REPORT TO THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE
CITY OF FRESNO AND THE FRESNO REVITALIZATION CORPORATION
DATE: November 20, 2014
FROM: MARLENE MURPHEY, Executive Director
BY: ENRIQUE MENDEZ, Project Manager
SUBJECT:
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Approve Purchase and Sale Agreement between the Successor Agency to the Redevelopment Agency of the City of Fresno and APEC International, LLC., for the Sale of Certain Former Redevelopment Agency Property located near the northwest corner of Fresno and H Streets (APN 466-214-17T) within the City of Fresno (Successor Agency Action)
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EXECUTIVE SUMMARY
The Agency staff recommends approval of a purchase and sale agreement with APEC International, LLC for the sale of one parcel totaling approximately 1.36 acres near the northeast corner of Fresno and H Streets (apn 466-214-17T).
BACKGROUND
The Successor Agency received a Letter of Intent to Purchase from APEC International, LLC who propose to purchase the parcel in connection with the redevelopment of the Hotel Fresno site. APEC proposes to develop a 70 unit multi-family housing project and parking structure.
A third party certified MAI appraiser valued the Agency's property at $710,000 (per appraisal dated August 13th, 2014). The property is a large irregular shaped parcel with two detached irregular shaped pieces across the street from, but part of, the larger parcel. The combination of all three pieces contains 1.36 acres or 59,242 SF.
APEC International is offering to purchase the entire parcel in as-is condition for full appraised value. The Purchase and Sale Agreement (PSA) is subject to California Health and Safety Code section(s) relating to redevelopment and property disposition.
ENVIRONMENTAL FINDING
This is not a project under CEQA.
Attachments:
Parcel Location Map
Purchase and Sale Agreement