REPORT TO THE CITY COUNCIL
December 7, 2017
FROM: WILMA QUAN-SCHECTER, City Manager
Office of the Mayor & City Manager
BY: LAURA GLORIA, Business Manager
Office of the Mayor & City Manager
SUBJECT
Title
Actions pertaining to the sale of approximately ?0.74 acres of land at the northeast corner of Inyo and M Street (APN 468-212-20T) to Metro Hospitality Services, Inc.:
1. Adopt a finding of Categorical Exemption pursuant to Section 15332/Class 32 of the California Environmental Quality Act (CEQA) Guidelines.
2. Approve the Disposition and Development Agreement with Metro Hospitality Services, Inc. for the sale of approximately ?0.74 acres of land at the northeast corner of Inyo and M Street (APN 468-212-20T) Hospitality Services for $644,688 (District 3)
Body
RECOMMENDATION
Staff recommends the Council adopt a finding of Categorical Exemption pursuant to CEQA Guidelines Section 15332; approve the Disposition and Development Agreement (DDA) with Metro Hospitality Services, Inc. (Buyer) for the sale of property located on the northeast corner of Inyo and M Street, APN 468-212-20T, for $644,688; and authorize the City Manager, or her designee, to sign all documents necessary to complete the transaction.
EXECUTIVE SUMMARY
The City received a letter of interest for the City-owned property located on Inyo and M Street and subsequently entered into negotiations for its disposition and development with an "AS IS" sales price of $644,688. The proposed development will deliver a four star, 200 room hotel with amenities such as a swimming pool, spa, fitness center and ground floor parking and retail which will complement surrounding uses and activities occurring at the Fresno Entertainment and Convention Center.
BACKGROUND
The Asset Management Act (the Act) establishes the organization and parameters for citywide assets managed by a selected real estate brokerage firm based on a competitive process. The purpose of the Act is to provide an indep...
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