HomeMy WebLinkAboutG-3 - Acquisition of Property in Corona del MarCOUNCIL. AGENDA NO. l.r
CITY OF NEWPORT BEACH
OFFICE OF THE CITY MANAGER
By
March 8, 1976
TO: MAYOR AND CITY COUNCIL
FROM: City Manager
SUBJECT: ACQUISITION OF PROPERTY IN CORONA DEL MAR
nl(fir IIVIZWIN-
Recently the City has been notified that the Department of
Housing and Urban Development.has approved of the Environmental Impact
Report concerning the City's acquisition of 'the parcel in Corona del
Mar for the Senior Citizens' facility. This is the last remaining
obstacle to the City's acquisition, and with the acceptance of the
EIR the City is now authorized to purchase the parcel from the State.
Attached you will find a copy of a letter from the State Department
of Transportation agreeing to the negotiated terms, which are as follows:
I. Total cost - $450,000..
2. Remittance of $105,000 at the time the Purchase Agreement
is executed.
3. Execution of -a Deed of Trust requiring payment of $200,000
on July 1, 1976, and $145,000 on July 1, 1977.
4. 7% simple interest will be charged by the State on the
sums of money named in the Deed of Trust.
During the original negotiating sessions a number of items
were reviewed, such as appraisals, original acquisition price, and
characteristics of -the land. Some of these items vfilich are of interest
and .have a bearing on the proposed City acquisition are as follows:
1. The property was acquired in 1966 by the State for
$880,75.3.
2. The State appraised the property in 1972 for $774,505.
3. The City obtained an appraisal in 1974, excluding all
improvements on the property, for a range value'of
$37.0,000 to $445,000.
4. The parcel presently contai,Is a nursery school composed
of 5,000 sq. ft. of 'buildi j; a playground area; wal-kways;
canopies; and a small parking facility.. These improvements
Page -2-
carried a replacement cost in "1974 dollars" of
$272,140.
5. The one parcel is currently encumbered with a lease
with Carden Schools requiring $1,874 per month in rental
payments.
6. The two parcels contain 230,889 sq. ft:.., or approximately-
5.3 acres.
It has been previously decided by the City Council, and HUD's
approval of the £IR makes it possible) that the Community Development
Block -Grant funds for the purchase of these parcels be utilized. The
payment dates have been tailored to meet the requirements imposed by
the Community Development Block Grant program.
RECOMMENDATION:
That the City Council approve of the resolution authorizing
the mayor to sign the Purchase Agreement, the Installment Dote, and
accept the property for and on behalf of the City of Newport Beach,by
signing the Deed of Trust.
RLW:mm QBER L C. 4YN
f
Attachment
SPATE OF CALIFORNiA—BUSINESS AND TRANSPORTATION AGENCY fDMUND G. BROWN JR:, Governor
DEPARTMENT OF TRANSPORTATION
DISTRICT 7, P.O. BOX 2304, LOS ANGELES 90051 -a
March 8, 1976
07.ORA-1
Parcel 41339-01-01
City of Newport Beach
330 Newport Boulevard
Newport Beach, California 92660
Attn: Mr. Robert L. Wynn
City Manager
Gentlemen:
The Department of Transportation hereby offers to sell the
above referenced propertyY to the City of Newport Beach for
the appraised value of $'+50,000.00. The following portion
of thi's letter when the duplicate copy is executed and
returned by you with a Resolution from the City Council will'
constitute the agreement for the purchase. This Resolution
must indicate that this property will.be purchased for
public purposes. The description of the public use must be
specified in said Resolution. In the absence of the fore-
going Resolution, a clause will be added to the Director's
Deed restricting the property to a public use.
This transaction will not be processed for the California
Highway Commission approval until the duplicate copy of this
letter is fully executed and returned with above Resolution.
The City of Newport Beach, hereinafter known as purchaser,
offers to purchase from the California Department of Trans-
portation that certain property referred to above and
depicted on the attached map for the Statel's appraised
value of $450,000.
