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RESOLUTION NO. 8178 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY <br />OF NEWPORT BEACH AUTHORIZING EXECUTION OF AN <br />AGREEMENT BETWEEN THE CITY OF NEWPORT BEACH <br />AND SOUTHERN PACIFIC TRANSPORTATION COMPANY <br />FOR THE EXCHANGE OF PROPERTY IN CONNECTION <br />• WITH THE WIDENING OF 32ND STREET; AND <br />AUTHORIZING THE EXECUTION AND ACCEPTANCE OF <br />GRANT DEEDS CONVEYING THE RESPECTIVE PARCELS <br />OF PROPERTY <br />WHEREAS, the City of Newport Beach holds title to <br />certain real property located in the City of Newport Beach, <br />known as Parcel E, as shown on a parcel map recorded in <br />Book 32, page 41 of Parcel Maps in Orange County; and <br />WHEREAS, Southern Pacific Transportation Company <br />holds title to certain real property, known as Parcels A, B, <br />C, and D, as shown on a parcel map recorded in Book 32, <br />page 41 of Parcel Maps in Orange County; and <br />WHEREAS, the City of Newport Beach and Southern <br />Pacific Transportation propose to enter into an agreement <br />whereby Parcel E would be exchanged for Parcels A, B, C, and <br />D; and <br />WHEREAS, the area of Parcel E is approximately the <br />same as the sum of the areas of Parcels A, B, C, and D, and <br />their exchange value is equal; and <br />WHEREAS, the City Council has considered said agree- <br />ment and has determined that it would be in the best interest <br />of the City to exchange Parcel E for Parcels A, B, C, and D <br />under the terms and conditions as set forth in said proposed <br />agreement; <br />NOW, THEIE FORE BE IT RESOLVED by the City Council <br />of the City of Newport Beach that the Mayor and City Clerk <br />are hereby authorized to execute an agreement between the <br />• <br />City of <br />Newport <br />Beach <br />and <br />Southern Pacific <br />Transportation <br />Company <br />setting <br />forth <br />the <br />terms, conditions <br />and procedures for <br />the exchange of Parcel E for Parcels A, B, D, and D as <br />-1- <br />