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PARK DEDICATION FEES 1988
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City Council Meeting _February 22, 1988
Agenda Item No. F-2(a)
CITY OF NEWPORT BEACH
TO: City Council
FROM: Planning Department
SUBJECT. In -Lieu Park Dedication Fees Revised Eastbluff Park
Appraisal
Report regarding the updated appraisal of Eastbluff Park and
the adoption of a resolution certifying the cost per acre to
be used in assessing in -lieu park dedication fees.
Suzeested Action
If desired, adopt Resolution No. _ establishing $612,833 as the cost per
acre to be used in assessing in -lieu park dedication fees.
Background
On May 23, 1977, the City Council adopted the Park Dedication Ordinance
which established..a standard of five acres of parkland for each 1,000
population expecte.3 to reside .in a proposed subdivision. -Subsequently, in
August 1983, the City Council- amended the Park Dedication Ordinance to be
consistent with California State .law, and revised the standard to three to
five acres of parkland for each 1,000 population expected to reside in a
proposed subdivision. If the subdivision contains fifty parcels or more,
the subdivider may dedicate land and/or pay an in -lieu fee equal to the
total park requirement. If the subdivision contains less than fifty
parcels, the subdivider, must pay an in -lieu fee equal to the value of the
parkland required for dedication. The value of the parkland is defined as
the "median fair market value per acre" of parks in the City.
Past Appraisals
On December 20, 1978, the City Council authorized the firm of Charles P.
Wadsworth, M.A.I., to perform an appraisal of Eastbluff Park to establish
the median park value per acre to be used in computing in -lieu fees. The
appraisal, completed in March 1979, established a value of $2,250,000 for
the 13.87 acre parcel. The value was equivalent to $162,221 per acre which
was subsequently established by the City Council as the value to be used in
administering the City's Park Dedication regulations (Resolution.No. 9542,
adopted April 23, 1979).
Resolution No. 9542 provided that the cost per acre be reviewed and ad-
justed, if necessary, every three years. Therefore, the next review would
not have occurred until the Spring of 1982. However, because of the rapid
and dramatic escalation in real estate prices over the following two years,
7 , 1'
TO: City Council - 2.
it was felt by staff that an earlier than scheduled review and adjustment in
value was warranted. On April 27, 1981, the Planning Department authorized
the firm of Charles P. Wadsworth, M.A.I., to update the original appraisal.
The appraisal, completed on June 25, 1981, established a value of $4,140,000
for the park site, and represented an increase in value of 84% since March
of 1979. That figure represented a median value of $298,486 per acre of
City -owned parkland which was subsequently established by the City Council
as the value to be used in administering the City's Park Dedication regula-
tions (Resolution No. 11036, adopted August 24, 1981).
Similarly, Resolution No. 11036 provided that the cost per acre be reviewed
and adjusted, if necessary, in the following three years. Pursuant to this
stipulation, on January 16, 1984, the Planning Department again retained
Charles P. Wadsworth, M.A.I., to update the appraisal of Eastbluff Park.
Completed on April 20, 1984, the appraisal established an overall value of
$6,200,000 for the park, setting a median value of $447,008 per acre of
City -owned parkland. That overall value represented an increase in value of
49.8% since August of 1981, and 175.6% since the original appraisal in March
1979. Once again, the City Council (Resolution No. 84-50) established this
median value per acre of City -owned parkland as the value to be used in
administering the City's Park Dedication regulations, and provided for
review (and adjustment, if necessary) of this cost per acre valuation three
years from the resolution's adoption.
Current Appraisal
To keep current with property appreciation, and pursuant to Resolution 84-
50; the City Council authorized staff to retain the services of an appraiser
to make current the approval of Eastbluff Park. On August 21, 1987, the
Planning Department again retained the firm of Charles P. Wadsworth, M.A.I.,
to update the 1984 park appraisal. The current appraisal, completed on
November 23, 1987, and transmitted to the City on January 25, 1988, assumes
(as in the last three appraisals) the highest and best use of the property
is for residential development. A density of ten dwelling units per acre is
also assumed. It establishes a value of $8,500,000 for the park and
represents and increase in value of 37.1% since June of 1984, and 277.8%
since the first appraisal in 1979. For the purposes of the City's Park
Dedication Ordinance, this value now represents a median value of $612,833
per acre of City -owned parkland. As used in assessing in -lieu park fees for
residential subdivisions, this value will result in approximately $6,894 per
dwelling unit.
Certification of Appraisal Results
If the City Council concurs with the results of this appraisal, a resolution
has been prepared establishing the figure of $612,833 per acre as the basis
for assessing in -lieu fees.
TO: City Council - 3.
Respectfully submitted,
PLANNING DEPARTMENT
JAMES D. HEWICKER, Director
By
BREY B. EROD
As ociate Planner
BBB: jm
C\CCSR\INLIEU.PRK
Attachments for City Council Only:
1. Eastbluff Park Appraisal Report.
2. Resolution No. , establishing the City In -Lieu Park,Dedica-
tion Fee, and rescinding Resolution No. 84-50.
4'
Z CITY OF NEWPORT BEACH
PLANNING DEPARTMENT
23 February 1988
TO: Planning Staff
FROM: Bret B. Bernard, Associate Planner
SUBJECT: In -Lieu Park Dedication Fees
On 22 February 1988, the City Council adopted Resolution No. 88-12
establishing $612,833 as the cost per acre to be used in assessing "in -lieu
park dedication, fees" pursuant to Chapter 19.50 of the Newport Beach
Municipal Code. The current appraisal of Eastbluff Park, completed on 23
November 1987 by the firm of Charles P. Wadsworth, M.A.I., assumes the
highest and best use of the property is for residential development at a
density of ten dwelling units per acre. It establishes a value of
$8,500,000 for the park -site; which represents an increase in value of 37.1%
since the last appraisal, completed 11 June 1984. As used in assessing "in -
lieu park fees" for residential subdivisions, this value will result in
approximately $6,89417a dwelling unit.
C:\WP\88PRKDED.MEM
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STUDY SESSION
ITEM NO. 7
CITY OF NEWPORT BEACH
OFFICE OF THE CITY MANAGER t
June 12, 1989
T0: MAYOR AND CITY COUNCIL
FROM: City Manager
SUBJECT: PARK IN LIEU FEES - - - - -
From time to time several members of the City Council have inquired about
the park in lieu fees and specifically whether they are segregated by zone or
district and can they apply to development other than subdivision maps.
Concerning the placement of collection into zones or districts, the City
has established four zones as depicted on the attached map. All in lieu fees
collected within these districts are earmarked for expenditure in the district
in which they are collected. The following shows collections and expenditures
since the fees inception and balances by Zones as of May 31, 1989:
• Zone 1 Zone 2 Zone 3 Zone 4
Collections 1,505,718 103,163 208,744 474,058
Expenditures 1,498,824 -0- -0- 323,327
Balances 05-31-89 6,894 103,163 208,744 150,841
It is the intent of the City, even though there is no legal obligation, that
the above sums of money are to be spent within their respective zones or
districts.
