3.0 HRSR 12-07-2015 - Laserfiche WebLink

Home Browse Search

r. City's willingness to subordinate its interests: Generally, the City will agree to subordinate its reversionary and other interests in the Property to the financing required to construct the improvements. The City may not subordinate the applicable "Redevelopment Plan." s. Limitation on transfer of the Development Property and City reversionary rights; t. Purchaser's statement of noncollusion and nonspeculation; and u. Defaults and termination. 6. Special Disposition Procedures a. Deferred Purchase Price Payment Option (if requested by Purchaser) i. Project Coordinator to verify that a Purchaser developing a for-sale owner- occupied residential project of 10 units or less has requested the deferred purchase price option in the Offer to Purchase and received CPED Director approval for the deferred purchase price payment option. ii. Deferred purchase price payment option provision to be included in redevelopment contract. iii. Deferred purchase price note and mortgage in favor of the City to be recorded at conveyance closing and receipt of$1.00 option consideration. iv. CPED Staff to collect pro rata purchase price amount upon each sale to an owner-occupant buyer of a project unit and deliver a partial release of mortgage, provided, however, that the entire amount of the deferred purchase price must be repaid in full within one year from the date of conveyance of the Development Property. b. Sideyard Sales i. Non-Buildable Lots may be Sold as Sidevards CPED Staff may attempt to sell non-Buildable Lots to the adjacent property owners at a price based on the non-Buildable Lots' Fair Reuse Value as a sideyard lot. (Example: If there are two houses with 30-foot lot widths and a 30-foot lot in between, the goal would be to divide and sell one-half of the lot in between to each of the adjoining property owners. This would give each of the existing property owners a 45-foot lot width rather than having three 30-foot wide lots. This also requires the cooperation of the two existing property owners.) To request a reuse value, use the linked form: Request for Reuse Value Opinion An analysis should be done on any non-Buildable Lots to determine contributory value to adjacent property owners. If the adjoining properties already conform to their respective zoning classification requirements and the addition of the sideyard does not create added value to the properties, the sideyard will be offered to the adjoining owners at minimal cost which shall be the Fair Reuse Value. If, however, the adjacent properties are non-conforming and/or the addition of the sideyard parcel creates measurable value to said property, then the sideyard will be priced accordingly as the Fair Reuse Value. For example: if a 4-plex gains Updated as of 10/6/04 17