 1479 N. Palm Canyon Dr. APN. 505-182-004 Lot Size: 29,185 sq. ft.' Attachment 1 Parcel: 1 Acquisition Date: April 1, 1987 Value at Time of Purchase: $575,000 Property Type(DOF Category) Vacant Lot/Land Permissable Use(City Proposed) Sale of Property Current Zoning: Cf—Retail Business Zone Estimated Current Value: $195,561 Based on RSG's comparable sales analysis. The results of the analysis are shown below. Comparable Sales Analysis and Estimated Value:1479 N.Palm Canyon Dr. Commercial Land,20,000-40,000 SF Address city Property Type Sale Date SgFt Price Price/SgFt 184765 Avenue 50 Coachella Commercial Land 5/14/2012 25,700 $ 297,000 $ 11.56 2 82933Avenue48 Indio Commercial Land 7/16/2010 36,154 $ 318,000 $ 8.80 3 81088 Us Highway 111 Indio Commercial Land 12/3/2010 35,727 $ 275,000 $ 7.70 4 44061 Acacia or Palm Desert Commercial Land 7/12/2013 20,447 $ 118,000 $ 5.77 519160 McLane St North Palm Springs Commercial Land 8/27/2013 20,717 $ 92,500 $ 4.46 6 81765 Oleander Ave Indio Commercial Land 4/27/2012 32,234 $ 82,500 $ 2.56 Subject:1479N.Palm Canyon Dr. Vacant Commercial Land Not Listed 29,195 $ 196,561 $ 6.74 Source:Costar,December 2013 Note:Estimated value is based on the unweighted and unadjusted median price per square foot for comparable properties. Advancement of Planning Objectives: Sell for future development. The former Agency acquired this vacant parcel for the purpose of future development. The Agency intended to assemble this parcel in conjunction with those adjacent to it in order to develop a mixed- use project. However, this project never came to fruition. ' For all parcels described in this document, the source for data regarding lot sizes,acquisition dates, and available values at the time of purchase is First American CoreLogic, Inc., except where otherwise noted. Page 7 Successor Agency to the Palm Springs Community Redevelopment Agency Long-Range Property Management Plan { • • • ••• - Maps Successor Agency to the Palm Springs Community Redevelopment Agency Long-Range Property Management DESERT HOTEL PROPERTY (PROPERTY 2) Address: 285 N. Indian Canyon Dr. APN: 513-091-003 Lot Size: 6,106 sq. ft. Attachment 1 Parcel: 2 Acquisition Date: January 21, 2005, according to City records Value at Time of Purchase: $160,000, according to City records Property Type(DOF Category) Vacant Lot/Land Permissable Use (City Proposed) Sale of property Current Zoning: CU- Civics Uses District Zone Estimated Current Value: $31,965 Based on RSG's comparable sales analysis. The results of the analysis are shown below. Comparable Sales Analysis and Estimated Value:285 N.Indian Canyon Dr. Commercial land,5,000-10,000 SF Address City Property Type Sale Date SgFt Price Price/SgFt 1 N Palm Canyon Dr Palm Springs Commercial Land 4/5/2011 6,403 $ 98,000 $ 15.31 229PalmsHwy@Sunset Ave Joshua Tree Commercial Land 6/11/2012 9,583 $ 60,000 $ 6.26 3 12329 Palm Dr Desert Hot Springs Commercial Land 9/16/2011 7,126 $ 30,000 $ 4.21 4 45698 Fargo St Indio Commercial Land 9/11/2013 6,490 $ 15,000 $ 2.31 Subject:285 N.Indian Canyon Dr. Vacant Commercial Land Not Listed 6,106 $ 31,965 $ 5.24 Source:Costar,December 2013 Note:Estimated value is based on the unweighted and unadjusted median price per square foot forcomparable properties. Advancement of Planning Objectives: Sell for future development. The former Agency acquired this parcel in order to tear down the blighted property on the land, which was successfully completed. Previously, the Agency intended to assemble this parcel along with adjacent parcels in order to develop a hotel, but this development did not occur. Because the parcel is adjacent to a City fire station, the City may be interested in purchasing the property to expand the fire station. Page 9 Successor Agency to the Palm Springs Community Redevelopment Agency Long-Range Property Management Plan � 5 t; ti 3 _ , i r� r • • •urce: Google Maps Successor Agency to the Palm Springs Community Redevelopment Long-Range Property Management Plan MCKINNEY PARCEL (PROPERTY 3) Address: 190 