The City will make payment in the following manner:
1. Remit $105,000 at the time this agreement is
executed and returned to the Department of
Transportation.
2. Execute a Deed of Trust naming the State of
California as beneficiary with payments,
including interest of seven percent (7%) of
$200,000 due July 1, 197. The remaining
balance, including inte.•,=st, will be due
July 1, 1977.
Edmund G. Brown Jr.
STATE OF CAM FORNIA—BUSINESS AND TRANSPORTATION AGENCY WNXX'9-"Governor
DEPARTMENT OF TRANSPORTATION
DISTRICT 7, P.O. BOX 2304; !OS ANGELES 90034
March 31, 1976
7-Ora -1
Parcel 041339-01-01
INSTALLMENT NOTE - Interest Included
$345,000.00 Newport Beach, California March 31, 1976
In installments as herein stated, for value received, we, jointly
and severally, promise to pay to the State of California, or order
at 120 South Spring Street, Los. Angeles, California, the sum of
Three Hundred Forty Five Thousand and 00/100 Dollars ($345,000,00)
with interest from March 31, 1976, on unpaid principal at the rate
of .seven (7) percent per annum; principal and interest payable in
two installments, the first installment due July 1, 1976, in the
amount of $200,000.00 or more, the second installment due July 1,
1977, on which day the unpaid balance of said principal sum with
the unpaid interest due thereon, shall become due and payable.
Each payment shall be credited first on interest then due and the
remainder on principal, and interest shall thereon cease upon the
principal so credited. Should default be made in payment of any
installment when due, the whole sum of.principal and interest shall
at the option of the holder of this note become immediately due, -
principal and interest payable in lawful money of the United States,
If action be instituted on this note, we .promise to pay such sum as
the Court may fix as attorney fee. This note is secured by Deed of
Trust to Title Insurance and Trust Company, a California corporation,
as Trustee.
There shall be a penalty of 5% of any payment which is paid more
than 10 days after its. due date.
EXHIBIT A
That portion *Blocks 93 and 96 of The A&Lne Subdivision, as
shown on a map recorded in Book 1, page 88 of Miscellaneous maps,
Records of Orange County, described as follows:
Be -inning at the intersection of the northerly extension of
Fortieth Avenue, now known as Narcissus Avenue, with the northeast
line of Corona del Iver as said center line and northeast line are
shown on a map recorded in Book 3, pages 41 and 42 of Miscellaneous
1fiaps, Records of Orange County, California, said northeast line being
the southwest line of said Block 96; thence North 50° 141 20" West
along said tract and block line and the southwest line of said
Block 93 to the northeasterly extension of the center line of Thirty -
Sixth Avenue as shown on said'Corona del Mar map, now known as Jasmine
Avenue; thence North 520 341 20" East 197.40 feet to a point in a
curve, the radius point of which bears North 370 561 10 ' Fast 4905 .00
feet from said point; thence southeasterly along -said curve through
a central angle of 80 101 30", a distance of 699.85 feet to, the
beginning of a tangent line; thence South W 141 20" East along said
tangent line 485.00 feet; thence South 390 15' 30" West 348.75 feet
to the point of beginning.
EXCEPTING THEREFROM all oil, gas and other hydrocarbon substances
in and under said land, together with the right to explore for,
develop, extract and remove the same therefrom by slant drilling or
other like methods, with derricks or drill rigs located outside of the
bqundaries of said property, as reserved in the deed from The Irvine
Company, a corporation, recorded Play 55 1959, in Book 4698, page 478
of Official Records.
City of Newport Beach -2-
Please indicate exactly nor title is to be vested;
City of Newport Beach, a municipal corporation
It is expressly understood by the purchaser that the right,
title and interest in the property to be transferred by this
sale shall not exceed that vested in the State of California.
and that no Policy of Title Insurance will be furnished or
escrow fees paid by the State of California in this transaction.
It is further understood that the purchaser shall not have
use of the property until a Director's Deed has been recorded.
The purchaser agrees to the.above terms and conditions of
sale.
