Loading...
HomeMy WebLinkAbout8346 - State-Owned Excess Freeway Right-of-Way0 RESOLUTION NO. 8346 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH AUTHORIZING THE CITY STAFF TO PREPARE THE NECESSARY LEASE AND OPTION AGREEMENTS RELATING TO CERTAIN STATE-OWNED EXCESS FREEWAY RIGHT -OF -WAY WHEREAS, the State Department of Transportation has offered to lease certain State -owned excess freeway right -of -way to the City of Newport Beach pending the completion of the Orange County Coastal Corridor Study, and WHEREAS, said property is described as the Pacific Electric right -of -way, Parcel Nos. A8188 and B7069, to be leased for the sum of $100.00 per month and the Cagney property, Parcel No. C6741, to be leased for the sum of $50.00 per month; and WHEREAS, the State Department of Transportation has offered to grant a six months' option to purchase certain State - owned excess freeway right -of -way located in Corona del Mar, described as Parcel No. 41339 for a sale price of $553,800; 30% or $166,140 down at the time of exercise of the option, the balance of $387,660 secured by a ten -year note at 7% simple interest; and WHEREAS, the City Council finds and determines that it would be in the best interests of the City to enter into the leases for the excess State -owned freeway right -of -way described herein - above and to enter into an option agreement for the purchase of the excess State -owned freeway right -of -way located in Corona del Mar as described hereinabove. NOW, THEREFORE, BE IT RESOLVED that the City staff be authorized in conjunction with the Department of Transportation's staff to prepare the necessary lease documents and option agreement incorporating the terms and conditions as set forth hereinabove for submission to and final approval by the City Council. ADOPTED this 26th day of August, 1974. c Mayor ATTEST /` e City C erk fi �CERTI D AS YP7E ORIGINAI -/ . ...... ..- - -- CITY CLERIC OF THE C OF P1EWP T BEAC➢8� AUG 3 0 1974 DATE: ............ c 8/26/74