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CITY COUNCIL AS SUCCESSOR
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AGENCY STAFF REPORT
DATE: December 18, 2013 CONSENT CALENDAR
SUBJECT: SUCCESSOR AGENCY LONG-RANGE PROPERTY MANAGEMENT
PLAN
FROM: David H. Ready, City Manager
BY: Community & Economic Development Department
SUMMARY:
The Redevelopment Dissolution Act calls for Successor Agencies, under the direction of
their Oversight Boards, to wind down the affairs of the Dissolved Agencies, including
disposing of real property it received from the Dissolved RDA either for limited public
uses, or for disposition into the private market expeditiously and with a view toward
reasonably maximizing value, with the disposition proceeds ultimately made available
for distribution to the affected taxing entities.
Upon receiving a Finding of Completion from the Department of Finance ("DOF"),
Successor Agencies must submit Long-Range Property Management Plans to the
Oversight Board and DOF. Such plans describe the Successor Agency's plans for
disposing of assets still in their possession.
The Successor Agency is not required to approve or adopt the Long-Range Property
Management Plan; the plan must be approved by the Oversight Board. The Oversight
Board reviewed the plan at its meeting of December 16, 2013.
RECOMMENDATION:
Receive and File.
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City Council Staff Report
December 18, 2013 -- Page 2
Long-Range Property Management Plan
BACKGROUND AND ANALYSIS:
The Successor Agency holds a total of 12 properties (consisting of 19 parcels in total)
from the Dissolved RDA. These include sites assembled for future redevelopment,
public parking lots and other real property. Disposition of these properties cannot occur
until the Department of Finance ("DOF") issues a finding of completion and approves a
long-range property management plan, which includes an inventory of these properties
and other pertinent information. Assembly Bill 1X 26 added Health and Safety Code
Sections 34191.1-34191.5 requiring that successor agencies send a long-range
property management plan to their oversight board and DOF no later than six months
following the issuance of the finding of completion. Although the Successor Agency has
not yet received its finding of completion from DOF, this is expected to occur before the
end of 2013. The Long-Range Property Management Plan shall be concurrently
submitted to the DOF.
The Oversight Board reviewed the enclosed Long-Range Property Management Plan
("LRPMP") for the Successor Agency at its meeting on December 16, 2013. Prepared
in collaboration with a qualified dissolution and real estate consultant, the LRPMP
contains detailed information on each property, such as the date and purpose of
acquisition, parcel characteristics, estimate of the current value and any lease, rental or
other revenues, histories of environmental contamination, a description of each
property's potential for transit-oriented development and the advancement of the City's
planning objectives, and previous development proposals. In most cases, estimates of
value were derived from recent comparable sales of like properties in the area since
appraisals are not required for the LRPMP. Most importantly, the LRPMP addresses
the intended disposition of each property. Permissible uses include retention for
governmental use, retention for future development, sale of the property, or use of
property to fulfill an enforceable obligation. The Dissolved RDA's properties that were
retained by the City for government use have been previously transferred to the City
with the approval of the DOF, so no such properties are included in the LRPMP.
The Dissolved RDA is one of dozens of former redevelopment agencies that owned
public parking lots to fulfill parking needs of commercial districts. While the prevailing
view is that such lots are clearly a governmental use, the DOF has been reluctant to
approve other LRPMPs with this disposition plan, having only approved one (Santa
Barbara) over the past several months. This has led to extensive delays in the
processing of the LRPMPs and suspension of any disposition efforts, and is likely a
matter that could be litigated on top of the 150+ lawsuits filed on the dissolution
proceedings.
Such procedural or litigation delays impair a successor agency from not only receiving
approval of their LRPMP, but selling property itself. Consequently, it can be advisable,
under certain circumstances, to take a different path for the LRPMP, particularly if there
is significant interest in purchasing properties. In this case, the Successor Agency has
such interest from buyers seeking to acquire some of the properties that have
development potential, and staff is recommending that it is prudent to hasten the
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City Council Staff Report
December 18, 2013-- Page 3
Long-Range Property Management Plan
approval of the LRPMP by agreeing to sell public parking lots (likely to the City itself)
rather than argue these are governmental use properties. Though the facts clearly
support the latter conclusion, DOF has not consistently nor timely provided favorable
determinations and held up transfers of these and other properties in the process.
