HomeMy WebLinkAbout8440 - Purchase of State-Owned PropertyWHEREAS, said property is located in Corona del Mar
adjacent to Marguerite and is generally described as Department
of Transportation Parcel No. 041339- 01 -01; and
WHEREAS, the terms of the sale provide that the City
will remit Five Thousand Dollars ($5,000.00) at the time the
letter agreement is executed and returned to the Department
of Transportation and that the City of Newport Beach will
execute a Deed of Trust naming the State of California as bene-
ficiary with payments, including simple interest of seven percent
(7%) to be made as follows:
$100,000.00 on July 1, 1975
$200,000.00 on June 1, 1976 and
$145,000.00 on June 1, 1977
WHEREAS, the City Council by this Resolution wishes
to provide that the remittance of Five Thousand Dollars ($5,000.00)
payable upon execution of the letter agreement will constitute
an irrevokable option to purchase said Parcel No. 041339 -01 -01
• which may be exercised on or before July 1, 1975. Should said
• option be exercised said Five Thousand Dollars ($5,000.00) will
be applied toward the purchase price of said property. Should
the City fail to exercise said option on or before July 1, 1975,
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RESOLUTION NO. 8440
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 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 FOR
THE BALANCE OF THE PURCHASE PRICE (PARCEL
•
NO. 041339- 01 -01, CORONA DEL MAR)
•
WHEREAS, the California Department of Transportation
by letter dated February 11, 1975, has offered to sell certain
State -owned real property to the City of Newport Beach for
the appraised value of Four Hundred and Fifty Thousand Dollars
($450,000.00); and
WHEREAS, said property is located in Corona del Mar
adjacent to Marguerite and is generally described as Department
of Transportation Parcel No. 041339- 01 -01; and
WHEREAS, the terms of the sale provide that the City
will remit Five Thousand Dollars ($5,000.00) at the time the
letter agreement is executed and returned to the Department
of Transportation and that the City of Newport Beach will
execute a Deed of Trust naming the State of California as bene-
ficiary with payments, including simple interest of seven percent
(7%) to be made as follows:
$100,000.00 on July 1, 1975
$200,000.00 on June 1, 1976 and
$145,000.00 on June 1, 1977
WHEREAS, the City Council by this Resolution wishes
to provide that the remittance of Five Thousand Dollars ($5,000.00)
payable upon execution of the letter agreement will constitute
an irrevokable option to purchase said Parcel No. 041339 -01 -01
• which may be exercised on or before July 1, 1975. Should said
• option be exercised said Five Thousand Dollars ($5,000.00) will
be applied toward the purchase price of said property. Should
the City fail to exercise said option on or before July 1, 1975,
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said letter agreement dated February 11, 1975 will become null
and void and said Five Thousand Dollars ($5,000.00) will be
forfeited and accordingly will be retained by the Department of
Transportation;
WHEREAS, the City Council believes that it is in
the best interests of the City to enter into said option purchase
agreement for said Parcel No. 041339- 01 -01, which will 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 Parcel No. 041339 -01 -01
to the City of Newport Beach upon the terms and conditions as
set forth in the letter agreement from the Department of Trans-
portation dated February 11, 1975, and by this Resolution which
by this reference is made a part of and is hereby incorporated
into said letter agreement;
BE IT FURTHER RESOLVED that the Mayor and City Clerk
are authorized to sign a duplicate copy of said letter agreement
and attach thereto a copy of this Resolution, which shall
constitute the acceptance by the City of the State's offer to
sell said Parcel No. 041339 -01 -01 for the appraised value of
Four Hundred and Fifty Thousand Dollars ($450,000.00) subject
to the terms as set forth in said letter agreement and this
Resolution. The Mayor and City Clerk are authorized to accept a
Grant Deed from the State for said property;
BE IT FURTHER RESOLVED that should the City exercise
its option to purchase said property, the Mayor and City Clerk
are authorized to execute a Deed of Trust naming the State of
California as beneficiary with payments, including interest of
seven percent (7 %), of One Hundred Thousand Dollars ($100,000.00)
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due July 1, 1975, Two Hundred Thousand Dollars ($200,000.00) due
June 1, 1976, and the remaining balance due June 1, 1977.
ADOPTED this 24th
ATTEST:
pimn
E' rLERK IED AS THE .. AL .
CIN F THE CINOF N 7 BEACH
CAM FEB 2 6 1975
day of February , 1975
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DDO /bc
2/19/75