CC - Item 3A - Public Hearing approval of teh sale of owned property 9734 AbileneTO: HONORABLE MAYOR AND MEMBERS
ROSEMEAD CITY COUNCIL AND
HONORABLE CHAIRMAN AND MEMBERS
ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION
FROM: BILL`CROWE, CITY MANAGER
DATE: APRIL 22, 2003
RE: JOINT PUBLIC HEARING OF THE CITY COUNCIL AND ROSEMEAD
COMMUNITY DEVELOPMENT COMMISSION TO CONSIDER THE
APPROVAL OF THE SALE OF COMMISSION OWNED SURPLUS
PROPERTY LOCATED AT 9734 ABILENE (APN: 8577-009-901)
Attached, please find a copy of the redevelopment disclosure report prepared by Commission
Counsel summarizing the acquisition and disposition costs associated with the sale of 9734 Abilene.
The proposed purchaser of the subject property is Jiang's Valley LLC and the sales price is
$215,000. The purchaser has agreed, as a condition subsequent, to demolish the existing residential
improvements on the property. It is the intent of the purchaser to combine the subject property with
other commercial parcels located to the south. The Agency received fourteen offers for the subject
property and the proposed transaction is at the highest purchase price offered - matched by one other
offer. The Agency is responsible for the payment of a real estate commission to Coldwell Banker
from the proceeds of the sale., Also, attached is a copy of the Commission staff report from the
March 25, 2003 meeting.
RECOMMENDATION
It is recommended that the Commission adopt Resolution No. 2003-07 and the City Council adopt
Resolution No. 2003-13 providing for the sale of 9734 Abilene to Jiang's Valley LLC.
COUNCIL AGENDA
COMMISSION AGENDA
APR 2 2 2003
ITEM No. 71-1
APR 2 2 2003
ITEM No. = L~
SUMMARY OF RESIDENTIAL PURCHASE
AGREEMENT WITH JAINGS VALLEY LLC
(Health & Safety Code Section 33433)
BACKGROUND
The Rosemead Community Development Commission ("Commission") proposes to sell property
owned by it at 9734 Abilene Street to Jaings Valley LLC ("Purchaser"). The property is zoned
for commercial use, but is improved with a pre-existing nonconforming residence. The property
is located outside the Project Area, but adjacent to the Project Area boundaries. It was acquired
when a commercial development for that portion of the Project Area was under consideration.
The Commission subsequently determined the property to be surplus to its needs and listed the
property for sale with a broker. The Agency has received fourteen offers, the highest ones,
including the offer from the Purchaser, being at $215,000.
SUMMARY OF-TRANSACTION
The sale will be for $215,000 cash at closing. The Purchaser is to demolish the nonconforming
residence on the property. The Purchaser is the owner of adjacent property in the
Redevelopment Project Area, and intends to eventually combine and develop the properties.
However, the sales agreement does not require any development of the property.
COST TO COMMISSIONNALUE OF PROPERTY
The property was acquired by the Commission for $283,200, inclusive of relocation benefits paid
to the occupant. The property has been exposed to the market through a multiple listing service,
and the sales price of $215,000.00 constitutes the highest offer received either for commercial
development or for continuation of the residential use. A broker's commission of $10,750 will
be payable from the proceeds of sale.
ELIMINATION OF BLIGHT
This sale will eliminate a pre-existing nonconforming use adjacent to the Project Area and will
facilitate development of those parcels currently owned by the Purchaser within the Project Area.
While the Implementation Plan does not call for any use for the property, the ultimate
development of the Purchaser's holdings will be consistent with the Implementation Plan.
RESOLUTION NO. 2003-07
A RESOLUTION OF THE ROSEMEAD
COMMUNITY DEVELOPMENT COMMISSION
APPROVING A RESIDENTIAL PURCHASE
AGREEMENT WITH JIANGS VALLEY LLC FOR
SALE OF 9734 ABILENE STREET
The Rosemead Community Development Commission finds, determines
and resolves as follows:
Section 1. The Commission has listed 9734 Abilene for sale and secured
offers for sale of the property. The Commission has determined that the
$215,000.00 offer from Jiangs Valley LLC is at the highest price offered for the
property, and that the purchaser, s plan to combine the property with adjacent
property owned by it within the Redevelopment Project Area, will be of benefit to
the Project Area.
Section 2. The Commission has reviewed the Residential Purchase .
Agreement offer and has conducted a public hearing thereon and has determined
that the agreement will assist in the elimination of blight within the project area
and that the consideration to be charged is not less than the fair market value.
Section 3. The Commission hereby approves the agreement and
authorizes the Chairman to execute the same. The Executive Director is
authorized to execute any documents necessary to effectuate the agreement.
Section 4. The Chairman shall sign and the Secretary shall certify to the
passage and adoption of this Resolution.
PASSED, APPROVED and ADOPTED this 22nd day of APRIL , 2003.
Chairman, Rosemead Community Development
Commission
ATTEST:
Secretary, Rosemead Community Development Commission-