The subject can be discussed in greater detail during our Study Session.
ROBERT L. WYNN
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••-A-Rz •. `-'ADVANCE PLANNING
•
CITY OF NEWPORT BEACH
OFFICE OF THE CITY MANAGER
June 26, 1989
TO: MAYOR AND CITY COUNCIL
FROM: City Manager
SUBJECT: PARK IN LIEU FEES
STUDY SESSION
ITEM NO. 5
From time to time several members of the City Council have.inquired about
the park in lieu fees and specifically whether they are segregated by zone or
district and can they apply to development other than subdivision maps.
Concerning the placement of collection into zones or districts, the City
has established four zones as depicted on the attached map. All in lieu fees
collected within these districts are earmarked for expenditure in the district
in which they are collected. The following shows collections and expenditures
since the fees inception and balances by Zones as of May 31, 1989:
Collections
Expenditures
Balances 05-31-89
Zone 1
1,505,718
1,498,824
6,894
Zone
103,163
-0-
103,163
Zone 3
208,744
-0-
208,744
Zone 4
474,058
3232327
150,841
It is the intent of the City, even though there is no legal obligation, that
the above sums of money are to be spent within their respective zones or
districts.
The subject can be discussed in greater detail during our Study Session.
ROBERT L. WYNN
T I
ICM,; ME .440110
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CITY OF NEWPORT SEAC11
1
PREPARED BY
ADVANCE PLANNING
RESOLUTION N0. 88-12
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH
ESTABLISHING THE IN -LIEU PARK DEDICATION FEE PURSUANT TO
SECTION 19.50,070 OF THE NEWPORT BEACH MUNICIPAL CODE AND
RESCINDING RESOLUTION NO. 84-50.
• WHEREAS, Chapter 19.50 of the Newport Beach Municipal Code
establishes a standard of three to five acres of parkland for each 1,000
-6 \
population expected to reside,in a proposed subdivision; and
WHEREAS, in subdivisions containing less than 50 parcels the
subdivider must pay in -lieu fees equal to the value of the parkland required
for dedication; and
WHEREAS, the City has retained a qualified appraiser to update and
establish the median park value per acre to be used in computing in -lieu
fees; and
WHEREAS, the appraiser has placed a value of $612,833 per acre as
the median value per acre of City -owned parkland to be used in assessing in -
lieu park fees for residential subdivision; and
WHEREAS, Resolution 84-50 previously establishes said fee, which
Resolution is to be superseded and rescinded hereby; and
WHEREAS, the City Council has reviewed the appraisal report and
determines said amount to be appropriate,
NOW, THEREFORE, BE IT RESOLVED the the City Council of the City of
Newport Beach does hereby establish the amount of $612,833 as the cost per
acre to be used in assessing the in -lieu park dedication fees pursuant to
Chapter 19.50 of the Newport Beach Municipal Code.
BE IT FURTHER RESOLVED that said cost per acre shall be reviewed
and adjusted, if necessary, at least every three years from the date of
adoption of this Resolution to keep current with property appreciation.
BE IT FURTHER RESOLVED that Resolution No. 84-50 be and hereby is
rescinded.
AMPTRn rM o 22nd rlav of February . 1988.
C\BBB\INLIE[1. PRK
RESOLUTION NO. 84-50
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
NEWPORT BEACH ESTABLISHING THE IN -LIEU PARK
DEDICATION FEE PURSUANT TO SECTION 19.50.070 OF
THE NEWPORT BEACH MUNICIPAL CODE AND RESCINDING
RESOLUTION NO. 11036
WHEREAS, Chapter 19.50 of the Newport Beach Municipal Code establishes
a standard of three to five acres of parkland for each 1,000 population
expected to reside in a proposed subdivision; and
WHEREAS, in subdivisions containing less than 50 parcels the subdivider
must pay in -lieu fees equal to the value of the parkland required for
dedication; and
WHEREAS, the City has retained a qualified appraiser to update and
establish the median park value per acre to be used in computing in -lieu fees;
and
WHEREAS, the appraiser has placed a value of $447,008 'per acre as the
median value per acre of City -owned parkland to be used in assessing in -lieu
park fees for residential subdivision; and
WHEREAS, Resolution 11036 previously establishes said fee, which
Resolution is to be superseded and rescinded hereby; and
WHEREAS, the City Council has reviewed the appraisal report and
determines said amount to be appropriate,
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of
Newport Beach does hereby establish the amount of $447,008 as the cost per
acre to be used in assessing the in -lieu park dedication fees pursuant to
Chapter 19.50 of the Newport Beach Municipal Code.
BE IT FURTHER RESOLVED that said cost per acre shall be reviewed and
adjusted, if necessary at least every three years from the date of adoption of
this Resolution, to keep current with property appreciation.
BE IT FURTHER RESOLVED that Resolution No. 11036 be and hereby is
rescinded.
ADOPTED this llth day of June , 1984.
mayor
ATTEST:
City Clerk
BBB:nma
PARK
PREPARED FOR
Mr. Bret Bernard
City of Newport Beach
/ 3300 Newport Boulevard
Newport Beach, California 92663
I<
PREPARED BY
Charles P. Wadsworth, M.A.I.
567 San Nicolas Drive, Ste. 106
Newport Beach, California 92660
APPRAISAL OF
Park Site in Bastbluff
Newport Beach, California
DATE OF VALUE
April 20, 1984
A�
TABLE OF CONTENTS
C "
Page
Title Page .
Table of Contents
Letter of Valuation
INTRODUCTION
Summary of Facts and Conclusions .................... 1
Specific Limiting Conditions ........................ 2
Geneial Limiting Conditions..* ...................... 3
Certification ....................................... 5
Purpose of•the Appraisal ............................ 7
Property Rights Appraised ........................... 7
Ownership ........... ....................6........... 7
Date of Value ....................................... 7
Highest and Best Use.......... ...................... 7
DESCRIPTION, ANALYSES AND CONCLUSIONS
Vicinity Map ........................................ 8
Plat of. the Site .................................... 9
Description of the Site ............................. 10
Location .......................................... 10
Improvements .........................."............ 10
Land .... ........................................ 10
Topography.... 10
Utilities .....................'.................... 10
Sewer ............................................. 10
Street ............................................ 10
Zoning ............................................ 10
Analyses and Conclusions ............... :............ 11
TI 1 F L1 7
/ Appraiser's Qualifications
Exhibit
A
i
M
C
CHARLES P. WADSWORTH, M.A.I.
NLNSCII. ANLNICAN INLTITYTC OI' IICAL ELTATL AR.MILCIM
567 SAN NICOLAS DRIVE, SUITE 106
KW"ORT BEACH. CALIFORMA 98660
17141 720•1005
April 20, 1984
Mr. Bret Bernard
City of Newport Beach
3300 Newport Boulevard
Newport Beach, CAlifornia 92663
Reference: Appraisal of Bastbluff Park Located
on the West Side of Vista Del Oro,
Opposite Vista Del Sol in Newport Beach,
California
Dear Mr. Bernard:
In accordance with your request, I have appraised Bastbluff Park
in the City of Newport Beach, for the purpose of reporting my
opinion of the market value of the property as of April 20, 1984.
