HomeMy WebLinkAboutJ-7 - Acquisition of a Portion of Block T, Eastside Addition to Balboa Tractr�
December 17, 1973
TO: CITY COUNCIL
.FROM: Public Works Department:
SUBJECT: ACQUISITION OF A PORTION OF BLOCK_ T, EASTSIDE ADDITION TO
BALBOA TRACT
RECOMMENDATIONS:
1. Authorize the purchase of the subject property for
a sum of $1500.00.
2. Adopt a resolution accepting a Grant Deed from
William C. and Ruth B. Reigle.
DISCUSSION:
For a number of years the City has been interested in acquir-
ing the tier of lots between Ocean Front and the line of high tide on
the Balboa Peninsula. Based on a recent discussion with the Council the
Public Works Department has made an offer of $1500.00 for a portion of
Block T shown on the attached sketch. The owners have accepted the
offer and have executed a Grant Deed transferring the property to the
City.
No appraisal of the property was made to determine market value.
Because of the unusual conditions surrounding the property it is felt that
the cost of an appraisal would approach the cost of purchase. The offer
of $1500.00 approximates an earlier offer made to the owners by a private
Party.
S
Joseph T. Devl in
Public Wp s Director
Jj'D:hh
Att.
t
o BALBDA
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EAST
S.�DE
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A�,,eoXi,,rorE � irvE
PEA' rpACT �N.4P '�
BE .aU,�Y'H�9S�D
CITY of N EWPORT BEACH
PUBLIC WORKS DEPARTMENT
REIGL E PROPERTY TO RE PURCHASED
SY 01 T Y -- PORTION OF BLOCK T
-A,STSMOE ADD/ON TO NFWP0R7'BEA0
BOULE�,9.Pp
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DRAWN r�xc•�! DATE; ••-��-�3
APPROV �----
PUBLIC WORKS DIRECTOR
R.E. NO. 9"---'
ORA�M No. RIW--5294-4