RRA - Item 2 - Sale of Surplus CDC Property Egley and Newnq
TO: HONORABLE CHAIRMAN
AND MEMBERS
ROSEMEAD REDEVELOPMENT AGENCY
FROM: FRANK G. TRIPEPI, EXECUTIVE DIRECTOR
DATE: JANUARY 4, 2000
RE: SALE OF SURPLUS REDEVELOPMENT AGENCY PROPERTY (EGLEY & NEW
AVENUES)
In accordance with Government Code Section 54220 et seq., the Rosemead Redevelopment Agency
may dispose of surplus land that is no longer deemed to be necessary for agency use by offering for
sale to other public agencies, including any public school district within whose jurisdiction the
surplus land is located. Garvey School District approached the Agency and offered to acquire surplus
property located at the corner ofEgley and New Avenues (Assessor's Parcel Number 5285-005-913).
Subsequently, at the October 12, 1999, regular meeting of the Rosemead Redevelopment Agency,
the sale was authorized. The Executive Director was instructed to hire an appraiser (to establish fair
market value of the subject property) and negotiate the terms of the sale with the Garvey School
District before returning to the Agency for final action.
The appraiser has completed his review and established the fair market value as $30,500. A copy of
the appraisal was provided the Garvey School District for their consideration (an abstract is
attached). The District has taken formal action to purchase the property at the established appraised
value (see attached correspondence).
AGENCY AGENDA
JAN 2 a 2000
ITEM No. -2