HomeMy WebLinkAboutF-12 - Acquisition of 203 42nd Street(I 7..11
June 10, 1985
TO: CITY COUNCIL.
• FROM: Public Works Department
SUBJECT: ACQUISITION OF 203 42NO STREET"- (A.P. 423-296-07)
RECOMMENDATIONS:
CITY COUNCIL AGENDA
ITEM NO. F-12
3 ME Cisi: CO;.INCIL
CITY OF KWPORT BEAC14
AN 10 935
APPROVED
1. Authorize the purchase of 203 42nd Street for $220,000.
2. Authorize the acceptance of a grant deed for 20342nd Street
from Sharad N. Gandhi.
DISCUSSION:
On November 28, 1983,.the City Council certified the Final EIR and
directed staff to apply for AHFP funding necessary to acquire right of way to
widen Balboa Boulevard from 3'3rd Street to 44th Street. Implementation of the
project requires the acquisition of six parcels. The current schedule calls for
the purchase of the six parcels over a two-year period followed by a one-year
construction period.
Since the acquisition encompasses a two-year fiscal period, City
staff, in consultation with the property owners, established a priority list in
purchasing the parcels. The subject property is the second of six to be
acquired.
Mr. George Hamilton Jones, MAI, was retained to appraise all six prop-
erties. He completed the appraisal on November 20, 1984, and concluded that
the fair market value of the subject parcel was $220,000 as of September 5,
1984. Mr. Gandhi accepted the City's offer of $2.20,00.0, contingent upon City
Council approval.
The property at 203 42nd Street is 32.14 feet wide by 85 feet deep,
and is on the northerly corner of 42nd Street and Balboa Boulevard. The struc-
ture is a two-story, good -quality duplex. Both apartments are currently rented
on a monthly basis for a total of $985 per month. The tenants have occupied the
dwellings over 90 days, making them eligible for relocation benefits if they
move from the property at the City's request. These benefits could be as much
as $4,000 plus moving expenses for each unit..
It is recommended that the City purchase 203 42nd Street for the
appraised fair market value of $220,000. Sufficient funds have been budgeted
using 50% Gas Tax monies and 50% AHFP funding for the acquisition of parcels
• along Balboa Boulevard.
The attached Exhibit A shows the subject property, as well as the
fourteen parcels that the City has already acquired for the widening of Balboa
Boulevard. The acquisition of this parcel leaves four parcels to be acquired
JbD tween 33rd Street and 44th Street.
Benjamin B. Nolan
Public Works Director
HH:jd
Att.
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EXHIBIT "A"
Order iVo. 59022-5
Escrow No. 2186-2
Loan No.
WHEN RECORDED MAIL TO:
The City of Newport Beach
P. 0. Box 1768
Newport Beach, CA 92658-8915
MAIL TAX STATEMENTS TO:
SAME AS ABOVE
85--2410 76
4t ;7r,3
T�
Recorded at the request of
CHICAGO TITLE INS. CO.
8.00 J U L 11985
A.M.
ptllciat Records
Oraavite County, Carifomla
X MPT Recorder
C6
SPACE ABOVE THIS LINE FOR RECORDER'S USE
DOCUMENTARY TRANSFER TAX $ ...............................................
... Computed on the consideration Or value of property conveyed; OR
t3ownrmanr rr ...... Computed on the consideration or value less liens or encumbrances
remaining at time of sale.
.0overnmemCadaflm Signature of Declarant or Agent datermining tax -Firm Name U .
'►� GRANT DEED n V crrY �
tir 4 J. OF
FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, ''7T BEACfl,
r..�L{F.
Sharad N. Gandhi, a married man -as his sale and separate proper JUL�] � 23 ry85 �.
hereby GRANT(S) .to CITY
The City .of Newport Beach rl
AS
the real property in the City of Newport Beach
County of Orange State of California, described as
Lot 13 and the Northeasterly rectangular3.57 feet of Lot 14 in
Block 142 of Canal Section, Newport Beach, as shown on a map
recorded in Book 4, Page.98 of Miscellaneous Maps, records of
Orange County, California.
a
;. i
Dated May 29, 1985
$TATE OF CALIFORNIA Jss.
` COUNTY OF Los :An tiles j
On, June 10, 1988
before me; the undersigned.. a Notary Public in and for said State, per-
sonatiyappeared. hard N. Gandhi
Sharad N. Gandhi
oo®evMeeanemaeco
OFFICIAL SEAL
personalty known to me (or proved to me on the basis of satisfactory y BRADLEY V_ HAYDEN
NOTARY PURLIC - CALIFORMA
evidence) to be the person(s) whose name(s) is/are subscribed to the PRINCIPAL OFFI-E IN
LOs AriGELEs COUNTY
within instrument and acknowledged to me that he/she/they executed My Commission Exp. Dec. 13, 1988
the same.
WITNESS my hand and offic' seal.
`/ / (This area for official notarial seal)
Signature
X 1002 (6f82:)
MAIL TAX STATEMENTS A5 DIRECTED ABOVE
85--24107G
This is to .certify that the interost in real prope-L-ty conveyed by
the deed or grant dated Q ��
from
4 A
to the City of Newport Beach, a mtmicipal corporation, is hereby accepted
by order of the City Council on the day ofi.- ,
19 and the grantee consents to recordation thereof by its duly N.;(Pp
authorized officer. �cT
a,. N
Dated: By:
j' City Clerk of the Cif r':Z
Newport Beach
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