This appraisal has been made
under Specific Limiting
Conditions in this report.
contain assumptions which
characteristics of the site
a.hypothetical property.
subject to the assumptions set forth
Conditions and General Limiting
The Specific Limiting Conditions
change both physical and other
and result in the appraisal being of
The value of Bastbluff Park as of April 20, 1984, assuming a
density of ten dwelling units per acre and subject to the
assumptions and limiting conditions set forth in this report, is'. -
SIX MILLION TWO HUNDRED THOUSAND DOLLARS
($6,2000000)
Your attention is invited to the balance of this report which
describes the pertinent data and analyses considered in arriving
at the opinion of value.
Very' truly yours,
Charles P. Wadsworth, M.•A.I.
CPW:slp
C
C
n
INTRODUCTION
Summary of Facts and Conclusions
The subject property is located in the Bastbluff area of Newport
C Beach. Residential development in the immediate area consists
primarily of condominiums and single family residences. The
property is well located in proximity to commercial, industrial,
educational and recreational facilities.
This appraisal is of Bastbluff -Park; however, it is subject to
several specific assumptions that result in the appraisal being
of a hypothetical property.
The City of Newport Beach requested this assignment and
stipulated specific assumptions, so that the appraisal would be
of a property similar to a median value park within the city.
These assumptions are set forth in the Specific Limiting
Conditions _section of this report. The assumptions pertain to
several factors including view, shape, topography, density and
C highest and best use.
In valuing the site, several sales were deemed helpful. Four
items of market data identified as Market Data 1, 2, 3 and 7 were
the most pertinent and are described in the Analyses and
Conclusions section of this report. These transactions indicate
values ranging from $43,480 to $47,778 per unit.
After considering the differences between these sales and the
subject property for topography, size, density, view and other
factors, it is my opinion that the value of the subject site,
subject to limiting conditions and as of April 20, 1984 is
$60200,000. This value is equivalent to $440928 per dwelling
unit or $447,008 per acre.
-1-
Specific Limitins Conditions
This appraisal is made subject to the specific conditions and
stipulations following:
1. Although the subject property is identified as the Bastbluff
— Park, because of specific assumptions which change physical
and other characteristics, this appraisal is of a
hypothetical property.
2. The appraisal assumes a 13.87 acre parcel situated in the
same location as Bastbluff Park; however, a further
assumption is that the site is more rectangular than the
somewhat elongated shape of the existing parcel.
3. The park is improved with a building ogcupied by the Boys'
Club; however, this appraisal disregards all improvements
J and assumes the property to be vacant.
—(\ 4. Utilities and sewer are available to the property and this
appraisal is based upon this existing condition.
S. The topography of the park is predominantly level with some
gentle rolling and steep portions; however, this appraisal
•- assumes that the site is effectively level.
6. There is a possibility that some view lots could be
developed from a portion of the existing site; however, this
appraisal assumes that no view is afforded from the
property.
7. This analysis assumes that the property can be developed to
a desity of ten dwelling units per acre or a total of 13S
units.
8. The value of the property assumes all governmental approval
for development has either been granted or is readily
obtainable.
-2-
GENERAL
LIMITING CONDITIONS
The "Code of Professional Ethics and Standards of Professional
Practice" of the American Institute of Real Estate Appraisers
requires the appraiser to set forth all facts, assumptions and
conditions upon which an appraisal is based. In compliance
therewith, and to assist the reader in interpreting this report, such
limiting conditions are set forth below:
1. The term "Fair Market Value", as used herein, is defined as "the
highest Brice on the date of valuation that would be agreed to by
a seller, being willing to sell but under no particular or
urgent necessity for so doing, nor obliged to sell, and a buyer,
being ready, willing, and able to buy but under no particular
necessity of so, doing, each dealing with the other with full
knowledge of all the uses and purposes for which the property is
reasonably adaptable and available." (Cal. Code of Civ. Proc.,
Title 7, Sec. 1263.320)
2. The date of value to. which the opinions expressed in this report
apply is set forth in the letter of valuation. The appraiser
assumes no responsibility for economic or physical factors
occurring at some later date which may affect the opinions
stated herein.
3. No opinion is intended to be expressed for matters which are
legal in nature or which would require specialized investigation
or knowledge beyond that ordinarily employed by real estate
appraisers.
4. No opinion as to title is rendered. Information on ownership
and legal description was obtained from sources considered
reliable. Title is assumed to be marketable and free of all
liens, encumbrances, easements and restrictions except those
specifically discussed in the report. The property is appraised
-3-
0
assuming it to be under responsible ownership and competent
management, and that it is developed, or available for
development, to its highest and best use.
CS. No engineering survey or soil tests have been made available to
the appraiser, and this analysis assumes stable soil conditions.
All data relative to size and area was obtained from sources
considered reliable. It is assumed that no encroachment of
improvements exists.
6. daps, plats and exhibits included herein are for the purpose of
illustration only and as an aid in visualizing matters discussed
within this report. They should not be considered as surveys or
relied upon for any other purpose.
7. No opinion is expressed as to the value of subsurface oil,' gas or
mineral rights, and it is assumed that the property is not
subject to surface entry for the exploration or removal of such
materials.
S. The subject property has been appraised in fee and no
consideration has been given to existing financing, if any.
9. This appraisal may not be utilized for litigation purposes. By
reason of preparing this report, the appraiser does not commit
to defend the value as an expert witness. If litigation is
required, a new contract between the appraiser and the client
must be negotiated; additional time and fee will be necessary
for updating the report, pre-trial conferences and testimony.
-4-
CERTIFICATION
I. the undersigned, do hereby certify, except as is specifically
noted within this report, that:
1. I have personally inspected the real estate that is the subject
Of this report.
2. I have no present or contemplated future interest in the real
estate that is the subject of this appraisal report.
3. I have no personal interest or bias with respect to the subject
matter of this appraisal report or the parties involved.
4. To -the best of my knowledge and belief the statements of fact
contained in this appraisal report, upon which the analyses,
opinions and conclusions expressed herein are based, are 'true
-and correct.
S. This appraisal report sets forth all of the limiting conditions
(imposed by the terms of my assignment or by the undersigned)
affecting the analyses, opinions and conclusions contained in
this report.
6. This appraisal report has been made in conformity with and is
subject to the requirements of the Code of Professional Ethics
and Standards of Professional Practice of the American Institute
of Real Estate Appraisers of the National Association of
Realtors, of which I am a member.
7. No one other than the undersigned prepared the analyses,
conclusions and opinions concerning real estate that are set
forth in this appraisal report.
This report is prepared for the person to whom it'is addressed as a
privileged and confidential work product. Public disclosure of its
contents is, governed by the Bylaws and, Regulations of the American
.5-
I
Institute of Real Estate Appraisers of the National Association of
Realtors. The report or any portion thereof or reference to the
American Institute of Real Estate Appraisers, the MAI designation or
the RM designation may not be disseminated to the public through
advertising, public relations, news, sales or any other media or
public means of communication without the prior written consent and
approval of the appraiser.
