The Canyon Lake City Council on Wednesday adopted Resolution No. 2021-02, authorizing City Manager Chris Mann to execute a Purchase and Sale Agreement to effectuate the purchase of the property located at 31520 Railroad Canyon Rd. for the sum not to exceed $400,000, plus closing costs.
The property is located in the Towne Center adjacent to City Hall’s main offices and consists of 2,613 square feet of land area and 3,300 square feet of building size.
The city currently owns the space used by the library, which the county rents. To provide extra needed space for the library, the city rents a portion of the property it plans to purchase. This portion is commonly referred to as the “library annex.”
The county has notified the city that the library will be relocated this year. The city is contemplating moving the Council Chamber upstairs into space currently occupied by the library. If the city purchases the “library annex,” it would allow the city to incorporate it into the Council Chamber.
In addition to the “library annex,” the property consists of three other suites. Currently, two of the suites are rented out to paying tenants, one is vacant. In the short-term, these suites would provide revenue for the city. Long-term, the suites could provide options for future expansion of city operations.
As the redevelopment of the Towne Center is a likely component of the city’s long-term vision and strategic plan, and as assembling parcels is a necessary component of achieving redevelopment, city control of numerous parcels in the Towne Center will ultimately aid in the redevelopment efforts.
Due to time constraints and the City Council’s meeting schedule, and based on the direction given by the City Council to the city manager, the staff has moved to open escrow and has completed the required due diligence on the property, including structural inspection, termite inspection, an evaluation of the current tenant leases, and a review of the property’s current profit and loss statements. According to the city, the property inspection revealed a number of minor needed repairs, all of which the seller has remedied.
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