Thus, the LRPMP outlines that the Successor Agency would sell all 12 properties. The
table below provides a summary of the proposed disposition of each property and the
property inventory and long-range property management plan provides further details.
# Site Name Assessor's Parcel Disposition
Number(s)
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
Convention Center North Parking 508-034-012,
4 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
6 Cork n Bottle 513-081-017 Sell property
7 Plaza Theater 513-144-010 Sell property
8 Catholic Church Parking Lot 505-324-002 Sell property
9 Blue Coyote Parking Lot and 513-082-023 and Sell property
Driveway 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
There is no cost associated with approving the LRPMP. The costs incurred to prepare
these documents include consultant and staff time, and shall be paid from "Other"
revenue to the Successor Agency, namely lease revenue from the Cork n Bottle and
Prairie Schooner, which was transferred back to the Successor Agency pursuant to the
State Controller's audit earlier in 2013. This revenue is not property tax ("RPTTF").
Upon approval by the Oversight Board and DOF, the LRPMP would facilitate the
transfer of properties to other parties pursuant to state law, which may result in sales
proceeds collected by the Successor Agency (net of transaction costs) which would be
transferred later to the County Auditor-Controller for dissemination to each of the
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December 18, 2013-- Page 4
Long-Range Property Management Plan
affected taxing agencies of the former redevelopment project area.
Once the Long-Range Property Management Plan is approved by the DOF, individual
transactions would return to the Oversight Board for approval.
J00 Ray on hector of David H. Ready, Cit er
C T'm
prfity & E nomic Development
Attachments: Long-Range Property Management Plan
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LONG - RANGE PROPERTY
MANAGEMENT PLAN
Successor Agency to the
Palm Springs Community
Redevelopment Agency
December 12 , 2013
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GETTER COMMUNITIES. O
SOLDER FUTURES.
Long-RangeSuccessor Agency to the Palm Springs Community Redevelopment Agency
Management
TABLE OF CONTENTS
INTRODUCTION................................................................................................................................................1
EXECUTIVE SUMMARY....................................................................................................................................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
CORK N 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
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Long-RangeSuccessor Agency to the Palm Springs Community Redevelopment Agency
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
6 Cork n Bottle 513-081-017 Sell property
7 Plaza Theater 513-144-010 Sell property
8 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
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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 PIMP.
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.
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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.
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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.
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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.
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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.
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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
Designation 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.
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Long-Range • . .
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: C1—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 Carryon Dr.
Commercial Land,20,000-40,000 SF
Address City Property Type Sale Date SgFt Price Price/SgFt
1 94765 Avenue 50 Coachella Commercial Land 5/14/2012 25,700 $ 297,000 $ 11.56
2 82933Avenue 48 Indio Commercial Land 7/16/2010 36,154 $ 318,000 $ 8.80
3 81089 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
5 19160 McLane St North Palm Springs Commercial Land 8/27/2013 20,717 $ 92,500 $ 4.46
6 81765OleanderAve Indio Commercial Land 4/27/2012 32,234 $ 82,500 $ 2.56
Subject:1479N.Palm Canyon Dr. Vacant Commercial Land Not Listed 29,185 $ 196,561 $ 6.74
Source:CoStar,December 2013
Note:Estimated value is based on the unweighted and unadjusted median price persquare foot forcomparable 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.
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DESERT HOTEL PROPERTY (PROPERTY 2)
Address: 285 N. Indian Canyon Dr.
APN: 513-091-003
Lot Size: 6,106 sq. fr.