Place of execution Newport Beach, California
Date of execution
.ATTEST: CITY OF NEWPORT BEACH
By —
ty Clerk Mayor
The terms and conditions of the above offer are hereby accepted
subject to the approval of the California Highway Commission.
o,r a� men ranspor a ion
w. r0. Kerney
Deputy Distri t Director
Right of Way`
Approved as to Dorm
Asst. City Attorney
7.
iG
AND WH5N RECORDED MAIL TO
Department of Transportation
�m.
a css P .
0. Box 2304, Terminal
AnnEx
A
5�`ay� LLos
Angeles, CA 90051
SPACE ABOVE THIS LINE FOR- RECORDER'S USE
TO 447 C
CORPORATION DEED
OF TRUST
AND ASSIGNMENT OF RENTS —SHORT
FORM Ora--:1/413.39
Tills Deed Of Trust, made this 30th day of Varch, 1976 between
the City of Newport. Beach
a corporation organized under the laws of the.State of California , herein called TRUSTOR,
whose address is 3300 W. New ort Boulevard, Newport Beach, CA 92550 ,
(number and street) (,city) (zone) (state)
TITLE INSURANCE AND TRUST COMPANY, a California corporation, herein called TRUSTEE, and.
the State of California herein called BEIr&FICIART,
t�
W lltnesse.th: That Trustor IRREVOCABLY GRANTS, TRANSFERS AND ASSIGNS to TRUSTEE IN TRUST, WITH POWER OF SALE,
that property in County, California, described as;
TOGETHER WITH the rents, issues and profits thereof; SUBJECT, HOWEVER, to the right, power and authority given to and conferred
upon Beneficiary by paragraph (10) .of the provisions incorporated herein by reference to collect and apply such rents, issues and profits.
For the Purpose of Securing:
1. Performance of each agreement of Trustor incorporated by reference or contained herein. 2. Payment of the indebtedness evjdenced by
one promissory note of even date herewith, and any extension or renewal thereof, in the principal sum of E tip" 'Q executed
by Trustor in favor of Beneficiary.
To Protect the Security of This Deed of Trust,. Trustor Agrees;
By the execution and delivery.of this Deed of Trust and the note secured hereby, that provisions (1) to (14), :inclusive, of the fictitious
deed of trust recorded in Santa Barbara County and Sonorna County October 18, 1961,and in all other counties October 23, 1961, in the book
and at the page of Official Records in the office of the county rrcor(ler of the county where said property is located, noted below opposite the
name of such county, viz.:
COUNTY BOOK PAGE COUNTY ROOK PAGE COUNTY BOOK 'PAGE COUNTY BOOT( PAGE
Alameda 433 684 Kings 792 833 Placer 895 301 Sierra 29 335
Alpine 1 256 take 362 39 Plumps 151 5 siskiyou 468 181
Amodor 104 348 Lassen 171 471 Riverside 3005 523 Solono 1105 182
Butte .1145 1 Los Angeles. T2055 899 : Sacramento 4331 62 Sonoma 1851 689
Coloveras 145 152 Madera 310 170 San Benito 271 383 Stanislaus. T715 456
Colusa 296 617 Mar,in 1508 339 San.Beinardino • 5567 61 Sutter 572 297
Contra Costa 3978 47 Moriposa 77 292 San Francisco A332 905 Tehoma 401 289
Del Norte 78 414 Mendocino 579 530 San Joaquin 2470 311 Trinity 93 366
El Dorado 568 456 Merced 1547 538 San Luis Obispo 1151 12 Tulare 2294 275
Fresno 4626 572 Modoc 184 851 Son Mateo 4078 420 Tuolumne T35 47
Glenn 422 184 Mono 32 429 Santa Barbara 1078 860 Ventura 2062 386
Humboldt 657 527 Monterey 2194 538 Santa Clare 5336 341 Yolo 6S3. 245
Imperial 1091 501 Napa 639 86 Sonia Crux 1431 494 Yuba 334 486
Inyo 147 598 Nevada 305 320 Shasta 684 528
Kern 3427 60 Orange 5889 611 San Diego Series 2 Book 1961, Page 183887
(which provisions, identical in all counties, are printed on the reverse hereof) hereby are adopted and incorporated herein and made a part
hereof as fully as though ;et forth herein at length; that it will observe and perform said provisions; and that the references to property,
obligations; and parties in said provisions shall beconstrued to refer to the property, obligations, and parties. set forth in this Deed of Trust.
