HomeMy WebLinkAbout8714 - State Owned PropertyRESOLUTION NO. 8714
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF NEWPORT BEACH ACCEPTING THE OFFER
OF THE STATE DEPARTMENT OF TRANSPORTATION
TO SELL CERTAIN STATE OWNED PROPERTY TO
THE CITY OF NEWPORT BEACH AND AUTHORIZING
THE MAYOR AND CITY CLERK TO ACCEPT THE
GRANT DEED FOR SAID PROPERTY AND FURTHER
AUTHORIZING THE MAYOR AND CITY CLERK TO
EXECUTE A DEED OF TRUST AND INSTALLMENT NOTE -
INTEREST INCLUDED FOR THE BALANCE OF THE
PURCHASE PRICE (PARCEL NO. 041339- 01 -01,
CORONA DEL MAR)
WHEREAS, the Department of Transportation of the
State of California by its letter dated March 8, 1976 has
offered to sell certain state owned real property to the City
of Newport Beach for Four Hundred Fifty Thousand Dollars
($450,000.00); and
WHEREAS, said parcel is located in Corona del Mar,
approximately at the intersection of 5th Avenue and Marguerite
Avenue, and is generally described as Department of Transporta-
tion Parcel No. 041339- 01 -01; and
WHEREAS, the terms of the sale provide that the City
will remit One Hundred and Five Thousand Dollars ($105,000.00)
at the time the letter agreement with the State of California
Department of Transportation is executed and returned to the
Department of Transportation and that the City execute a
Deed of Trust naming the State of California as beneficiary,
and Installment Note - Interest Included, with payments, includ-
ing simple interest at seven percent (7%) per annum to be made
as follows:
$200,000.00 due
July 1,
1976 and
$145,000.00 due
July 1,
1977; and
WHEREAS, the City Council
finds that it is in the
best interest of the City
to enter
into the agreement to purchase
said parcel which will be
used by
the general public for parks,
recreation and open space purposes;
NOW, THEREFORE, BE IT RESOLVED that the City Council
of the City of Newport Beach hereby accepts the offer of the
State of California Department of Transportation to purchase
from the State of California, Parcel No. 041339 -01 -01 upon
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by this reference is made a part hereof and is hereby incorporated
into this resolution;
BE IT FURTHER RESOLVED that the Mayor and City Clerk
are authorized to execute said letter agreement on behalf of
the City of Newport Beach and to attach thereto a copy of this
resolution, which shall constitute the acceptance by the City
of the State of California offer to sell said Parcel No.
041339 -01 -01 for Four Hundred Fifty Thousand Dollars ($450,000)
subject to the terms as set forth in said letter agreement and
this resolution;
BE IT FURTHER RESOLVED that the Mayor and City Clerk
are hereby authorized and directed to accept a grant deed from
the State of California Department of Transportation, for said
real property.
BE IT FURTHER RESOLVED that the Mayor and City Clerk
are hereby authorized and directed to execute a Deed of Trust
naming the State of California as beneficiary, and Installment
Note - Interest Included, providing for payment to the State
of California a total amount of Three Hundred Forty Five
Thousand Dollars ($345,000), including interest at seven percent
(7%) per annum with the first installment due July 1, 1976 in
the amount of Two Hundred Thousand Dollars ($200,000) or more,
the second installment due July 1, 1977, on which date the
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the terms and
conditions as set forth in
the letter from the
Department of
Transportation dated March
8, 1976, which letter
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by this reference is made a part hereof and is hereby incorporated
into this resolution;
BE IT FURTHER RESOLVED that the Mayor and City Clerk
are authorized to execute said letter agreement on behalf of
the City of Newport Beach and to attach thereto a copy of this
resolution, which shall constitute the acceptance by the City
of the State of California offer to sell said Parcel No.
041339 -01 -01 for Four Hundred Fifty Thousand Dollars ($450,000)
subject to the terms as set forth in said letter agreement and
this resolution;
BE IT FURTHER RESOLVED that the Mayor and City Clerk
are hereby authorized and directed to accept a grant deed from
the State of California Department of Transportation, for said
real property.
BE IT FURTHER RESOLVED that the Mayor and City Clerk
are hereby authorized and directed to execute a Deed of Trust
naming the State of California as beneficiary, and Installment
Note - Interest Included, providing for payment to the State
of California a total amount of Three Hundred Forty Five
Thousand Dollars ($345,000), including interest at seven percent
(7%) per annum with the first installment due July 1, 1976 in
the amount of Two Hundred Thousand Dollars ($200,000) or more,
the second installment due July 1, 1977, on which date the
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unpaid balance of said principal sum with the unpaid interest
due thereon shall become due and payable.
ADOPTED this 8th day of March , 1976.
ATTEST:
City Clerk
�CERTIFIE AS THE ORIOIN4
CITY CLERK OF THE CITY 14 WORT ®GAGN
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3/3/76