W. Sunny Dunes Rd. APN: 513-290-013 Lot Size: 6,970 sq. ft. Attachment i Parcel: 3 Acquisition Date: January 1, 2008 Value at Time of Purchase: Unknown, according to City and public record research Property Type(DOF Category) Vacant Lot/Land Permissable Use(City Proposed) Sale of Property Current Zoning: CU- Civics Uses District Zone Estimated Current Value: $36,488 Based on RSG's comparable sales analysis. The results of the analysis are shown below. The results are identical to those for Property 2, due to the similarity between Property 2 and 3. Comparable Sales Analysis and Estimated Value:190 W.Sunny Dunes Rd. Commercial Land,5,000-10,000 SF Address city Property Type Sale Date SgFt Price Price/SgFt 1 N Palm Canyon Dr Palm Springs Commercial Land 4/5/2011 6,403 $ 98,000 $ 15.31 2 29 Palms Hwy @ Sunset Ave Joshua Tree Commercial Land 6/11/2012 9,583 $ 60,000 $ 6,26 312329 Palm Dr Desert Hot Springs Commercial Land 9/16/2011 7,126 $ 30,000 $ 4.21 4 45698 Fargo St Indio Commercial land 9/11/2013 6,490 $ 15,000 $ 2.31 Subject:190 W.Sunny Dunes Rd. Vacant Commercial Land Not Listed 6,970 $ 36,488 $ 5.24 Source:Costar,December2013 Note:Estimated value is based on the unweighted and unadjusted median price per square foot for comparable properties. Advancement of Planning Objectives: Sell for future development. This vacant parcel was acquired for the purpose of future development. Page 11 Successor Agency to the Palm Springs Community Redevelopment Agency Long-Range Property Management Plan ,• c �- .r. Photo ... - Maps SpringsSuccessor Agency to the Palm . . Long-Range Property Management CONVENTION CENTER NORTH PARKING LOT(PROPERTY 4) Address: Northeast of N. Calle Alvarado and E.Amado Rd. APN: 508-034-012, 508-034-013, and 508-034-014 Lot Size: 339,769 sq. ft. Attachment 1 Parcels: 4- 6 Acquisition Date: May 1, 1991 Value at Time of Purchase: Unknown, according to City and public record research Property Type(DOF Category) Parking Lot/Structure Permissable Use(City Proposed) Sale of Property Current Zoning: CU- Civics Uses District Zone Estimated Current Value: S2,211,896 Based on RSGs comparable sales analysis. The results of the analysis are shown below. Comparable Sales Analysis and Estimated Value:Northeast of N.Calle Alvarado and E.Amado Rd. Commercial Land,250,000-450,000 SF Address City Property Type Sale Date SgFt Price Price/SgFt 1 Hwy 111&Dune Palms Rd La Quinta Commercial Land 5/17/2010 396,396 $7,737,239 $ 19.52 2 40060 Bob Hope Dr Rancho Mirage Commercial Land 10/29/2010 447,361 $7,650,000 $ 17.10 3 Seeley Dr&Washington St La Quinta Commercial Land 7/1/2011 411,641 $3,800,000 $ 9.23 4 Avenue 48 Indio Commercial Land 9/16/2010 350,222 $2,600,000 $ 7.42 5 Washington St Palm Desert Commercial Land 6/15/2010 267,894 $1,500,000 $ 5.60 6 75500 Varner Rd Palm Desert Commercial Land 9/21/2011 333,234 $1,300,000 $ 3.90 7 Avenue 42 @ Spectrun St Indio Commercial Land 10/25/2010 283,140 $ 999,484 $ 3.53 8 PortolaAve Palm Desert Commercial Land 3/7/2013 385,506 $1,100,000 $ 2.85 Subject:NE of N.Calle Alvarado and E.Amado Rd. Parking Lot Not Listed 339,769 $2,211,896 $ 6.51 Source:CoStar,December 2013 Note:Estimated value is based on the unweighted and unadjusted median price per square foot for comparable properties. Advancement of Planning Objectives: Sell for future development. This parking lot was acquired for the purpose of future development. The Successor Agency proposes to sell this lot to an interested hotel developer, who Will then replace the public parking off- site. Page 13 Successor Agency to the Palm Springs Community Redevelopment Agency Long-Range Property Management Plan Photo .urce: Google Maps Successor Agency to the Palm Springs Community Redevelopment Long-Range Property Management- PRAIRIE SCHOONER PARCEL (PROPERTY 5) Address: Southeast of E Andreas Rd. &N. Calle El Segundo APN: 508-055-007, 508-055-008, and 508-055-009 Lot Size: 250,470 sq. ft. Attachment 1 Parcels: 7- 9 Acquisition Date: August 10, 1994, according to City records Value at Time of Purchase: $2,275,000, according to City records Property Type(DOF Category) Parking Lot/Structure Permissab/e Use(City Proposed) Sale of Property Current Zoning: CU- Civics Uses District Zone Estimated Current Value: $1,402,632 Based on RSG's comparable sales analysis. The results of the analysis are shown below. Comparable Sales Analysis and Estimated Value:Southeast of E.Andreas Rd.