Title
A resolution authorizing the conveyance of surplus City real property for a public purpose to SRPC, LLC.; generally located east of Sierra Madre Street, between Vermijo Street and Cimarron Street.
(Legislative Matter)
Body
From:
Peter Wysocki, Planning and Development Director
Summary:
This item was introduced to the Council at the October 26, 2015 Council work session. Upon further consideration, one change to the terms and conditions of the transaction is recommended by staff. In lieu of a "reverter" clause originally suggested, staff recommends that the quit claim deed stipulate and authorize the City (the Grantor) judicial relief (with a 90-day right to cure notice) if the terms and conditions are not met by SRPC, LLC (the Grantee). This stipulation - along with the other terms and conditions included in the resolution - has been agreed to by SRPC, LLC. The reason for this alternative is that the reverter clause would place a title clout on the property, and more significantly, obligate the City for costs associated with the mitigation of the environmental conditions and reassume the liability.
The proposed resolution, if adopted, authorizes the conveyance of a strip of City owned real property, approximately 42,766 square feet, generally located east of Sierra Madre Street, between Vermijo Street and Cimarron Street to SRPC, LLC. (Please see the attached vicinity map for location.) The strip of land is approximately 40 feet wide and 910 feet long. The conveyance is subject to the imposition of appropriate terms, conditions, and restrictions which a public purpose is served by the conveyance of the strip of land to SRPC, LLC in an "As Is" condition as the one logical potential purchaser/donee. The conveyance is at no cost to SRPC, LLC, which is a company primarily managed by Mr. Chris Jenkins of Nor'wood Development Group. The plan for the property is to be ultimately combined with other private properties for future r...
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