The American Institute of Real Estate Appraisers conducts a voluntary
program of continuing education, and those members of the Institute
who most the standards of this program are awarded periodic
educational certification. I an certified under this program through
December 31, 1986.
lg�r_
Charles P. Wadsworth, M.A.I.
-6-
Purpose of the Appraisal
The purpose of this appraisal is to estimate 'the fair market
C value of the subject property as of current date. The definition
of market value is set forth in the.Limited Conditions section of
this report.
Property Rights Appraised.
This appraisal is of the fee simple interest in a hypothetical
13.87 acre parcel situated at the location of Eastbluff Park.
Ownership
Title to the property is vested in the City of Newport Beach.
Date of Value
The date of value is April 20, 1984
Highest and Best Use
This appraisal assumes the highest and best use of the property
is for residential development to a density of ten dwelling units
per acre.
-7-
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DESCRIPTION, ANALYSES AND CONCLUSIONS
7-A
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Sort
PLAT OF THE SITE
(Not a Survey)
Note. This is a plat of East -
MUM Park; however, this
appraisal assumes the site has
a more rectangular shape.
N
Description of the Site
Although the subject property is identified as the Eastbluff
Park, because of specific assumptions which change physical and
Cother characteristics of the site, this appraisal is of a
hypothetical property.
Location: West side of Vista Del Oro opposite Vista Del Sol
in the Bastbluff area of Newport Beach.
Improvements: Eastbluff Park is improved with a building
occupied by the Boys' Club; however,- this
appraisal assumes the property is vacant.
Land: Size - 13.87 acres
Shape - Eastbluff Park is an elongated parcel (see
Plat of the Site); however, this appraisal assumes
a more rectangular shape.
Topography: Bastbluff Park is predominantly level to gentle
rolling with some steep banks; however, this
appraisal assumes the site is effectively level.
Utilities: All utilities are available to the site.
Sewer: Sewer is available to the site.
Street: Vista Del Org is paved and improved with concrete
curbs, gutters and sidewalks.
Zoning: Eastbluff Park is zoned City of Newport Beach R-4-
B-Z (Planned Residential Development). However,
this appraisal assumes the highest and best use of
the property is for residential development to a
density of ten units per acre or a total of 138
dwelling units.
-10-
Analyses and Conclusions
This appraisal has been prepared for the City of Newport Beach,
r to be utilized as a basis for assessment of fees in lieu of park
�. dedication. Studies by the City's staff determined that
Eastbluff Park, subject to the Specific Limiting Conditions in
this report, ranks as a median value park within the city.
Eastbluff Park has several unique characteristics including view,
topography and shape. In accordance with requirements of the
city, this appraisal assumes the site does not have view
potential, is level and is rectangular in shape. Other
assumptions are that the property is vacant; that governmental
approval for development has been granted; and that zoning
allows, and highest and best use dictates, residential
development to a density of ton dwelling units per acre.
(� In the analysis, several sales were deemed helpful. The value of
the property has been based upon comparison of these sales to the
subject with consideration given to differences between the sales
and the subject property for several factors including location,
date of sale, view, topography and density.
The market data considered in this analysis are summarized below.
Market
density
Price Per
Data
Per
Unit
1
13.6
$43,480
2
9.0
$44#444 to $47,778
3
S.3
$44,444
4
3.0
$79,000 to $100,000
S
21.0
$850263
6
10.8
$1250591
7
10.0
$44,908*
* Regression analysis on seven sales in Woodbridge.
-11-
Market Data 1, 2, 3 and 7 were considered the most helpful, and
Market Data 4, 5 and 6 were included primarily for informational
purposes. The market data are described below.
Market Data 1
A 3.67 acre site located at the southeast corner of
San Miguel and Pacific View Drives in Newport Beach, two
miles southeast of the subject property, sold in August 1983
for $2,174,000 ($43,480 per unit or $592,371' per acre).
This property is presently being developed with 50
townhouses which represent a density of 13.6 units per acre.
Market Data 2
The Irvine Company has been negotiating the sale 'of a 13.3
acre site located on the north side of Fifth Avenue east of
Marguerite Avenue in Corona del Mar, three miles south of
the subject. Negotiations, were based on a price of $400,000
to $430,000 per acre which at a density of nine units per
acre indicates a .value of .$44,444 to $47,778 per unit.
There has been considerable resistance to development of
this property from owners of residences to the north and the
sale is still pending.
Market Data 3
The Irvine Company is also negotiating a sale of approxi-
mately 8.5 acres located at the northwest corner of
Marguerite and Fifth Avenues in Corona del Mar, three miles
south of the subject. The asking price for this parcel is
approximately $2,000,000 or $44,444 per unit, based upon a
density. of 5.3 units per acre. This site has topographic
problems and the price per unit is a low indication of value
compared to a level parcel allowing the same density.
Market Data 4
The Irvine Company is in escrow on Harbor Point, a finished
lot subdivision located two miles south of the subject.
-12-
This property is subdivided into 20 finished lots which
represent a density of approximately 3 units per acre. The
Irvine Company reports that this project would equate to a
raw lot value of approximately $75,000 to $100,000 per lot.
The density of this project is considerably lower than the
subject.
Market Data 5
Additional information was developed on two sales of
considerably better located property. The first sale is
located on Balboa Boulevard at 32nd Street, 3h miles
southwest of the subject. This is a sale of a .90 net acre
parcel which has subsequently been developed with a 19 unit
townhouse project. The land was purchased in December 1982
for $1$620,000 or $85,263 per dwelling unit. The density on
this project is 21 units per acre.
Market Data 6
The other sale of better located property is the purchase of
the old Corona del Mar Elementary School, located three
miles south of the subject. The exact purchase price was
not verified, as it is dependent upon the final number of
lots allowed. It appears, however, that if a maximum of 44
lots can be developed the purchase price would be
approximately ;5,526,000 or $125,591 per unit. The
development at 44 lots represents a density of 10.8 units
per acre.
Market Data 7
General information was developed on seven sales in
Moodbridge, five miles northeast of the subject. These
r sales varied in density from 5.7 to 17.5 units per acre, and
in price from $16,518 to $76,320 per unit. Investigation of
these sales and a regression analysis indicates a price of
$44,908 per unit assuming a density of 30 units per acre.
Based upon analysis of the market data, it is my opinion that the
value of the subject property is $60200,000, or $44,928 per unit.
-13-
Q
ADDENDUM
Iq
4
Exhibit A
QUALIFICATIONS
CHARLES P. WADSWORTH, M.A.I.
GENERAL
B.A. (Economics)' - University of Southern California - 1953.
Employed by Coldwell Banker as a Real Estate Appraiser for 22 years
from 1956 to 1978. Vice President and Manager of the firm's Orange
County appraisal office for 12 years from 1966 to 1978 and during
this period had responsibility for all fee appraisals in Orange,
Riverside and San Bernardino Counties.
