HomeMy WebLinkAboutF-2b - Acquisitions of 203 34th Street•
TO: CITY COUNCIL
FROM: Public Works Department
December 14, 1981
CITY COUNCIL, AGENDA
ITEM NO.
SUBJECT: ACQilISITION.OF 203 34TH STREET:.(SOUTHEASTERLY 65.FEET OF LOT
23, BLOCK 134, LAKE TRACT, NEWPORT BEACH) AP#-045-
RECOMMENDATIONS: 4 �9$1
1. Authorize the purchase of 203 34th Street at the ki4i�" UNCIL
value of $165,000. CITY IF T IMACH
2. Adopt a resolution authorizing the acceptance of a grant deed
from the owner of 203 34th Street.
DISCUSSION:
On February 9, 1981, the City Council authorized the appraisal of
203 34th Street. The property owner, Violet East, had requested that the City
purchase her parcel for hardship reasons. Attached is a copy of the February 9
Council memo and letter from Violet East.
Mr. Philip S. Jackson, MAI, was retained to appraise 203 34th Street.
He completed the appraisal on April 24, 1981, and concluded that the fair market.
value of the parcel was $165,000. In the attached letter from Mrs. East's
attorney, she agrees to accept $165,000 for the purchase of the property.
The property at 203 34th Street is 25 feet wide by 65 feet deep and is
at the northwest corner of 34th Street and Balboa Boulevard. The structure on
the site is a one-story single family dwelling buili in the late 1940s. The area
of the structure is 938 square feet, which includes a former,one-car garage that
has been converted to a bedroom. The Easts have lived at 2034th Street for
over 180 days, making them eligible for relocation benefits if they move from the
property at the City's request. These benefits could be as much as $15,000. plus
moving expenses.
Last July the Easts filed a bankruptcy proceeding. A foreclosure sale
is scheduled for December 17 or 18. Recorded encumbrances against the property
total $151,015.73. The third mortgage holder, Charles M. Fischer, has requested
the City either to bid on the property at the foreclosure sale or purchase the
property from him at $165,000 should he be successful in obtaining the property.
His letter is also attached.
If the City elects to purchase
feels he will be able to get the judge to
City to complete the purchase.
the property from the East, their attorney
delay the foreclosure sale to enable the
December 14, 1981 •
Subject: Acquisition of 203 34th Street
Page 2
Should the Council decide to acquire the property, funds for the
purchase of this parcel will come from the Gas Tax Fund. The amount of $96,000
remains in Account Number 18-3390-007 which was budgeted for the acquisition of
right-of-way for street widening projects. A budget amendment has been prepared
to provide for the following transfers to cover the remainder of the purchase
price and fees.
Available
in Account No. 18-3390-007
$ 96,000
Transfer
from 18-3348-003
(Coast Highway Bridge
Project)to 18-3390-007
25,000
Transfer
from 18-3381-002
(Acquire Right -of -Way
for
Coast Highway-Bayside
to MacArthur)
to 18-3390-007
40,000
Transfer
from 18-3389-006
(preliminary plans and
EIR'S)
to 18-3390-007
7,000
Total
168,000
Funds for relocation assistance will be budgeted at the time the
benefits are determined.
The sketch attached to February 9, 1981 memo shows the parcels that
have been acquired for the future widening of Balboa Boulevard. Twelve parcels
have been acquired. Eight parcels, including the East parcel, remain to .be
purchased..
Benjamin B. Nolan
Public Works Director
DW:rb
Att.