HomeMy WebLinkAbout7766 - Transfer of Leasehold Rights & Abandonment of Oil WellRESOLUTION NO. 7 76 6
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
NEWPORT BEACH AUTHORIZING THE PURCHASE OF ALL
RIGHTS OF PACIFIC SUPPLY COOPERATIVE TO THE OIL
AND GAS LEASE ON THE BUSHARD AND HAMILTON
PROPERTY, AND AUTHORIZING EXECUTION OF ALL
DOCUMENTS NECESSARY TO ACCOMPLISH THE TRANSFER
OF LEASEHOLD RIGHTS AND ABANDONMENT OF THE WELL
WHEREAS, on March 19, 1951, the City entered into a
20 -year oil and gas lease with Pacific Supply Cooperative, cover-
ing a parcel of real property originally acquired and used by the
City as a water well site, near the intersection of Bushard and
Hamilton in the City of Huntington Beach; and
WHEREAS, the use of the property as a water well site
ceased upon the establishment of the Big Canyon Reservoir, and it
has been determined that it would be desirable and in the best
interests of the City to offer the property for sale; and
WHEREAS, under the terms of the above lease, the Lessee
has retained its right to remain on the property following
expiration of the lease on March 19, 1971, by continuing marginal
production; and
WHEREAS, in order to clear title to the property for
purposes of sale, all rights of Pacific Supply Cooperative
under the above lease must be acquired by the City and the oil
well abandoned; and
WHEREAS, Pacific Supply Cooperative has offered to
convey all of its right, title and interest in and to the above
lease for the sum of $15,060, and to cause the abandonment and
removal of the oil and gas well for the sum of $4,675,00, and
10 the City Council wishes to accept said offer;
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Newport Beach, as follows:
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1. The City hereby accepts the offer of Pacific Supply
Cooperative to quitclaim all of its right, title and interest in
and to the Oil and Gas Lease dated March 19, 1951, covering the
following described real property in the City of Huntington Beach;
County of Orange, State of California:
The South 440' of the North 660' of the West 495'
of the Southeast Quarter of Section 18, Township 6
South, Range 10 West, San Bernardino Base & Meridian,
containing 5 acres, more or less,
for the sum of $15,000.00, and for the additional sum of $4,675.00
to cause the abandonment of the oil and gas well and removal of the
concrete on the land in compliance with all applicable laws and
regulations;
2. The City Attorney is directed to open an escrow in
connection with the above described transaction;
3. The Mayor and City Clerk are hereby authorized to
accept the Lessee's quitclaim deed on behalf of the City, and to
execute all other documents necessary to accomplish the transfer
of the above leasehold rights and abondment of the oil and gas
well.
ATTEST:
ADOPTED this 24th day of July, 1972.
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- RTIFIED AS THE OR INAL ,
CM CLERK OF THE CITY OF NE ORT BEACH
DAM JUL ?7 197- -__- _ -------
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Z a.
Mayor
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7/17/72