DISCUSSION AND PRESENTATION OF A PROPOSED PROPERTY EXCHANGE AGREEMENT BETWEEN THE AGENCY AND VIKING DEVELOPERS. THE PROPOSED EXCHANGE WILL CREATE FUTURE DEVELOPMENT SITES WITHIN THE MARINA DISTRICT CONSISTENT WITH THE MARINA DISTRICT MASTER PLAN APPROVED ON FEBRUARY 25, 2013 BY THE AGENCY, AND WITH THE PHASE ONE SITE PLAN APPROVED BY THE CITY COUNCIL ON FEBRUARY 20, 2014.
THE EXCHANGE WILL PROVIDE THE AGENCY WITH IMPROVED LAND HOLDINGS WITHIN THE MARINA VILLAGE AND WILL ENHANCE THE PROPERTY THAT WE CONTROL FOR THE UPCOMING MARINA VILLAGE PHASE II PROJECT. THE EXCHANGE WILL ALSO CREATE THE FUTURE DEVELOPMENT PARCELS THAT ARE NECESSARY FOR THE FUTURE DEVELOPMENT PHASES OF MARINA VILLAGE.
THE PROPOSED EXCHANGE WILL ALLOW THE AGENCY TO RECEIVE APPROXIMATELY 33,244 SQUARE FEET OF PROPERTY AND VIKING WILL RECEIVE APPROX. 32,635 SQUARE FEET OF PROPERTY. THE CRA HAD THE STATE CERTIFIED APPRAISAL FIRM CALLAWAY AND PRICE, INC. EVALUATE THE PROPERTIES TO DETERMINE THE MARKET VALUES IN ACCORDANCE WITH THE AGENCY'S POLICIES AND PROCEDURES. THE ESTIMATED VALUE OF THE PROPERTY EXCHANGE WAS DETERMINED TO BE NEARLY EQUAL. CALLAWAY AND PRICE APPRAISED EACH SEPARATE PROPERTY AND THE COMBINED VALUE OF THE PROPERTIES OWNED BY THE AGENCY ARE $250,000 AS PROVIDED IN THE ATTACHED PRESENTATION; AND $240,000 FOR PROPERTIES CURRENTLY OWNED BY VIKING. THE VIKING PROPERTIES INDEPENDENTLY HAVE MORE ASSEMBLAGE VALUE FOR THE CRA AS THEY ARE ALREADY CONTIGUOUS. HOWEVER, THE CRA OWNED SCATTERED PROPERTIES WILL ALLOW VIKING TO ASSEMBLE LARGE CONTIGUOUS PARCELS DUE TO THE IDEAL PATTERN OF OWNERSHIP. THE PROPOSED EXCHANGE WILL BENEFIT BOTH PARTIES, AND IT WILL ASSEMBLE THE LARGER DEVELOPMENT PARCELS NECESSARY FOR THE FUTURE DEVELOPMENT OF MARINA VILLAGE. ADDITIONALLY, VIKING WILL PROVIDE THE CRA WITH THE CRITICAL EASEMENTS NECESSARY TO COMPLETE THE BROADWAY UTILITY BURIAL CAPITAL PROJECT. STAFF WILL PRESENT THE ATTACHED PRESENTATION FOR BOARD REVIEW AND CONSIDERATION. IF THE BOARD DETERMINES TO PROCEED THE CRA WILL INCLUDE A RESOLUTION AND EXCHANGE AGREEMENT AT THE NEXT CRA BOARD MEETING CONSISTENT WITH BOARD DIRECTION.