REPORT TO THE CITY COUNCIL
November 19, 2015
FROM: Jennifer K. Clark, Director
Development Resource Management Department
BY: Lupe Perez, Project Manager
Development Resource Management Department
SUBJECT:
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Actions pertaining to the sale of excess property at L and Stanislaus Streets:
1. Adopt a finding of a categorical exemption pursuant to Section 15332/Class 32 of CEQA Guidelines
2. Approve a Disposition and Development Agreement with Upside Enterprises, LLC, for property located on 1517 L Street (466-142-15T) and 2139 Stanislaus (466-142-14T)
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RECOMMENDATION
Staff recommends that the Council approve the following actions pertaining to the sale of 1517 L Street and 2139 Stanislaus to Upside Enterprises LLC to construct a mixed use residential and commercial development
1. Adopt a finding of categorical exemption pursuant to Section 15332/Class 32 of CEQA
Guidelines
2. Approve the material terms of the Disposition and Development and Agreement between
the City and Upside Enterprises, LLC, subject to approval as to form by the City Attorney.
EXECUTIVE SUMMARY
The City of Fresno acquired the subject parcels from Bastian Court, LP after its failed attempt to develop the site. In recent months, Upside Enterprises, LLC has been in discussions with the City for the potential sale of the properties. They have requested to enter into a Disposition and Development Agreement with the City which would lead to the sale of the subject parcels to develop a mixed use residential and commercial development. The agreed upon sale price is the appraised value of $147,000 as identified in the October 12, 2015 appraisal from James G. Palmer Appraisals, Inc. The sale of the property is as-is. The City will retain a Note in the amount of $147,000 due and payable in 30 years with interest at 3.5% per annum with no penalty for pre-payment. If Buyer defaults under the terms ...
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