The undersigned Trustor requests that a copy of any Notice of Default and of any Notice of Sale hereunder .be mailed to it at its address
hereinbefore set forth.
STATE OF CALIFOIINT& Signature of Trustor
COUNTY OF S'
on before me, the _
undersigned, a Notary Public in and for said State, personally a corporation
By
President
known to me to be th president, and
Secretary
known to me to he the Siecretary of the
corporation that executed the within instrument, and known to me
t4 be the persons who executed the within instrument on behalf of
the corporation therein named, and acknowledged to me that such
eorperation executed the within instrument pursuant to its by-laws
or a.resolution of its board of dirertorr.
WITNESS my hand and official seal.
15ea1 t
-----
Name (Typed or Printed)
:Votary Public in and for said Slate
DO NOT RECORD
The follow -rap is a copy of provision& ill f 1, inclusive, of the fictitious deed of fount, retarded in eoc ly im California, as stated in thu foregoing Deed of
Tnrsf and incorpafaled by irfesrnce 'in said D,cd of Trust as being a partthereof as if setforth at length therein.
To Protect the Security of This Dec(I of Trust, Tnisfor Agrees!
11) It 'keep said Property in good condition and repair; not to. remove or demolish any building thereanr to complr•fn m restore p'amptly and in gmcd cre. wa,Imanlike
manner any buiidi0& which may be constructed, dmnuped cu destroyed Ihereon and to pay when due all claims for 'iobor performed and mats-rluls to
comply with all lows affecting said property or requiring .any alterations or improvements is be made thereon: mat to commit or Permit waste thereof; not to cam mil, cufier ai
perrriif-any alt.uPbn said psoperly in violation of law; IQ cultivate, iWgate, ferKlizas fumigate, Prune and do all other ices which from the character or use of ;aid property
'.may be reasanab;Y :necessary, the &Pacific enkincerutisns herein not excluding the general.
fl" To ,:w:: da; maintain and deliver to Eenea: iniy. fire rnsurohca socrsfacirry to and -with Iasi payable to RAnepciory. The smarm, roflecfed under any Fl:c f nthe-
nzurence Folicy racy be ooPiied by Beneficiary upon any indebtedness secv.ed hereby and in such order as Beneficiary .may determine, or at option of Ben-+icicry the entire
amount •P cailerfed nr any pare thereof may Se released to Tru&tor. Such opO,cottan ar release shell not cure or waive any default or notice of default hereunder ar ;ns-a£idafe
any 40 dBne, pursuant to such notice.
fI, To arpepr in and defend any action cr proceeding POPorling to affect the security hereof or the rights or powers of 6eneficiary or Trustee; and to poy all cast&
and earn&es, including cast of evidence of fifle and attorney'& fees in a reasonable :um, in any such action or proceeding in which Beneficiary or: Trustee may appear, and
in nmY suit brought by Beneficiary to foreclose this Deed"
(ef 'To pay:, of least ten days before delinquency air taxes and arse —ems affccfing said ptaperfy, including assessments on oa Purtenaml ware; siarkr when our. oil
. %neenShrpnce&, charges and liens, with intereslr on sold Pia Perty or any part thereof, which orpeor to be prior at superior hetela; all cacti, fees and erpan<es at this Tfur1.
Should Truslor fail to make any payment or to do onyocf as he,eim provided', then Beneficiary or Ti'usgee, but without obligation so to do and wi:hsut nonce ea or
rferaond upon Trusfar and without releasing 7rurtor from any obligation he: ens, may: make or do the came. in such manner and is such extent as either may Germ necessary
to protect Hie security heri-elf, Beneficiary as Trustee be;ng authorized to enter upon said property forsuchpurposes: aPpear in and defend any action or .Proceeding Purporting
to affect vise security hereof cr the rights or powers of Beneficiary or Trsrstee: pay, purchase, contest or compromise any incumbrance, charge or lien viHrh in she judgment
of elther oPPeari to be prior or iupedot betetni and, in exercising any such pawersrpay necessary expenses, employ counsel and Pay his rea&aneble fee&.
