TITLE
Recommendation to authorize City Manager to execute all documents necessary for the acquisition of 851 Orange Avenue, Assessor Parcel No. 7267-023-025, from James A. Hamm, for the development of a neighborhood mini-park at a cost of $692,000; and
Authorize an increase in appropriations in the Capital Projects Fund (CP) in the Department of Parks, Recreation and Marine (PR) by $692,000. (District 1)
DISCUSSION
On September 19, 2006, the City Council authorized the issuance and sale of $25 million in 2006 Open Space Lease Revenue Bonds to fund the expansion of parks and open space in underserved communities. As part of the bond issue, several potential park projects were identified, including the acquisition and development of neighborhood mini-parks as property becomes available. One such property is a vacant parcel of land located at 851 Orange Avenue (Subject Property) (Exhibit "A"). This project was found in compliance with the California Environmental Quality Act on April 17, 2007.
Acquisition of the Subject Property would allow for the development of the vacant parcel into a mini-park in the underserved area of the Craftsman neighborhood. The mini-park would be designed with the input of the community and parks of this size typically include playground equipment, benches, picnic tables, and landscaping.
The property owner, James A. Hamm, has agreed to sell the Subject Property to the City for $670,000, which is 3 percent above the fair market value of the property of $650,000, as determined by an independent appraisal. An additional amount up to $22,000 will be expended for escrow and closing fees.
This letter was reviewed by Deputy City Attorney Richard F. Anthony on April 10,2007, and Budget and Performance Management Bureau Manager David Wodynski on April 17,2007.
TIMING CONSIDERATIONS
City Council action is requested on April 24, 2007, in order to facilitate the acquisition of the Subject Property.
FISCAL IMPACT
The total acquisition,...
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