Self-employed from 1978 to present as a Real Estate Appraiser and
Consultant. Appraisal assignments include all major types of real
estate. Clients include The Irvine Company, Santa Anita Realty
Enterprises Inc., Smith Barney Harris Upham, Wachovia Bank, Pacific
Mutual Life Insurance Company, IBM Corporation, J.C. Penney Co.,
U.S. Postal. Service and numerous city and governmental agencies.
See attached Client List.
CMember - American Institute of Real Estate Appraisers (MAI) 1966.
Lectured for California Real. Estate Association, Orange Coast
College and American Institute of Real Estate Appraisers.
COURT QUALIFICATIONS
Qualified as Expert Witness in the United States District Court,
Central Division, State of California; and the Court of the State
of California for the County of Riverside.
PROFESSIONAL AFFILIATIONS
American Institute of Real Estate Appraisers
American Arbitration Association
East Orange County Board of Realtors
California Real Estate Association
Licensed Real Estate Salesman
145
Exhibit A
PROFESSIONAL ACTIVITIES AND AWARDS
\ Chairman of the Ethics Committee of the Southern California Chapter
of the American institute of Real Estate Appraisers in 1950, and
Director of the Southern California Chapter of the American
Institute of Real Estate Appraisers in 1975, Member of numerous
local and national committees of the Institute.
The American Institute of Real Estate Appraisers conducts a
voluntary program of continuing education, and those members of the
Institute who most the standards of this program are awarded
periodic educational certification. I am certified under this
program through December 31, 1988,
TYPES OF PROPERTY APPRAISED
Appraisal experience includes all major types of real estate:
Commercial Properties - High rise office buildings;
ote a= reta stores= neighborhood, community and
regional shopping centers; restaurants.
Industrial Properties - Industrial parks, warehouses,
manuf actur ng buildings, research and development
facilities.
Residential Properties - Apartment complexes, residen-
tial su v si S one a; condominiums, mobile home parks,
single family residences.
�cial Purpose Properties - Service stations, marinas,
gol cof urges, parking lots, medical buildings.
Vacant Land - Commercial, industrial, single family and
apartment sitest large single family residential and
multi -purpose acreage: special purpose attest ranches,
farms.
Bxhibit A
C L I E N T L I S T
BM Corporation
Chrysler Motor Corporation
Hughes Aircraft Co.
Union Pacific Co.
The Irvine Company
Mobil Oil Co.
J.C. Penney Co., Inc.
Title Insurance and Trust Co.
Sundstrand Corp.
Scudder Realty
Santa Anita Development Co.
Southern California Edison Co.
Getty Oil Co.
Microdata
Union Oil Co.
Norton Simon Inc.
Hunt Foods
Gulf Oil Corp.
Tidewater Oil Co.
i 9acific Development Group
I\ eard and Hoshaw
:ities service Co.
Nichols Institute
CORPORATIONS
Occidental Petroleum Co. '
Southwest Forest Industries
The Akins Co.
Midas Realty Corp.
Toyota of Orange
Masonic Lodge
Carl Karcher Enterprises
Skaggs Drug
Brinderson Development Corp.
BMF Foods
Bramelea California Limited
Avco Community Developers
Carson Estate Co.
Pacific Theatres
John S. Griffith & Co.
MSI Data Corp.
Bixby Land Co.
National Systems Corp.
American Housing Guild
Saffell & McAdam
Don Koll Co.
Bendix Corp.
Sequoia Pacific
BANKS. INSURANCE COMPANIES AND FINANCIAL INSTITUTIONS
Smith Barney Harris Upham
Bank of California
United California Bank
Bank of America
Wachovia Bank
Enterprise National Bank
Old Stone Savings & Loan
Manufacturers Bank
IDS Mortgage Corp.
Pacific Mutual
Great -West Life
Fireman's Fund
Chubb -Pacific
Aetna Life Insurance
Sunwest Bank
Nationwide Life Insurance Co.
SCHOOLS, CHURCHES AND GOVERNMENT INSTITUTIONS
U.S. Postal Service
"Itanford University
:venth-Day Adventist Church
..h'urch of Latter Day Saints
Orange County Dept. of Education
Corona Unified School District
City of Newport Beach
City of Laguna Beach
Newport -Mesa Unified School District
City of Stanton
Hoag Hospital
City of Seal Beach
South Coast County Water District
County of Riverside
Capistrano Recreation District
Saddleback Unified School District
17
QUALI
ORIGIN*
0 0
PR•ARED FOR
Mr. Bret B. Bernard
Associate Planner
City of Newport Beach
3300 Newport Boulevard
Newport Beach, California 92663
PREPARED BY
Charles P. Wadsworth, MAI
567 San Nicolas Drive, Suite 106
Newport Beach, Ca. 92660
I
'1
' TABLE OF CONTENTS
' Title Page Page
Table of Contents
tLetter of Valuation
' INTRODUCTION
Summary of Facts and Conclusions . . . . . . . . . . 1
' Specific Limiting Conditions . . . . . . . . . . . . 2
General Limiting Conditions. 3
Certification. . . . . . . . . . . . . . . . . 6
' Purpose of Appraisal . . . . . . . . . . . . . . . . 8
Property Rights Appraised. 8
ownership . . . . . . . . . . . . . . . . . . . . . 8
' Date of Value . . . . . . . . . . . . . . . . . . . . 8
Highest and Best Use 8
' DESCRIPTION, ANALYSES AND CONCLUSIONS
Description of the Site . . . . . . . . . . . . . . . 9
' Location. . . . . . . . . . . . . . . . . . . . 9
Improvements. 9
Land. . . . . . . . . . . . . . . . . . . . . 9
Topography . . . . . . . . . . . . . . . . . . . . 9
Utilities 9
Sewer 9
Street . . . . . . . . . . . . . . . . . . . . . . 9
' Zoning . . . . . . . . . . . . . . . . . . . . . . 9
Vicinity Map
Plat of the Site
' Analyses and Conclusions . . . . . . . . . . . . . . 10
ADDENDUM EXHIBIT
Appraisers Qualifications A
1
•
•
CHARLES P. WADSWORTH, M.A.I.
MEMBER. AMERICAN INSTITUTE OF REAL ESTATE APPRAISERS
567 SAN NICOLAS DRIVE, SUITE 106
NEWPORT BEACH, CALIFORNIA 92660
(7141 720.1905
November 23, 1987
Mr. Bret B. Bernard
Associate Planner
City of Newport Beach
3300 Newport Boulevard
Newport Beach, California 92663
Reference: Appraisal of Eastbluff Park Located
on the West Side of Vista Del Oro,
Opposite Vista Del Sol in Newport Beach,
California
Dear Mr. Bernard:
In accordance with your request, I have appraised Eastbluff
Park in the City of Newport Beach for the purpose of reporting
my opinion of the market value of the fee interest in the pro-
perty as of November 12, 1987.
This appraisal has been made subject to the assumptions set
forth under Specific Limiting Conditions and General Limiting
Conditions in this report. The Specific Limiting Conditions
contain assumptions which change both physical and other char-
acteristics of the site and result in the appraisal being of a
hypothetical property.
