AgdaPkt 2018-03-26 Joint SA PFA - Laserfiche WebLink

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through both parcels. The Lathrop/Maple Parcel and the Lathrop/Elm Parcel are collectively referred to as the “Culvert Parcels.” On May 12, 2016, the Oversight Board approved the conveyance and provided the Oversight Board’s actions to the State Department of Finance (DOF) for review. After review of that resolution, DOF concurred that the Lathrop/Elm Parcel meets the definition of a government purpose asset and can be transferred to the City. However, DOF said that the Lathrop/Maple Parcel did not meet the definition of a government purpose asset because a portion of the Lathrop/Maple Parcel was being used as restricted parking by the employees of the adjacent car dealership. It came to this determination because there was a “no public parking sign” on this property, and therefore in DOF’s opinion did not qualify as being open to the public, and could not be transferred to the City as a governmental use asset. On February 27, 2017, the Successor Agency conveyed to the City, the Lathrop/Elm parcel, which the City approved and accepted. Additionally, since the issuance of DOF’s letter, the City has prohibited any private parking on the Lathrop/Maple Parcel, installed a chain link barrier, and posted “no parking any time” and “dumping prohibited” signs. It is important to note there was never a lease to park cars on this property, however, the practice had developed over time. The owner of the car dealership stopped parking there when the City noted the lack of a lease. On January 11, 2018, the Oversight Board again approved the conveyance of the Lathrop/Maple Parcel and the Successor Agency provided the Oversight Board’s actions to the DOF for review. The Oversight Board noted that the property is also needed for maintenance of the adjacent culvert. This time, the DOF agreed with the Oversight Board approval and determination that the Lathrop/Maple Parcel meets the definition of a government purpose asset and can be transferred to the City, so the Successor Agency may convey the parcel to the City. ANALYSIS The Lathrop/Maple Parcel cannot be developed because the City must be able to use the property at any time to maintain the creek system (Redwood Creek) that runs through this property. This portion of the creek is an open channel, or culvert, between El Camino Real and the Maple Street at-grade crossing of the Caltrain corridor. The creek virtually parallels Maple Street but meanders through the Culvert Parcels, and essentially divides the Lathrop/Maple Parcel into two separate areas: a larger triangular- shaped upper area, lying between Maple Street and Lathrop Street, north of the creek, and a much smaller sliver piece located south of the creek, between the creek and the adjacent auto dealership property. 6.1.D. - Page 2