1.5) `Tn. pay immediately and without demand all sums so ex Pended by Beneficiary or Trwfeer with interest from date of expenditure at the emount 6rlcwed by low
is effecl et The date hereof, end to pay for any statement provided fat by lawin effete at the date hereof regarding the obligation secured hereby any oma r demanded
by the Generciary not to exceed the maximum allowed by few at the time when said statement is demanded.
ifr 'Thai any award of damages in connectionwith any condemnation far Public use of a, iniurY to said property ar any Port thereof is hereby assigned end shot[ be
Pord to Beneficiary who may apply ar release such money& received by him in the some manner andwith the some effete as above _provided for disposition of proceeds of
fire or other 5niuranca. -
17) 'Thal by occspfrmg payment of any sum secured hereby after its due date, Beneficiary does not waive his right either to require prompt payment when due of all
ether sums so secured or to doctors default far failure so to pay.
rat The of any time or from time to time, without liability therefor and without notice, upon written request of Beneficiary and presentation of this Deed and said
nafe far amdar&ememf, and wilhotd affecting the personal liability of any person for Payment of the indebtedness secured hereby, Trustee may: reconvey any part of sald
property; consent is, the making of any map or plat thereofi join in granting any easement fhetesmi or join in any extension agreement or any agreement submdinatin§ the
f7en or eliargs herself. _
(91 That upon written' request of Beneficiary sealing that all sums -secured hereby have been paid, and upon surrender of this Deed and said mate to -Trustee for
cancellation and retention and upon payment of its feet, Trustee shalt reconvey, without warranty, the property then held hereunder. The rediols In such recanveyance of
any 'matters or facts shall be: conclusive proof of the tralhfulmess thereof. The grnnlee in such tecomveysmce may be described as "the person or persons legaily entitled
there're.,' Five years after issuance of such fuli recanveyance, Trustee mcsY destroy said note and Phis Deed fume&s directed in such request to retain them).
(10) That as additional security, Tiuslar hereby gives to and comfers upon Beneficiary the right, Power and oulhority, during the continuance of these Trusts, to collect
Ike rents, issues and profits of said property, reserving unto Ttu&lar the tight, prior to any default by Tt.ustar in payment of any indebtedness secured hereby or in perform -
eke of any agreement hereunder, to collect and tetain such rents, issues and profits as they became due, and payable. Upon any such default, Beneficiary may at any time
without riaf'rcr, either in Person, by agent,. or by a receives to beappointed by a court, and without regard to the adequacy of any security fat the indebtedness hereby
secirtatd, enter upon anal take possession of said property or any part theieafr in his awn nome sue for of otherwise collect such rent&, issues and profits, fact aeiag those
past due and unpaid, and apply the some, less casts and expenses of operation and collect£an, including reasonable atimney's fees, upon any indebtedness secured herebri
and in such' order as Beoeficlaiy may determine. The emitting upon and taking possession of said propertyr the collection of such remsr 'issues and profits and the application
thereraf a& aferres a'rd, shall oaf cure at waive any default or notice of default hereunder or invalidate any act done pursuant 10 such 'notice.