The value of Eastbluff Park as of November 12, 1987, assuming
a density of ten dwelling units per acre and subject to the
assumptions and limiting conditions set forth in this report,
is:
' EIGHT MILLION FIVE HUNDRED THOUSAND DOLLARS
($8,500,000)
Your attention is invited to the balance of this report which
describes the pertinent data and analyses considered in
arriving at the opinion of value.
I
Very truly yours,
Charles P. Wadsworth, MAI
111 CPW:vle
I' �I
Summary of Facts and Conclusions
' The subject property is located in the Eastbluff area of
' Newport Beach. Residential development in the immediate area
consists primarily of condominiums and single family
' residences. The property is well located in proximity to com-
mercial, industrial, educational and recreational facilities.
' This appraisal is of Eastbluff Park; however, it is subject to
several specific assumptions that result in the appraisal
' being of a hypothetical property.
'
The City of Newport Beach requested this assignment and
stipulated specific assumptions. The appraisal will be used
'
to establish the market value of a median value park within
'
the city. The special assumptions required for this appraisal
are set forth in the Specific Limiting Conditions section of
'
this report and pertain to several factors including view,
shape, topography, density and highest and best use.
1
In valuing the site several sales were deemed helpful and
'
after adjustments indicate values ranging from $49,602 to
$75,091 per unit. Considering differences between the sales
'
and the subject property and from discussions with brokers and
'
others, it is my opinion that the value of the subject site,
subject to the limiting conditions and as of November 12,
'
1987, is $8,500,000 or $61,594 per unit.
L'
Page 1
1
' SPECIFIC LIMITING CONDITIONS
' This appraisal is made subject to the specific conditions and
stipulations following:
'
1.
Although the subject property is identified as the
Eastbluff Park, because of specific assumptions
which change physical and other characteristics,
'
this appraisal is of a hypothetical property.
2.
The appraisal assumes a 13.87 acre parcel situated
'
in the same location as Eastbluff Park; however, a
further assumption is that the site is more rec-
tangular than the somewhat elongated shape of the
existing parcel.
3.
The park is improved with a building occupied by
'
the Boys, Club; however, this appraisal disregards
all improvements and assumes the property to be
vacant.
'
4.
Utilities and sewer are available to the property
and this appraisal is based upon this existing
condition.
'
5.
The topography of the park is predominantly level
with some gentle rolling and steep portions; how-
ever, this appraisal assumes that the site is
effectively level.
6.
There is a possibility that some view lots could
be developed from a portion of the existing site;
however, this appraisal assumes that no view is
afforded from the property.
'
7.
This analysis assumes that the property can be
developed to a density of ten dwelling units per
'
acre or a total of 138 units.
8.
The value of the property assumes all governmental
approval for development has either been granted.
'
or is readily obtainable.
Page 2
E
GENERAL LIMITING CONDITIONS
The "Code of Professional Ethics and Standards of Professional
Practice" of the American Institute of Real Estate Appraisers
requires the appraiser to set forth all facts, assumptions and
conditions upon which an appraisal is based. In compliance
therewith, and to assist the reader in interpreting this
report, such limiting conditions are set forth below:
1. The term "Fair Market Value", as used herein, is
defined as "the highest price on the date of valu-
ation that would be agreed to by a seller, being
willing to sell but under no particular or urgent
necessity for so doing, nor obliged to sell, and a
buyer, being ready, willing, and able to buy but
under no particular necessity of so doing, each
dealing with the other with the full knowledge of
all the uses and purposes for which the property
is reasonably adaptable and available." (Cal.
Code of Civ. Proc., Title 7, Sec. 1263.320)
2. The date of value to which the opinions expressed
in this report apply is set forth in the letter of
valuation. The appraiser assumes no respon-
sibility for economic or physical factors
occurring at some later date which may affect the
opinions stated herein.
3. No opinion is intended to be expressed for matters
which are legal in nature or which would require
specialized investigation or knowledge beyond that
ordinarily employed by real estate appraisers.
4. No opinion as to title is rendered. Information
on ownership and legal description was obtained
from sources considered reliable. Title is as-
sumed to be marketable and free of all liens,
encumbrances, easements and restrictions except
those specifically discussed in the report. The
property is appraised assuming it to be under re-
sponsible ownership and competent management, and
that it is developed, or available for develop-
ment, to its highest and best use.
Page 3
5. No engineering, survey, soil tests, or legal in-
vestigation has been made by the appraiser. This
analysis assumes stable soil conditions and that
no toxic waste or geological problems exist. All
data relative to size and area was obtained from
sources considered reliable. It is also assumed
that no encroachment of improvements exists.
6. Maps, plats and exhibits included herein are for
the purpose of illustration only and as an aid in
visualizing matters discussed within this report.
They should not be considered as surveys or relied
upon for,any other purpose.
7. No opinion is expressed as to the value of sub-
surface oil, gas or mineral rights, and it is as-
sumed that the property is not subject to surface
entry for the exploration or removal of such
materials.
8. The subject property has been appraised in fee and
no consideration has been given to existing
financing, if any.
9. This report is based upon information assembled
from a wide variety of sources and, therefore, the
incorporated factual data cannot be guaranteed.
An impractical and uneconomic expenditure of time
would be required in attempting to furnish unim-
peachable verification of all the information and
data on which this appraisal is based.
It is suggested that the client consider indepen-
dent verification of surveys, engineering and
other factual and technical matters as a pre-
requisite to business decisions regarding the
sale, lease, or other significant subject pro-
perty; and that such verification be performed by
appropriate specialists.
10. No opinion is expressed as the value of any
personal property or equipment located on the
property.
11. No opinion is intended to be expressed for matters
which require legal expertise or specialized in-
vestigation or knowledge beyond that customarily
employed by real estate appraisers.
Page 4
12. The appraiser reserves the right to make such
adjustments to the valuation reported herein, as
may be required by consideration of additional
data or more reliable data that may become avail-
able after the date of this report.
13. In the event this report is placed in the hands of
a third party, it is requested that such party be
made cognizant of any and all limiting conditions
resulting from the basis of the appraiser's em-
ployment and discussions related thereto, as well
as those set forth herein.
14. No detailed soil studies covering property were
available to the appraiser. Therefore, it is as-
sumed that soil conditions will allow development
of property to its highest and best use without
extraordinary foundation or soil remedial expense.
15. Earthquakes are not uncommon in California and no
responsibility is assumed by the appraiser for
past or future earthquakes, faults, or other geo-
logical conditions that have previously had, or
might in the future, have an effect on the subject
property.
16. This appraisal may not be utilized for litigation
purposes. By reason of preparing this report, the
appraiser does not commit to defend the value as
an expert witness. if testimony or attendance in
court or any other hearing is required, a new con-
tract between the appraiser and the client must be
negotiated. If the client and appraiser agree to a
new contract, additional time and fee will be
necessary for updating the report, pre-trial con-
ferences and testimony.
Page 5
II
I the undersigned certify, except as is specifically noted
within this report, that:
1. I have personally inspected the real estate that
is the subject of this report.
2. I have no present or contemplated future interest
in the real estate that is the subject of this
appraisal report.
3. I have no personal interest or bias with respect
to the subject matter of this appraisal report or
the parties involved.
