HomeMy WebLinkAbout00 - Closed Session - Balboa Bank BuildingCLOSED SESSION
CITY OF NEWPORT BEACH
OFFICE OF THE CITY MANAGER
MAY 9, 1994
TO: MAYOR AND CITY COUNCIL
FROM: ASSISTANT CITY MANAGER
SUBJECT: BALBOA BANK BUILDING
ACTION: If desired, approve purchase for $800,000 with a long term,
low cost lease for an ATM on the site.
BACKGROUND: The City Council previously approved purchase of this property
and the seller's real estate broker has verbally informed me that they have accepted
the City's offer dated April 4, 1994, of $800,000 with a long term, low cost lease for an
ATM. The verbal acceptance includes a five year lease at a dollar a year with three
five year options.
The offer has a seven day response period which expired on April 11, 1994.
Accordingly, the City Council has no contractual obligation to conclude this sale.
DISCUSSION: At its last meeting the Council questioned the amount of the offer
and indicated it might wish to lower the amount. Attached is a list of similar properties
located throughout the County with sales prices and square footage of both land and
building. These were provided by Mayor Turner.
RECOMMENDATION:
KJD:mb
Attachment
Council discretion.
Kenneth J. elino
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