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,5,000-10,000SF
Address CRY Property Type Sale Date Sq Ft Price Price/SgFt
1 N Palm Canyon Dr Palm Springs Commercial land 4/5/2011 6,403 $ 98,000 5 15.31
2 29 Palms Hwy @ 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 for comparable 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.
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Long-Range • ..•Successor Agency to Springs . .
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MCKINNEY PARCEL (PROPERTY 3)
Address: 190 W. Sunny Dunes Rd.
APN: 513-290-013
Lot Size: 6,970 sq. ft.
Attachment 1 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,5,000-10,000SF
Address city PropertyType 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@ 5unsetAve 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: 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.
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Long-Range Property Management Plan
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Successor Agency to the Palm Springs Community Redevelopment Agency
Long-Range Property Management Plan
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 i 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: $2,211,896
Based on RSG's comparable sales analysis. The
results of the analysis are shown below.
Comparable Sales Analysis and Estimated Value:Northeast of N.Cal le Alvarado and E.Amado Rd.
Commercial Land,2S0,000-450,000 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 755WVarner 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 Portola Ave 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.
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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 LoUStructure
Permissable 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.Calle El Segundo
Commercial Land,150,000-350,000 SF
Address City Property Type Sale Date SgFt Price Price/SgFt
1 82451 Highway 111 Indio Commercial Land 10/2/2012 157,687 $2,500,000 $ 15.85
281550JFKCt Indio Commercial Land 10/28/2013 166,399 $2,050,000 $ 12.32
3 47800 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
581695 US Hwy 111 Indio Commercial Land 2/23/2010 170,755 $ 755,892 $ 4.43
675500Varner 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
Subject:SE of E.Andreas Rd.&N.Calle El Segundo Parking Lot Not Listed 250,470 $1,402,632 $ 5.60
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 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.
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Successor Agency to the Palm Springs Community Redevelopment Agency
Long-Range Property
CORK N BOTTLE (PROPERTY 6)
Address: 342 N. Palm Canyon Dr.
APN: 513-081-017
Lot Size: 2,080 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 RSGs 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 Taxi: $ 2,728
Operating Expenses as Share of Gross Income': 20%
Annual Operating Expenses: $ 6,600
Annual Property Taxes and Operating Expenses: $ 9,328
Annual Net Operating Income: $ 23,672
Cap Rate': 6.97%
Estimated Value $ 339,620
r Source:Riverside County Office of the Treasurer-Tax Collector
3 Based 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 2013($15.73)(Source:CoStar COMPS,CoStar Property)
3 Average cap rate for buildings under 25,000 sq.ft.in the Inland Empire retail market from July 2012-June 2013(Source:Costar COMPS)
Advancement of Planning Objectives: None.
Page
17
Long-RangeSuccessor Agency to the Palm Springs Community Redevelopment Agency
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.
r• �J.. .ti h + !
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Photo source: Google Maps
Page
18 24
RedevelopmentSuccessor Agency to the Palm Springs Community Agency
Long-Range Pro.
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.
I
a:
aw
- a ± 9t
Photo sources: Google Maps, Wikipedia
Page
19 i
L v
Successor • to t - Pa rn Springs • - •eve opment • gencyLong-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 LodStructure
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.
1
Photo source: Google Maps
Page
20 2
Successor Agency to the Palm Springs Community Redevelopment Agency
Long-Range • . 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 513-082-023 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.
�t J p f
Photo source: Google Maps
Page
21 27
Successor Agency to the Palm Springs Community Redevelopment
Long-Range Property Management
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.
art
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Photo source: Google Maps
Page
22 Z
Successor Agency to the Palm Springs Community Redevelopment
Long-Range Property Management 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 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.
MR-
two
Photo source: Google Maps
Page
23 C
RedevelopmentSuccessor Agency to the Palm Springs Community
Long-Range
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) Parkin Lot/Structure
P rtY YP ( 9 rY) 9
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.
e.
Photo source: Google Maps
Page
24 j
Successor Agency to the Palm Springs Community Redevelopment Agency
Long-Range Property Management Plan
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