HomeMy WebLinkAboutF-12 - Acquisition of 203 40th Street9
July 22, 1985
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TO: CITY COUNCIL
FROM: Public Works Department
SUBJECT! ACQUISITION OF 203 40TH STREET - (A.P. 423-296 -06)
RECOMMENDATIONS:
CITY COUNCIL AGENDA
ITEM NO. F-12
BY THE CITY COUNCIL,
CITY OF NEWPORT BEACH
JUL 2 21985
1. Authorize the purchase of 203 40th Street for $180,000.
2. Authorize the acceptance of a grant deed for 203 40th Street
from Theodore L. and Salome T. Fessenden.
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 33rd 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. The purchase of this parcel is programmed for the second -
year phase of right-of-way acquisition.
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 $180,000 as of September 5,
1984. Mr. and Mrs. Fessenden accepted the City's offer of $180,000 contingent
upon City Council approval.
The property at 203 40th Street is 32.14 feet wide by 8.5 feet deep,
and is on the corner of 40th Street and Balboa Boulevard. The structure is a
1,167-square-foot, one-story duplex. One of the dwellings is currently rented
on a monthly basis for a total of $225 per month, while the other dwelling is
used by the owners on a weekend basis. The tenant has occupied the dwellings
over 90 days, making him eligible for relocation benefits if he moves from the
property at the City's request. These benefits could be as much as $4,000 plus
moving expenses.
It is recommended that the City purchase 203 40th Street for the
appraised fair market value of $180,000. 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
sixteen parcels that the City has already acquired for the widening of Balboa
Boulevard. The acquisition of this parcel leaves two parcels to be acquired
b,9tween 3 3 rd a
Strree t//�Y/f/�aj�n{j/IdJ44 t h Street.
Benjamin B. Nolan
Public Works Director
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Att.
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EXHIBIT "A"