HomeMy WebLinkAboutSS - Acquisition of State Right Of Way PropertyCITY OF NEWPORT BEACH
OFFICE OF THE CITY MANAGER
TO:· MAYOR AND CITY COUNCIL
FROM: City Manager
August 26, 1974
SUBJECT: ACQUISITION OF STATE RIGHT OF WAY PROPERTY .
STUDY SESSION NO.
Mayor Mcinnis and I have held a number of meetings with the State
Division of Transportation concerning the acquisition by New port Beach of
those properties listed in Assemblyman Badham's Bill AB 431. Four parcels
are now offered to the City for sale for $601,600. The PE right-of~way
properties i.,Ji 11 be offered to the City for lease at $100 per, month as soon
as the lease can be prepared. The parcel in Corona del Mar will be offered
to the City for $553,800 with terms at 7% simple ·interest. Attached members
of the City Council will find data sheet listing those parcels on which a
firm commitment has been received and those parcels on which an informal
offer has been received. This data sheet can be reviewed in greater detail
during the study session.
The City has received the necessary documents for the acquisition
of four parcels. These parcels are two lots on Kings Road, the Church site
property on Cliff Drive, and a triangle parcel in Newport Shores. Attached
you will find copies of plot maps showing these parcels. The State's final
negotiated offer is not quite $20,000 more than the original acquisition
cost paid by the State. Sale will be made , to the City wi"th $436,000 down
and a five year secured note .at 7% simple interest. $200,000 of this amount ·
can come from the County ,Revenue Sharing account if consumated prior to
January l, 1975. • If the City desires to acquire these parcels, all will be
sold unconditionally with only nominal restrictions placed upon it~ use
or disposal.
RL~·J :mm
Attachments
--
I. PA RC ELS ON WHICH A FIRM CO MM IT MENT HAS BEEN RECEIVED
A. Sale
Paree l Date Acquisition City Sale
Ide ntitv Si ze No. Acguired Price AE!Qraisal Price
Church 78,000 sq.ft. 40468 6-22-65 $425,542
$375,000(l~
410,000 ~
65,000
Kings Rd. 9,470 sq.ft. 41246 1-15-69 36,277 72,000 55 ,000 -
58,000
Kings Rd. 7,900 sq.ft . 41356 7-10-70 49,606 65,000 55,000
73,000
Npt.Sho r es 8,889 sq.ft . 57847 11-10-69 70,274 79 ,000 55 ,,000
8.
I dentity
P.E.R.
bf W ..
P.E.R.
of W.
C.
$571,000
• $60 _ ,fa,~O~-l TOTALS -$581,699 $626,000
T ./ f 7 /r i V
Lease
Parcel Date Acquisition City Lease
Size No. Acquired Price Appraisal Price
.442,570 sq.ft. A8188 7-5-63 $1,527,501 N .A . $50/Mo.
50,965 sq. ft. B7069 7-5-63 268,167 • N .A; $50/Mo.
-TOTALS -$100/Mo.
Terms
1. Cash fo r the church site ($436,600) and a five yea r note on the re -
maining th r ee parcels ($165,000) at 7%.Si mple Inte r es t. (Badham
Bill Sale will require all cash.)
2. Cl ean Sal e or transfer with no condition s .· (Th e Badha ~ Bill Sale
w"ill contain reversionary clauses.)
3. Immediate Sale. (Badharn Bill Sale will not be approved witho.uf
a court suit.)
. .
4. State will probably waive but all late negotiations assumed City
will amend the Badham Bill to delete the term "Acquisition Price"·
and insert "Market Value. 11
(1) Value did not include church building.
.. -
-2 -
II . PARCELS ON WHICH INFOR MAL OFFER HAS BEEN RECEIVED
A. Sale
Identity Size
C.D.M. 230,889 sq.ft.
B. Terms
Pa reel
No.
41339
Date Acquisition
Acquired Price
3-25-66 $380,753
State Sale
Appraisal Price
$774,505 $553,800
1. 30% down ($166,140) and a ten year note ~$387,660) at 7% simple
interest. (Badham Bill Sale will require all cash.)
2. Clean Sale or transfer with no conditions. (Badham Bill Sale
ivill contain severe restrictions and/or reversionary clauses.)
3. Six to eight months option period with immediate sale when acceptable
to the City.
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