011) That upon default by Truster in paymemf of any indebtednesssecured hereby or .in Performance of any agreement hereunder, Beneficiaty may declare all sums
,eecuced trereby immediately .due and Payablebydelivery to Trustee of written declaration of default and demand for We and of written nclrce of default and at election
to Vaasa to be. cold &aid Properly, which notice Trustee shall cause to be filed- for accord. Beneficiary also shell deposit with Trustee this Deeds said nc:e and cti docu-
menfe -evidencing expenditures &*cured hereby. -
After the lapse of such time as may then be. required 6y law following the retardation of said notice of defouffr and notice of sale having been given e. then required
by IowJ Trustee, without demand an Truster,. shall self said property at the time and Place fixed by it In said mail" of sale, either as a whale or in separate parcels, and
im such,- order as it may determiner of public auction to the highest bidder for cash in lawful money of the United States, payable at time of sale. Trustee may Postpone
.01e dF all air any Portion of said property by public onnouncemenf at
such time and Place of sale, and from time is time thereafter may Postpone such sate by public
annatmiremetit at the time fixed by the preceding postponement. Trustee shall deliver to such Purchaser As deedcanveyfmg the property so sold, but without any covenant
sr warranty, express ai implied. The recitals in such deed of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Truxtarr
T&psteg. M Qe"ficfory as hereinafter de.rned, may purchase at .such sale.
Aver dedudfng all ""It fees and expenses of Trustee and of chi& Trust, including case of evidence of title In connection with sate, Trustee shalt apply the proceeds of
.610 to Payment of:
all sums expended under the terms hereof, net then repaid, with accrued interest at the amount allowed by law in effect at the date hereofi air othes
soma then secured herebyi and the remo nderr if onyr to the Person or ,Persons legally entitled thereto:
1121 Senellc)oty, or any successor in ownership of any 'indebtedness secured hereby, may from time to time by instrument in w.rit,ngr substitute a successor Qr sue•
cessof, to any Trustee named herein or acting hereunderr which instrument, executed by the Beneficiary and duly oc�mcwledged and retarded in the office of the recorder of
the eoumfy 0, ccumt;ez where: said Properly is situated, shall be conclusive proof of proper substi.iutian of such successor Trustee of Trustees, who &hall, without conveyance
from ,flee Trsrslea-Predecesanrr succeed to all its .filer estate,. rights, powers and duties, Said instrument muse contain the name of the original Trusforr Trustee and Beneficiary
%efts nder, lire Seek and page where this Deed is recorded and the name and address of the new Trustee.
113) That fhfs Heed applies to. ;notes to the benefit oft and .binds all parties hereto, their heirsr legatees, deviseesr administrators, executart, successets end assrgtn.
The term Beneficiary &halt mean the owner and holder, including pledgee&, of the nafe secured hereby,. whetherormat named as Beneficiary herein. In this Deedrwhenever
Se context so requires, the mo&mline gender ffeminineudes the feminine ondlar neuterr and the singular number •rndude. the Plural.
(14) That Trustee accept& this Truce when fhfi bend, duly executed and ac knowiedged, is made a Public record as provided 61 law, Tr ustere f& not obligated Is notify any
Party hereto of paneling sale under any other Deed of Trust at of any action or proceeding fm which Truster, Beneficiary of Trustee shall be a party unless brought by Trustee.
r,.. Ti/lm nr+rni]nYf
JJV S�V J Al JJ4VAlL
REQUEST FOR FULL REOONVEYANCE
To be used only when note has been paid,
To TITLE INSURANCE AND TitUST COMPANY, Trustee, Dated _
The widersigned is the legal owner and holder of all indebtedness .secured by the within Deed .of Trust, All sums
secured by said Deed of Trust have been fully paid and satisfied; and you are hereby requested and directed, on pay-
ment It yyou of any sums owing to you under the terms of said Deed of Trust, to cancel all 'evidences of indebtedness,
secured by said Deed of Trust delivered to you herewith together with said Deed of Trust, and to reconvey, withoutwarranty, to the parties designated by the terms of said Deed of Trust, the estate now held by you under the same.
MALL RECONVEYANCE TO,
Do not lose or destroy this Deed of Trust OR THE NOTE which it secures. Both must be
f &vcred to the Trustee for cancellation before reconpeyonce will be made,
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$ 1976
RESOLUTION NO. 9 7 14
By flie, CITY CCilNQ k
CITY OF 1 AWPORT BEACH
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. 0413.39-01-01 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.,.
e
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
Mayor
HRC:yz
3/3/76
-3-