4. To the best of my knowledge and belief the
statements of fact contained in this appraisal
report, upon which the analyses, opinions and
conclusions expressed herein are based, are true
and correct.
5. This appraisal report sets forth all of the
limiting conditions affecting the analyses,
opinions and conclusions contained in this report.
6. This appraisal report has been made in conformity
with and is subject to the requirements of the
Code of Professional Ethics and Standards of Pro-
fessional Practice of the American Institute of
Real Estate Appraisers of the National Association
of Realtors, of which I am a member.
7. The use of this report is subject to the require-
ments of the American Institute of Real Estate
Appraisers relating to review by its duly
authorized representatives.
8. No one other than the undersigned prepared the
analyses, conclusions and opinions concerning the
real estate that are set forth in this appraisal
report.
This report is prepared for the person to whom it is addressed
as a privileged and confidential work product. Public dis-
closure of its contents is governed by the Bylaws and Regu-
Page 6
lations of the American Institute of Real Estate Appraisers of
the National Association of Realtors. The report or any por-
tion thereof or reference to the American Institute of Real
Estate Appraisers, the MAI designation or the RM designation
may not be disseminated to the public through advertising,
public relations, news, sales or any other media or public
means of communication without the prior written consent and
approval of the appraiser.
The American Institute of Real Estate Appraisers conducts a
voluntary program of continuing education and those members of
the Institute who fulfill specific educational requirements
are awarded periodic certification. I have met these require-
ments and am currently certified under this program.
Charles P. Wadsworth, MAI
Page 7
Purpose of the Appraisal
The purpose of this appraisal is to estimate the fair market
value of the subject property as of current date. The defin-
ition of market value is set forth in the Limited Conditions
section of this report.
Property Rights Appraised
This appraisal is of the fee simple interest in a hypothetical
13.87 acre parcel situated at the location of Eastbluff Park.
Ownership
Title to the property is vested in the City of Newport Beach.
Date of Value
The date of value is November 12, 1987.
Highest and Best Use
This appraisal assumes the highest and best use of the pro-
perty is for residential development to a density of ten
dwelling units per acre. See discussion under Analyses and
Conclusions.
Page 8
4
0
DESCRIPTION, ANALYSES AND
6 0
Description of the Site
Although the subject property is identified as the Eastbluff
Park, because of specific assumptions which change physical
and other characteristics of the site, this appraisal is of a
hypothetical property.
Location:
West side of Vista Del Oro opposite Vista Del
Sol in the Eastbluff area of Newport Beach.
Improvements:
Eastbluff Park is improved with a building
occupied by the Boys' Club; however, this
appraisal assumes the property is vacant.
Land:
Size - 13.87 acres Shape - Eastbluff Park is
an elongated parcel (see Plat of the Site);
however, this appraisal assumes a more rec-
tangular shape.
Topography:
Eastbluff Park is predominantly level to
gentle rolling with some steep banks; how-
ever, this appraisal assumes the site is
effectively level.
Utilities:
All utilities are available to the site.
Sewer:
Sewer is available to the site.
Street:
Vista Del Oro is paved and improved with con-
crete curbs, gutters and sidewalks.
Zoning:
Eastbluff is zoned City of Newport Beach R-4-
B-Z (Planned Residential Development). How-
ever, this appraisal assumes the highest and
best use of the property is for residential
development to a density of ten units per
acre or a total of 138 dwelling units.
Page 9
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-31
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PLAT OF THE SITE
(Not a Survey)
Note: This is a plat of East -
bluff Park; however, this
appraisal assumes the site has
a more rectangular shape.
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Analyses and Conclusions
This appraisal has been prepared for the City of Newport
Beach, to be utilized as a basis for assessment of fees in
lieu of park dedication. Studies by the City's staff
determined that Eastbluff Park, subject to the Specific
Limiting Conditions in this report, ranks as a median value
park within the city.
Eastbluff Park has several unique characteristics including
view, topography and shape. In accordance with requirements
of the City, this appraisal assumes the site does not have
view potential, is level and is rectangular in shape. Other
assumptions are that the property is vacant; that governmental
approval for development has been granted; and that zoning
allows, and highest and best use dictates, residential
development to a density of ten dwelling units per acre.
Because of the scarcity of comparable residential acreage
sales in Newport Beach, sales located in Irvine were also con-
sidered. The sales deemed most pertinent are summarized
below. Sales 1 through 3 are located in Newport Beach and
Sales 4 through 7 in Irvine.
Units Base Price
Sale
Date
Per Acre
Per Unit
1
04-86
9.5
$50,000
2
06-86
8.3
$60,465
3
05-86
7.4
$47,350
4
04-86
8.4
$43,132
5
04-86
7.6
$49,387
6
06-86
6.8
$51,467
7
10-86
8.0
$62,576
All of the sales were from the Irvine Company to residential
developers. Under terms of these sales, the Irvine Company
participates in profit from development. Confidential infor-
mation indicated participation will typically range from 15
percent to 20 percent of the base price. Set forth below is a
summary of the sales data showing the base price per unit, and
this amount adjusted by both 15 percent and 20 percent.
Base Price
Sale
Per Unit
1
$50,000
'
2
$60,465
3
$47,350
'
4
5
$43,132
$49,387
6
$51,467
7
$62,576
Price Per Unit
Adjusted by 15% Adjusted by 20%
$57,500
$60,000
$69,535
$72,558
$54,453
$56,820
$49,602
$51,758
$56,795
$59,264
$59,187
$61,760
$71,962
$75,091
Page 10
11
The individual sales are described below.
Sale 1 is a 10.5 acre site located on the north side of Fifth
Avenue between a northerly extension of Poppy and Narcissus
Avenues in Corona Del Mar. The property is situated approxi-
mately three miles south of the subject and sold in April 1986
for $5,000,000, which figures $476,190 per acre, or $50,000
per unit. The site is being developed to a density of 9.5
units per acre.
Sale 2 is a 5.21 acre site located at the northeast corner of
Pacific Coast Highway and MacArthur Boulevard in Corona Del
Mar. The property is situated approximately 2-1/2 miles south
of the subject and sold in June 1986 for $2,600,000, which
figures $499,040 per acre, or $60,465 per unit. The site has
been developed to a density of 8.2 units per acre.
Sale 3 is a 21.5 acre site located at the southeast corner of
Jamboree Road and Camelback Street in Newport Beach. The pro-
perty is situated approximately one mile northeast of the sub-
ject and sold in May 1986 for $7,528,638, which figures
$350,169 per acre or $47,350 per unit. The site is being
developed to a density of 7.4 units per acre.
Sale 4 is a 10.9 acre site located at the northeast corner of
Main Street and Paseo Westpark in Irvine. The property's
situated approximately five miles northeast of the subject and
sold in April 1986 for $3,968,144, which figures $364,050 per
acre, or $43,132 per unit. The site is built out to a density
of 8.4 units per acre.
Sale 5 is a 22.50 acre site located on the north side of Main
Street, west of Paseo Westpark in Irvine. The property is
situated approximately five miles northeast of the subject and
sold in April 1986 for $8,395,865, which figures $373,150 per
acre, or $49,387 per unit. The site is built out to a density
of 7.6 units per acre.
