Frequently Asked Questions
1. Time between auction and Board of Supervisors action?
Prospectively we have set June 12, 2007 as the date the Board would consider approval of the sale to the high bidder. That would start the clock on the 60-day due diligence period. The remainder of the Option Deposit would be due within
7 days of this date.
2. Will County accept high bid whether or not price expectations are met?
No, the Board of Supervisors set a minimum bid of $22 million. If that is not achieved staff will go back to the Board of Supervisors for further direction.
3. Minimum bid Price?
The minimum price, and hence the minimum bid price is the $22 million set by the Board of Supervisors.
4. Grounds for rejecting a bidder?
Unlike some public agency land disposition proceedings, the County is concerned solely about the parties ability to perform by delivering the full purchase price after the 60-day due diligence period. It is expected that all parties participating in the auction will understand what uses are consistent with the City General Plan (see 6a below).
5. Bid deposits for unsuccessful bidders?
The County will require the successful bidder to post an option payment of $50,000 the date of the auction. All parties intending to bid must come with a cashier's check or money order in that amount in order to participate. The remaining $150,000 option payment is due to the County within 7 days of the Board of Supervisors approving the successful bidder (see question #1 above). Unsuccessful bidders would not have any funds retained by the County.
6. Other developer questions?
a) What is the permitted residential density?
The City's General Plan designates the site as Mixed Use, which could allow a residential density anywhere between 12-40 units per acre (see Table CD1-Development Potential on page 9 of the City's General Plan). The Housing Element portion of the City's General Plan, however, suggests that the likely residential density for the site would be 12 units per acre, i.e., small lot single family detached homes (see Table H22-Potential Sites for Housing, pp 97-98). The residential density stated in the Housing element is what the City staff has indicated to County staff is the preferred residential density, and the density most likely to be considered favorably during an entitlement process.
b) How did the County set its minimum price?
The County Board of Supervisors set the minimum price for the 10 acre site at $22 million based on a
Residual Land Value analysis performed by Seifel and Associates, a well respected real estate and economic consulting firm. You
will note that the analysis examined the various types of uses possible under the City's General Plan including single family residential medium density, multifamily, and mixed use residential/commercial. The use viewed to generate the highest residual land value was single family residential high density consistent with the density stated in the City General Plan Housing Element.
(See attached file: OakPark.Residual.Land.Value.Analysis.final.11.14.06.pdf)
Contact Person
Karen Laws, Real Property Agent
Contra Costa County Public Works Department
255 Glacier Dr.
Martinez, CA 94553
(925) 313-2228
klaws@pw.cccounty.us
Site Tours
Opportunities for a walk-thru of the Oak Park property have been set for the following dates:
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Thursday, May 10, 10:00am
Please contact Lisa Dalziel, Contra Costa Public Works, at (925) 313-2223 to confirm your attendance.
Aerial Map
Other Map