&N.Cal le El Segundo Commercial Land,150,000-350,000 SF Address city Property Type sale Date SgFt Price Price/SgFt 1 82451Highwaylll Indio Commercial Land 10/2/2012 157,687 $2,50Q000 $ 15.85 2 81550JFK Ct Indio Commercial Land 10/28/2013 166,399 $2,050,000 $ 12.32 347800 Washington St La Quinta Commercial Land 5/27/2011 169,012 $1,300,000 $ 7.69 4 Washington St Palm Desert Commercial Land 6/15/2010 267,894 $1,500,000 $ 5.60 5 81695 US Hwy 111 Indio Commercial Land 2/23/2010 170,755 $ 755,892 $ 4.43 675500 Varner Rd Palm Desert Commercial Land 9/21/2011 333,234 $1,300,000 $ 3.90 7 Avenue 42 @ Spectrun St Indio Commercial Land 10/25/2010 283,140 $ 999,494 $ 3.53 Subject:SE of E.Andreas Rd.&N.Calle El Segundo Parking Lot Not Listed 250,470 $1,402,632 $ 5.60 Source:CoStar,December2013 Note:Estimated value is based on the unweighted and unadjusted median price per square foot forcomparable properties. Advancement of Planning Objectives: Sell for future development. This property was acquired for the purpose of selling to a developer, with whom the Agency had been working to construct a 500-room Hard Rock Hotel. However, the project was abandoned and the Hard Rock Hotel eventually opened elsewhere in the City. A hotel developer has recently sought to purchase this property from the Successor Agency. Page 15 Successor Agency to the Palm Springs Community Redevelopment Agency Long-Range Property Management Plan •!ltltl���. �. 3l 1. , TaM1pu lz 6anyonWay E+LanQu ti�a Yon waY EtanamlzC n ' Fermas Ftl is Photo ... - Maps ee_ Management Successor to the Palm . - . an CORK N BOTTLE (PROPERTY 6) Address: 342 N. Palm Canyon Dr. APN: 513-081-017 Lot Sire: Z 080 sq. ft. Attachment 1 Parcel: 10 Acquisition Date: November 17, 2006 Value at Time of Purchase: $620,000, according to City records Property Type(DOF Category) Commercial Permissable Use(City Proposed) Sale of Property Current Zoning: CBD-Central Business District Zone Estimated Current Value: $339,620 Based on RSG's analysis, which utilizes an income- based approach. The details of the analysis are shown below. Estimated Value Utilizing Income Based Approach:342 N.Palm Canyon Dr. Monthly Gross income: $ 2,750 Annual Gross Income: $ 33,000 less: Annual Property Tax': $ Z728 Operating Expenses as Share of Gross Income': 20% Annual Operating Expenses: $ 6,6(30 Annual Pop"Taxes and Operating bgpenses: $ 9,3211 Annual Net Operating Income: $ 23,672 Cap Rags: 6.97% boysgaidValve $ 331111,i7o 'Source Riverside County Office of the Treasurer-Tax Cailector 2 lased on median operating expense amount per square foot for comparable properties($3.12)and average rent amount for Properties In the inland Empire retail market during the third quarter of 20131$1S.73)Isoarce;Costar COMPS,costar Property) 'Average cap rate for buildings under 2SA00 sq.ft in the Inland Empire retail market from July 2012•June 2013(Source.Costar COMPS) Advancement of Planning Objectives: None. Page 17 Successor Agency to the Palm Springs Community Redevelopment Agency Long-Range Property Management Plan The former Agency acquired this parcel with the intention of assembling several properties in the area to develop a boutique hotel to support the nearby Convention Center. However, the adjacent properties were never acquired by the Agency. The building on the parcel is a Class 1 historic structure. Therefore, reuse and any interior changes must be approved by the City's Historic Site Preservation Board. A commercial building is currently on the parcel. The current tenant is a retail store called "Cork n Bottle." The tenant began occupancy of the building in 2004. When the Agency purchased the building