To: Honorable Mayor and Members of City Council
From: Vin Smith, Community Development Director
Prepared By: Vin Smith, Community Development Director
TITLE:
Title
City-owned Surface Parking Lot Property at Southeast Corner of Pearl and Coombs Streets and Dwight Murray Plaza on First Street
LABEL
RECOMMENDED ACTION:
Recommendation
Adopt a resolution:
(1) Declaring two City-owned properties as exempt surplus land under the State Surplus Lands Act pursuant to Government Code Subsections 54221(f)(1)(b), (c), and (j), including: (a) approximately 0.75 acres of real property, generally including the surface parking lot located at the southeast corner of Pearl Street and Coombs Street; and (b) approximately 0.18 acres of real property located at the northwest corner of First Street and Brown Street, known as Dwight Murray Plaza;
(2) Authorizing the City Manager to execute an Amended and Restated Agreement of Purchase and Sale (Agreement No. C2020-174) for sale of the parking lot property to Coombs Street, LLC for $870,000; and
(3) Authorizing the City Manager to execute an Agreement for the Exchange of Real Property with Coombs Street, LLC, exchanging Dwight Murray Plaza for a new plaza property of equivalent size to expand the adjacent Brown Street corridor and 9/11 memorial garden and associated improvements.
Body
DISCUSSION:
In 2022, Coombs Street LLC, (aka the 300 Venture Group) ("Developer")purchased 1116 First Street (Kohl's Parcel) from Zapoloski Real Estate and began pursuing plans to redevelop the site into a mixed-use project currently proposed to consist of: 77 residential condominium units; an alternative equivalent under NMC Chapter 15.92 to provide funding to assist the First United Methodist Church affordable housing project; 15,000 square feet of ground-floor commercial space; and, a 165-room upper-scale hotel with approximately 15,000 square feet of hotel-focused and residential accessory commercial uses on the ground and second flo...
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