HomeMy WebLinkAbout8344 - Sale of State-Owned Property•
RESOLUTION NO. Ag44
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH ACCEPTING THE OFFER BY THE
STATE DEPARTMENT OF TRANSPORTATION TO SELL
CERTAIN STATE -OWNED PROPERTY AND AUTHORIZING
THE MAYOR AND CITY CLERK TO EXECUTE THE
NECESSARY DOCUMENTS TO CONSUMMATE THE PURCHASE
WHEREAS, the California Department of Transportation
by letter dated August 9, 1974, has offered to sell certain
State -owned property to the City of Newport.Beach for the
appraised value of Six Hundred and One Thousand Six Hundred
Dollars ($601,600.00); and
WHEREAS, said property is located in the City of
Newport Beach, and is generally described as Department of
Transportation Parcels 57847, 40468, 41246 and 41356; and
WHEREAS, the terms of the sale require the City to
pay the amount of Four Hundred and Thirty -Six Thousand Six
Hundred Dollars ($436,600.00) to the State upon demand; the
balance of One Hundred and Sixty -Five Thousand Dollars
($165,000.00) will be subject to a Trust Deed and Note covering
payments of principal and interest at 7% per annum for a period
of five (5) years; and
WHEREAS, the City Council believes it to be in the
best interest of the City to purchase said parcels to be used
by the general public specifically for parks, recreation and
open space;
NOW, THEREFORE, BE IT RESOLVED that the City Council
of the City of Newport Beach hereby accepts the offer of the
State Department of Transportation to sell Parcels 54847, 40468,
41246, and 41356, upon the terms and conditions expressed in
the letter from the Department of Transportation dated August 9,
1974;
BE IT FURTHER RESOLVED that the Mayor and City Clerk
are authorized to sign a duplicate copy of said letter, on
behalf of the City of Newport Beach, which shall constitute the
acceptance by the City of the State's offer to sell said
parcels for the appraised value of $601,600.00;
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BE IT FURTHER RESOLVED that the Mayor and City
Clerk are authorized to execute a Trust Deed and Note for
the balance of the purchase price, that is, $165,000.00,
payable over a period of five (5) years at an interest rate
of 7% per annum.
-0 ADOPTED this 26th day of August, 1974.
ATTEST:
City Clerk
QLRTJFAS THE ORIGINAL
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AITY CLERK OF THE CITY N "c'!h G3T - ACH
�G 3 0 1974
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8/20/74