in 2006, the Agency assumed Cork n Bottle's lease with the previous owner. The original lease began in 2004 and ended in 2009. However, the lease provides the tenant the right to extend the lease for a period of five additional years up to three times, upon the end of the original lease in 2009. In 2009, the tenant opted to extend the lease until November 2014, at which point the tenant still has two more options to extend the lease for five additional years. Thus, the tenant has the right to occupy the building until the year 2024. The City receives $2,750 in monthly lease revenue from Cork n Bottle. Pursuant to the original lease that the tenant agreed upon with the prior owner, receipt of lease revenue obligates the owner to pay possessory interest property taxes for the property. Thus, the City currently pays the property's possessory interest property taxes, which amounts to $2,728 per year. Additionally, the City pays management fees for the building, as well as some maintenance fees. The City also includes the building in its insurance policy for City-owned buildings. bfY/� i .. . .� wo Photo source: Google Maps Page 18 RedevelopmentSuccessor Agency to the Palm Springs Community Long-Range Property Management PLAZA THEATER (PROPERTY 7) Address: 128 S. Palm Canyon Dr. APN: 513-144-010 Lot Size: 10,454 sq. ft. Attachment 1 Parcel: 11 Acquisition Date: September 28, 1998, according to City records Value at Time of Purchase: $1,925,498, according to City records Property Type (DOF Category) Public Building Permissable Use (City Proposed) Sale of Property, with conditions to maintain performing arts venue and Class 1 historic structure Current Zoning: CU- Civics Uses District Zone Estimated Current Value: $0 Based on market value estimate as an existing public building for which no revenue is received. Advancement of Planning Objectives: Maintain performing arts venue and Class 1 historic structure. The former Agency acquired this parcel to maintain the 800-seat performing arts venue and the building's Class 1 historic structure. The Agency proposes to sell the property to a private owner with conditions in order to ensure that the performing arts venue and Class 1 historic structure are maintained. Currently, the building is not compliant with the American with Disabilities Act (ADA) code. Additionally, the building, which is landlocked, does not comply with fire safety codes. An architect is currently in the process of estimating the cost of implementing the necessary upgrades. The alley behind the property is leased for set storage. J t ti 1 • - a 46 Photo sources: Google Maps, Wikipedia Page 19 Successor Agency to the Palm Springs Community RedevelopmentAgency Long-Range Property Management Plan CATHOLIC CHURCH PARKING LOT (PROPERTY 8) Address: Northeast of Belardo Rd. & W Alejo Rd. APN: 505-324-002 Lot Size: 39,440 sq. ft. Attachment 1 Parcel: 12 Acquisition Date: October 1, 1983 Value at Time of Purchase: $610,000 Property Type (DOF Category) Parking Lot/Structure Permissable Use (City Proposed) Sale of Property Current Zoning: CU- Civics Uses District Zone Estimated Current Value: $0 Based on market value estimate as an existing public parking lot for which no income is received. Advancement of Planning Objectives: Provide public parking. The Agency purchased this property in 1983 from Our Lady of Solitude Church in order to provide public parking. The Purchase and Sale Agreement with the church obligates the City to provide the church 45 parking spaces. The City provides these spaces, along with public parking spaces, on this lot. The Agency proposes to sell the property to an owner who will continue to use the parcel to provide public parking. 