HomeMy WebLinkAboutAGENDA REPORT 1993 0908 CC SPC ITEM 09AITEM• A •
AGENDA REPORT
CITY OF MOORPARK
TO: The Honorable City Council
FROM: Steven G. Hayes, Economic Development Manager
DATE: August 23, 1993 (City Council Meeting of 09- 08 -93)
SUBJECT: Noticed Public Hearing on the Approval and Authorization of the
Moorpark Redevelopment Agency to enter into Purchase and Rental
Agreements for the former VCTC /Southern Pacific Railroad High
Street Properties with Various Tenants.
DISCUSSION:
The Moorpark Redevelopment Agency (MRA) has purchased the VCTC owned former
Southern Pacific Railroad Properties during the month of August, 1993. In
fulfillment of the California Community Redevelopment Law (CCRL) Section
33433, the City Council is to hold a public hearing on the sales or lease
of properties that are in part, directly or indirectly purchased with tax
increment monies.
Since the Agency has and will be entering into Lease Agreements as a result
of the acquisition of the Southern Pacific Railroad High Street Property,
the legislative body (City Council) is to authorize the Agency to enter
into and /or execute said Lease Agreements and Contracts.
A copy of the Disclosure of Purchase and Summary of Existing Lease
Agreements as required under Section 33433 of the CCRL is attached as
Exhibit "A ", and is on file with the Moorpark Redevelopment Agency.
RECOMMENDATION:
Staff recommends that the City Council authorize the Moorpark Redevelopment
Agency to enter into Purchase and Rental Agreements for the former
VCTC /Southern Pacific Railroad High Street Properties.
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MRA /SGH002 /RPT/08/24/93
EXHIBIT A
PUBLIC NOTICE OF SALE OR LEASE OF PROPERTY
IN ACCORDANCE WITH SECTION 33433
OF THE CALIFORNIA COMMUNITY REDEVELOPMENT LAW
The Moorpark Redevelopment Agency (the "Agency") , in accordance with
Section 33433 of the California Community Redevelopment Law (CCRL) has
prepared the following information regarding the purchase and lease of the
property known as the VCTC/Southern Pacific Railroad property (the
"Property") located east and west of Moorpark Avenue abutting the south
side of High Street.
The purchase of the Property was financed through a City of Moorpark (the
"City") loan (principal amount of $800,000) to the Agency and proceeds
received from the 1993 Tax Allocation Bond (associated fees of $39,140.39) .
The Property contains approximately 4.7 acres of vacant and developed land.
The present zoning is CPD (Commercial Planned Development) , C-2 (General
Commercial) and M-2 (Limited Industrial) . The General Plan of the City of
Moorpark has designated this area as C-2 (General Commercial) .
The Agency, as part of the purchase of the property, has assumed the
rights, responsibilities and administration of the existing lease
agreements that were by and between the Ventura County Transit Commission
(VCTC) and various tenants. A copy of the sales agreement and all lease
agreements are on file with the Moorpark Redevelopment Agency located at
799 Moorpark Avenue, Moorpark, California.
The Agency has no immediate plans for the development of this site and will
continue to maintain the lease agreements with the various tenants. There
may be some development or expansion of the existing facilities which will
be the responsibility of and at the cost of the individual tenant.
A summary of the sales agreement including purchase price, and terms for
the various lease agreements are as follows:
1. Sales of the Southern Pacific Railroad Property.
A. Sales Price: 800,000.00
B. Interest on Property 6/30 - 8/17: 7,466.66
C. Policy of Title Insurance: 1,906.00
D. Escrow Fee: 1,350.00
E. VCTC Reimbursement: 28,418.27
Total: 839,140.93
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2. Existing Lease Agreement.
Leases:
A. #177081 - Egg City - May 19, 1975 $250.00/month
B. #187180 - Kilmartin & Cano - Feb. 1, 1986 $105.00/month
C. #185083 - Foster Enterprises - May 1, 1978 $3 ,200.00/month *
D. #188055 - S & K Ranch, Inc - Jul. 20, 1978 $50.00/month
E. #209368 - Mack - Apr. 4, 1989 $740 .00/month
Utilities:
A. #203365 - Storer Cable - Jun. 13, 1985 $10.83/month
B. #162492 - So. Cal. Gas - Jan. 20, 1970 $4.17/month
C. #177982 - So. Cal. Edison - Sep. 24, 1975 Lic. Agreement
D. #179118 - So. Cal. Edison - Sep. 27, 1976 Lic. Agreement
E. #155741 - V. C. Waterworks #1 Easement Acquisition
F. #178808 - V. C. Waterworks #1 Easement Acquisition
* Pending new lease at reduced rent.
There has been no highest and best use analysis prepared since the Agency
is assuming the rights and responsibility of administering the lease
agreements established by VCTC and its predecessor, Southern Pacific
Railroad. When the Agency readies to sell or lease the Property or
portions thereof, for development, a highest and best use analysis will be
prepared disclosing the values of the Property, including the best and
highest use allowed under the Redevelopment Plan for the City of Moorpark
Project, which Plan is consistent with the City of Moorpark's General Plan.
MRA/SGH003/RPT/08/24/93 2