AgdaPkt 2004-08-09 - Laserfiche WebLink

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W � � magnitude sales proceeds under different approaches. If the Council simply wished to sell the land as-is, with no approvals (i.e. EIR, Precise Plan, etc), the sale price might be in the range of $2,250,000 to $2,500,000. Under this approach the eventual purchaser has no guarantee of what may be developable and therefore discounts the price. If the Council wanted to maximize the retum it would be necessary to take the land through the entire entittement process to create, and then sell, the resulting lots. This process might produce sale proceeds up to $4,700,000 to $4,800,000 if the City completes the Precise Plan (approximately $50,000) and environmental review (approximately $150,000). This approach provides the largest gross return but it exposes the City to the risks inherent in the land development business. Staff recommends that if the Council wishes to sell this site for residential development the planning and environmental processes are completed first (both processes allowing the neighbors the opportunity to participate in the vision for this property), and then sell the package to a developer who will in turn then market and actually sell the lots. This approach may generate about four million dollars. Uses of Sale Proceeds The proceeds of the sale can be used however the Council decides. It is not the intent of this report to make a specific recommendation or to have the Council make that decision at this time. It is assumed that $250,000 will be used to reimburse the General Fund and the Redevelopment Agency for their costs, i.e. $200,000 for planning work and documents, plus $50,000 paid back to the Redevelopment Agency for fronting the survey and engineering costs. Public Notice Notice has been provided to both property owners and renters within a three hundred foot radius of the property (the standard defined in the Zoning Ordinance); to the Emerald Lake Hills Homeowner's Association; and to others who requested sepa�ate notice by e-mail. In addition to this public notice, there will be future public hearings on the Precise Plan and the environmental document. At that time surrounding residents will again be notified and have the opportunity to review and discuss the actual project. Alternatives The neighbors of this land have expressed considerable interest in having a park at this location. Staff has included this park option as part of the following list of alternatives, including some input from Parks, Recreation, and Community Services Department. The alternatives include: 1. Decide to keep the property and leave it as-is (fenced, with no public access). 2. Decide to sell the property to some entity willing to purchase, own and create open space. 3. Decide to keep the property and the City fund the creation of a park. This alternative was referred to the City Parks, Recreation and Community Services Department (PRCS) with the following response. PRCS does not believe that this site is a good location for a City park because: 3 _ , _ ._._ _ �._._ _._ r ..__