0 Photo source: Google Maps Page 20 Successor Agency to the Palm Springs Community Redevelopment Long-Range Property Management Plan BLUE COYOTE PARKING LOT AND DRIVEWAY (PROPERTY 9) Address: Southeast of N. Belardo Rd& W Alejo Rd APN: 513-082-023 and 513-082-040 Lot Size: 26,423 sq. ft. Attachment 1 Parcels: 13 - 14 Acquisition Date: Parcel 513-062-023 was acquired on August 1, 1981, the acquisition date for parcel 513-082-040 is unknown, according to City and public record research Value at Time of Purchase: $400,000 for parcel 513-082-023; Value at the time of purchase for parcel 513-082-040 is unknown, according to City and public record research Property Type (DOF Category) Parking Lot/Structure Permissable Use (City Proposed) Sale of Property Current Zoning: CU- Civics Uses District Zone Estimated Current Value: $0 Based on market value estimate as an existing public parking lot for which no income is received. Advancement of Planning Objectives: Provide public parking. The Agency purchased this property to provide public parking and proposes to sell the property to an owner who will continue to use the parcel to provide public parking. f � * r Photo source: Google Maps Page 21 RedevelopmentSuccessor Agency to the Palm Springs Community Long-Range Property Management Plan FOOD COURT PARKING LOT (PROPERTY 10) Address: Southeast of N. Belardo Rd& W. Alejo Rd APN: 513-082-043 Lot Size: 26,136 sq. ft. Attachment 1 Parcel: 15 Acquisition Date: June 12, 1997, according to City records Value at Time of Purchase: $212,438, according to City records Property Type (DOF Category) Parking Lot/Structure Permissable Use (City Proposed) Sale of Property Current Zoning: CU- Civics Uses District Zone Estimated Current Value: $0 Based on market value estimate as an existing public parking lot for which no income is received. Advancement of Planning Objectives: Provide public parking. The Agency purchased this property to provide public parking and proposes to sell the property to an owner who will continue to use the parcel to provide public parking. _ f h J ti Photo source: Google Maps Page 22 Successor Agency to the Palm Springs Community RedevelopmentAgencyLong-Range - .. - Plan HENRY FRANK ARCADE PARKING LOT (PROPERTY 11) Address: Southwest of E. Amado Rd. and N. Indian Canyon Dr. APN: 513-091-004 Lot Size: 7,260 sq. ft. Attachment 1 Parcel: 16 Acquisition Date: October 1, 1989 Value at Time of Purchase: $267,000 Property Type (DOF Category) Parking LotlStructure Permissable Use (City Proposed) Sale of Property Current Zoning: CU- Civics Uses District Zone Estimated Current Value: $0 Based on market value estimate as an existing public parking lot for which no income is received. Advancement of Planning Objectives: Provide public parking. The Agency purchased this property to provide public parking and proposes to sell the property to an owner who will continue to use the parcel to provide public parking. 4. Photo source: Google Maps Page 23 RedevelopmentSuccessor Agency to the Palm Springs Community Long-Range Property Management VINEYARD PARKING LOT (PROPERTY 12) Address: Northeast of S. Belardo Rd& W Baristo Rd. APN: 513-153-015, 513-153-016, and 513-153-029 Lot Size: 53,818 sq. ft., according to City records. Attachment 1 Parcels: 17- 19 Acquisition Date: June 1, 1977;July 1, 1977; and May 17, 1979; according to City and public records Value at Time of Purchase: According to City and public record research, value at the time of purchase for parcels 513-153-015 and 513- 153-016 is unknown; according to City records, value at the time of purchase for parcel 513-153-029 was $198,215 Property Type (DOF Category) Parking LoUStructure Permissable Use (City Proposed) Sale of Property Current Zoning: CU- Civics Uses District Zone Estimated Current Value: $0 Based on market value estimate as an existing public parking lot for which no income is received. Advancement of Planning Objectives: Provide public parking. The Agency purchased this property to provide public parking and proposes to sell the property to an owner who will continue to use the parcel to provide public parking. ,A p 1� r ' � ._ • T ' Photo source: Google Maps Page 24 Successor Agency to the Palm Springs Community Redevelopment Agency Long-Range Property Management Plan I - Property Inventory D. 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