HomeMy WebLinkAboutB-2 - Acquisition of Property Westerly of the 16th Street Reservoir Site147
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July 30, 1973
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CITY COUNCIL AGENDA
ITEM NO. B-2
TO: CITY COUNCIL
FROM: Public Works Department
SUBJECT: ACQUISITION OF PROPERTY -:WESTERLY OF THE 16TH STREET RESERVOIR
SITE (Lot 1213, 1ST ADDITION TO NEWPORT MESA TRACT)
RECOMMENDATION:
1. Authorize the purchase of the subject parcel at the
appraised fair market value of $88,350.
2. Adopt a.resolution accepting a grant deed from Irene
C. Hardage for Lot'1213 of the First Addition to
Newport Mesa Tract.
DISCUSSION:
The 1973-74 budget provides for the purchase of the subject parcel
to allow for the westerly expansion of the City's 16th Street reservoir site.
The parcel is shown on the attached drawing. The total area of
the subject parcel is 1.45 acres. The major portion of the property is
vacant. There are three small buildings in the southeasterly corner of the
property. At present these buildings are rented. The people occupying the
residences will be eligible for relocation assistance under the State's
Relocation Assistance Act.
The fair market value of the property was first appraised at
$82,500 by Robert H. Harrison, M.A.I. with a date of value of November 2,
1972. Negotiations with the property owner were unsuccessful at this price
and it was agreed to obtain a second appraisal. Mr. Philip S.. Jackson, M.A.I.
was retained and appraised the fair market value of the parcel at $88,350
with a date of value of June 13, 1973. This figure closely supports the
first appraisal with a time adjustment for increased property values.
Mrs.. Hartage has agreed to accept an offer of $88,350.
$85,000 is currently budgeted for this purchase. A budget amend-
ment for $5,000 has been prepared to cover the additional cost and escrow
fees. The amount will come from the Water Fund,
When the City requires the people living on the property to move,
relocation assistance payments will be necessary. Funds will be requested
at that time.
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