Sale 6 is a 22.74 acre site located on the south side of
Westpark in Irvine. The property is situated approximately
five miles northeast of the subject and sold in June 1986 for
$7,925,918, which figures $348,545 per acre, or $51,467 per
unit. The site is built out to a density of 6.8 units per
acre.
Sale 7 is a 19.91 acre site located at the southwest corner
of Alton parkway and Paseo Westpark in Irvine. The property
is situated approximately five miles northeast of the subject
and sold in October 1986 for $10,012,2901 which figures
$502,877 per acre, or $62,576 per unit. The site will be
built out to a density of 8 units per acre.
Page 11
1
Sales 1, 2 and 3 are located in Newport Beach and are compar-
able from the standpoint of location. Sales 1 and 2, however,
are in Corona Del Mar and are somewhat more desirable. Sales
4, 51 6 and 7 are located in Irvine and are subject to con-
siderably higher real estate taxes.
In arriving at the conclusion of value consideration was given
to differences between the sales and the subject property for
' several factors including date of sale, location, size,
topography and density. Based upon analysis of the sales and
discussions with brokers and others, it is my opinion that the
' value of the subject property as of November 12, 1987 is
$8,500,000, which figures $612,833 per acre or $61,594• per
unit.
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Page 12
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ADDENDUM
t
EXHIBIT A
APPRAISER'S QUALIFICATIONS
Charles P. Wadsworth, MAI
567 San Nicolas Drive, Suite 106
Newport Beach, California 92660
GENERAL
B.A. (Economics) - University of Southern California - 1953.
Employed by Coldwell Banker as a Real Estate Appraiser for 22
years from 1956 to 1978. Vice President and Manager of the
firm's Orange County appraisal office for 12 years from 1966
to 1978 and during this period had responsibility for all fee
appraisals in Orange, Riverside and San Bernardino Counties.
Self-employed from 1978 to present as a Real Estate Appraiser
and Consultant. Appraisal assignments include all major types
of real estate. Clients include the Irvine Company, Santa
Anita Realty Enterprises Inc., Smith Barney Harris Upham,
Wachovia Bank, Pacific Mutual Life Insurance Company, IBM
Corporation, J.C. Penny Co., U.S. Postal Service and numerous
individuals and governmental agencies. See attached Client
List.
Member - American Institute of Real Estate Appraisers (MAI)
1966.
Lectured for California Real Estate Association, Orange Coast
College and American Institute of Real Estate Appraisers.
COURT QUALIFICATIONS
Qualified as Expert Witness in the United States District
Court, Central Division, State of California; and the Court of
the State of California for the County of Riverside.
PROFESSIONAL AFFILIATIONS
American Institute of Real Estate Appraisers
American Arbitration Association
East Orange County Board of Realtors
California Real Estate Association
Licensed Real Estate Salesman
' • • EXHIBIT A
1
PROFESSIONAL ACTIVITIES AND AWARDS
Past Chairman of the Ethics Committee of the Southern
California Chapter of the American Institute of Real Estate
Appraisers, and past Director of the Southern California
Chapter of the American Institute of Real Estate Appraisers.
Member of numerous local and national committees of the
Institute.
The American Institute of Real Estate Appraisers conducts a
voluntary program of continuing education, and those members
of the Institute who fulfill specific educational requirements
are awarded certification. I have met these requirements and
am currently certified under this program.
TYPES OF PROPERTY APPRAISED
Appraisal experience includes valuation of all major types of
real estate:
Commercial Properties - High rise office buildings,
hotels, retail stores, neighborhood and regional
shoDDina centers, and restaurants.
Industrial Properties - Industrial parks, ware-
houses, manufacturing buildings and research and
development facilities.
Residential Properties - Apartment complexes, resi-
dential subdivisions, condominiums, mobile home
' parks and single family residences.
Special Purpose Properties - Service stations,
' marinas, golf courses, parking lots, medical
buildings, automotive showrooms and self storage
facilities.
' Vacant Land - Commercial, industrial, single family
and apartment sites; single family residential
acreage; special purpose sites; ranches; farms.
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EXHIBIT A
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CLIENT LIST
Corporations
IBM Corporation
Chrysler Motor Corporation
Hughes Aircraft Co.
Union Pacific Co.
Mobil Oil Co.
Sundstrand Corp.
Southern California Edison Co.
Getty Oil Co.
Microdata
Norton Simon Inc.
Hunt Foods
Gulf Oil Corp.
Tidewater Oil Co.
Cities Service Co.
Vorelco Inc.
BMF Foods
Occidential Petroleum Co.
Southwest Forest Industries
J.C. Penney Co., Inc.
Title Insurance and Trust Co.
Union Oil Co.
Coca Cola Bottling Co.
Boy Scouts of America
Scudder Realty
Midas Realty Corp.
Masonic Lodge
Skaggs Drug
Bramelea California Limited
Avco Community Developers
Carson Estate Co.
Pacific Theatres
MSI Data Corp.
National Systems Corp.
American Housing Guild
Bendix Corp.
Local Clients
The Irvine Company
Santa Anita Realty Ent., Inc
Pacific Development Group
Beard & Hoshaw
Don Koll Co.
French & McKenna Company
The Sammis Company
Nichols Institute
The Akins Company
Carl Karcher Enterprises
Toyota of Orange
John S. Griffith & Co.
Bixby Land Company
Saffell & McAdam
Sequoia Pacific
Burnett - Ehline
Hillman Properties West
Richard Dick & Associates
William Lyon Company
Robert A. Alleborn Associates
Howard, Howard & Bernard
James R. Wood Co.
Bohemian Distributing Co.
Ponderosa Homes
Landmark (Cory Hansen)
United Premix Concrete
The Phillingworth Corporation
Business Properties
M.S.I. Data Corporation
Weyerhauser Venturi Company
Brinderson Development Corp.
American National Properties
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EXHIBIT A
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CLIENT LIST
(Continued)
Banks Insurance Companies and Financial Institutions
Smith Barney Harris Upham
Bank of California
United California Bank
Bank of America
Wachovia Bank
Enterprise National Bank
Old Stone Savings & Loan
Manufacturers Bank
Vernon Savings & Loan
Great Western Savings & Loan
F.D.I.C.
Enterprise National Bank
IDS Mortgage Corp.
Pacific Mutual
Great -Western Life
Fireman's Fund
Chubb -Pacific
Aetna Life Insurance
Sunwest Bank
Nationwide Life Insurance Co.
Trust Services of America
The Laguna Bank
Schools Churches and Government Institutions
Newport -Mesa Unified School Dist.
City of Stanton
Hoag Hospital
City of Seal Beach
South Coast County Water District
Orange County Dept. of Education
Capistrano Recreation District
Saddleback Unified School District
U.S. Postal Service
Stanford University
Seventh-Day Adventist Church
Church of Latter Day Saints
County of Riverside
Corona Unified School Dist.
City of Newport Beach
City of Laguna Beach
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