HomeMy WebLinkAboutSS - City Property - 4210 RiverSTUDY SESSION
ITEM NO.
CITY OF NEWPORT BEACH
OFFICE OF THE CITY MANAGER
FEBRUARY 13, 1989
TO: MAYOR AND CITY COUNCIL
FROM: EXECUTIVE ASSISTANT
SUBJECT: CITY PROPERTY - 4210 RIVER
The City acquired the subject property in 1936 for failure to
pay taxes, and a judgement dated February 19, 1940 cleared
title and granted the parcel to the City.
Located on the channel at the corner of River and 43rd Streets,
the 30 foot by 100 foot lot is vacant with small trees and
( bushes. (See attached map.) The lot is zoned R-2 and could
support a duplex of 3648 sq. ft. including four parking spaces.
The lot has a finished concrete bulkhead and a dock would be
allowed.
The City trims and cleans, but has never utilized the lot.
Channel Park is just across the street and no City use for the
lot has been identified. An appraisal of the fee simple value
of the property by Richard Fuller, MAI, has produced a range
between $325,000 and $350,000. Lease value would be approxi-
mately 4% of that value or $13,000 to $14,000 per year.
Lease or sale of the land would require (per Section 1402 of
the Charter) approval by the Electorate. The next regularly
scheduled election is November 7, 1989.
I
KENNETH DELINO
KJD:mb
Tall" o",
tlapv^l�lf 30
-
Nowaw
L-
,04CI,,IC
A 39
A38
Z9.
D 6
CTTY OF NEWPORT BEACH
FL16L.1�l n31KS DcrAltImENT