AgdaPkt 2000-09-11 - Laserfiche WebLink

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Rug 22 00 03:4610 415-685-1799 p.3 T).1..A ~ STAFF REPORT ACQUISITION OF REAL PROPERTY FOR REDEVELOPMENT PURPOSES/AFFORDABLE HOUSING Property owner(s): Davies Trust c/o Rosalee Davies APN(s): 053-093-070; 053-093-080; 053-093-130; ~53-09?-14~ Street Address: 124 and 130 Lincoln Avenue, Redwood CIty! Cahfo.ffila ~d 1502 and 1540 El Camino Real, Redwood City, Callfoffila Present Use: 124 and 130 Lincoln - Residential 1502 El Camino Rea1- Auto Repair 1540 EI Camino Real - Unimproved AGENDA ITEM August 22, 2000 TO: Redevelopment Agency Board, City of Redwood City Christine C. Fitzgerald, Special Eminent Domain Counsel FROM: SUBJECT: Acquisition of Real Property for Affordable Housing FACTS: It is recommended that the Redevelopment Agency of the City of Redwood City acquire by voluntary purchase four (4) parcels of property owned by the Davies Trust. The subject properties consist of four contiguous parcels located approximately four blocks southerly of the downtown core area on El Camino Real at Lincoln A venue. The properties are located within a redevelopment area and are under one ownership. The four properties consist of a total of approximately 40,560 square feet of land; the property located at 1540 EI Camino Real is operated as an auto repair business, the property at 1502 El Camino Real is unimproved and the Lincoln Avenue parcels are improved with three older residential properties. At the time of the initiation of the Agency's Project, the properties were in escrow to be sold to Village Builders 98, LP. for a purchase price of $2,125,000, all cash with an indemnification provision that the ". . . purchasers were to indemnify and hold hannless the sellers of and from any and all future exposure to liability as a result of hazardous substances or toxic substances on the premises. All such liability, . . . would be transfen-ed from the sellers to the purchasers." In the event the matter does not settle and proceeds to condemnation trial, it is our opinion that the aforementioned Purchase Contract would be admissible in evidence and would establish a minimum valuation of $2,125,000 and would '¡.""-----r-'" "