HomeMy WebLinkAbout10 - 38th and Lake Triangleccf
TO:
FROM:
SUBJECT:
CITY COUNCIL AGENDA
ITEM NO. io
CITY OF NEWPORT BEACH
OFFICE OF THE CITY MANAGER
OCTOBER 25, 1993
MAYOR AND CITY COUNCIL
DEPUTY CITY MANAGER
38TH AND LAKE TRIIANGLE
BY THE 'I T'i' rOUN
CITY OF NE�"dPC 'T E
Of 2 51%3
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ACTION: If desired, terminate existing lease and authorize Mayor and City
Clerk to execute the sale of this property for the price of $50,000
reserving however an easement for sidewalk and landscaping
purposes.
BACKGROUND: This parcel is left over from a lot purchased to ease access onto
Newport Island. It is currently leased to a nearby property owner for parking on a
month -to -month basis at a rate of $200 per month. The adjacent property is in escrow,
and the buyer wishes to purchase the City -owned triangle, combine the parcels and
build a residential structure.
If this property is sold, the Public Works Department recommends retaining an
easement to widen the sidewalk and preserve sight distances at the intersection. Also,
a similar easement is required over the corner of the adjacent property. This
easement is depicted on the attachment. The prospective buyer has agreed to the
retention and granting of these easements. The Public Works Department would draw
up the easement for recording.
DISCUSSION: The sales price was negotiated based primarily on the limited
utility of this parcel. At the current 7% rate of return, the $2400 per year is worth
$34,300. The usable amount of land transferred to the buyer is 780 square feet minus
the 44 square feet which he will grant to the City for a net of 736 square feet. The
adjacent full sized, buildable lot sold for $100 per square foot and this sale would be
$68 per square foot which is reasonable considering its limited use.
RECOMMENDATION: Direct the City Manager to terminate the existing lease on
the subject property and authorize the Mayor and City Clerk, to execute the documents
necessary to transfer this property at a price of $50,
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KJD:mb Kenneth J. lino
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APPROVED
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