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Home My WebLink AboutC-1289 - Appraisal Services for City-owned Refuse Disposal Station at 19th Street and Whittier1 i, 1 1 APPRAISAL REPORT • 4026 ACRE PROPERTY ON 19TH STREET • CEDRIC A. WHITE, 1R., M.A.I. i ! it it '1 �i 1 I� DATE OF VALUE: April 3, 1970 DATED AT: Anaheim, California APPRAISAL REPORT covering 40.26 Acre Property on 19th Street City of Newport Beach SUBMITTED TO: City of Newport Beach 3300 Newport Boulevard Newport Beach, California Attn: Mr. James DeChaine Assistant City Manager SUBMITTED BY: Cedric A. White, Jr., M.A.I. 531 South Harbor Boulevard Anaheim, California 92805 Date of Value: April 3, 1970 After inspection and analysis, I have arrived at the following con- clusion: Approximate Fair Market Value: 1$400,000- 485,000 or 40.26 gross acres @ $10,000- 12,000 /acre (This evaluation is to be the basis of a land lease 1 for 25 years; land to be leased "as is "; all deve- lopment burdens will be borne by the lessee.) t This opinion is substantially below the bracket of $18- 20,000 /acre in the August 1968 report of Wilsey and Ham. Also, it is below the March 13, 1970-offer through Mullan Realty at $18,000 /net usable acre. -A portion of this difference may be accounted for by my evalu- ation being for a 25 -year lease. The other evaluations are assuming an outright sale. The relatively short duration of your intended lease results in'some reduction in value. My; opinion for outright sale, or for long term lease, would be increased by up to $2,500 /acre. 1 However, the bulk of the difference would seem to be accounted for by my attitude toward the substantial'development burdens. The most notable burden is the usefulness of the rubbish areas. My calcula- tions indicate 12.32 acres of rubbish area. There is no guarantee as to the usability of the rubbish areas and/or the substantial costs to make the rubbish area usable. I LII� I CEDRIC A. WHITE, JR., M.A.I. REAL ESTATE APPRAISER 531 SOUTH HARBOR BOULEVARD • ANAHGM, CAUrORMIA 911804 • (7141774-0510 April 3, 1970. City of Newport Beach 1 3300 Newport Boulevard Newport Beach, California ' Attn: Mr. James DeChaine RE: 40.26 -acre Property Assistant City Manager on 19th Street IDear Mr. DeChaine: In accordance with your authorization by letter dated November 3, 1969, I have completed an investigation of the above mentioned property. The purpose of my inspection and analysis has been to arrive at the approximate fair market value thereof. Date of Value: April 3, 1970 After inspection and analysis, I have arrived at the following con- clusion: Approximate Fair Market Value: 1$400,000- 485,000 or 40.26 gross acres @ $10,000- 12,000 /acre (This evaluation is to be the basis of a land lease 1 for 25 years; land to be leased "as is "; all deve- lopment burdens will be borne by the lessee.) t This opinion is substantially below the bracket of $18- 20,000 /acre in the August 1968 report of Wilsey and Ham. Also, it is below the March 13, 1970-offer through Mullan Realty at $18,000 /net usable acre. -A portion of this difference may be accounted for by my evalu- ation being for a 25 -year lease. The other evaluations are assuming an outright sale. The relatively short duration of your intended lease results in'some reduction in value. My; opinion for outright sale, or for long term lease, would be increased by up to $2,500 /acre. 1 However, the bulk of the difference would seem to be accounted for by my attitude toward the substantial'development burdens. The most notable burden is the usefulness of the rubbish areas. My calcula- tions indicate 12.32 acres of rubbish area. There is no guarantee as to the usability of the rubbish areas and/or the substantial costs to make the rubbish area usable. I LII� City of Newport Beach April 3, 1970 Page 2 Enclosed with this letter is a brief, summary -type report. Other data and analyses are retained in my files. This is to certify that the undersigned has no personal interest in the subject property, nor have I in the past; that the fee for the appraisal is in no way contingent upon the value conclusions derived; and that the appraisal has been made in conformity with the Rules of Professional Ethics of the American Institute of Real Estate Appraisers, of which I am a member. CAW:mt Very truly yours, Ze Cedric A. White,, Jr., M.A.I. I 11 PURPOSE OF THE APPRAISAL The purpose of this appraisal is to estimate the aappp�roximate fair market value of the 40.16 - acre.parcel owned by the City ot Newport Beacli, an located on the north side of 19th Street, westerly from Whittier Avenue. (Assessor Parcel No. 115- 36 -39) I I I I - 1 - I Date of Value: April 3, 1970 Note: The definition set forth below must reflect that this evaluation is to be the basis for a 25 -year lease. This be- canes an encumbrance to the land in that fair market value would normally be for outright sale or for lease over a normal period of years -- say 50 years or more. Fair market value, subject to the understanding noted above, is defined as the highest price estimated in terms of money which a property will bring if exposed for sale in the open market with a reasonable time allowed in I which to find a purchaser buying with knowledge of all the uses and pur- poses to which it is best adapted and for which it is capable of being used. (Supreme Court of California) ' This definition further assumes that neither the buyer nor the seller are under any undue compulsion to sell or buy. In addition, "in terms of money" is construed as cash equivalent. In other words, it is the amount a seller would cash out. This reflects the fact that the face amount of sane trust deed encumbrances would be discounted if exposed for sale in the open market. I I I I - 1 - I .l 11 ' PRIMMISE SECTION This appraisal has been based upon the following assumptions and limiting conditions: L L L ' � - 2 - 1. That I assume no responsibility for matters legal in character, nor do I render any opinion as to the title, which is assumed to be good. All existing liens, easements, leases, bonds and tother encumbrances have been disregarded unless otherwise speci- fied. The property is appraised as though under responsible ownership and competent management. l2. That while information was obtained from sources felt to be reliable, it is in no sense guaranteed. 3. That the evaluation is to be the basis for a 25 -year ground lease as contracted to an evaluation which would be for out- right sale or lease over a term of 50+ years. 4. That the evaluation is approximate. (A final conclusion of value on this type property wou�e extensive engineering. Major Lstudy fields of investigation would include soil analysis, testing and of the rubbish area, design of a drainage system, method of severing, and design of roads.) S. That a title report has not been reviewed. It is assumed that exceptions to title, if any, will not materially affect the evaluation. L L L ' � - 2 - PROPERTY DATA LOCATION Subject is located on the north side of 19th Street, one -half block west of Whittier Avenue. Property is within the City Limits of Newport Beach. SIZE AND SHAPE Dimensions: 1063' E/W x 1650' N/S Size: 40.265 gross acres (use 40.26 acres as per assessor map) Less future 19th Street: 50' x 1063' = 53,150 sq.ft. or 1.22 acres Net Usable: Gross 40.26 acres Less 19th Street 1.22 acres Net Usable 3T.- —acres Shape: Rectangular ASSESSED VALUE Parcel No.: 115 -36 -39 Land: $50,320 Code Area: 07 -029 ($1,250 /acre) Tax Rate: $9.5187/100 Estimated Taxes: $9.5187/100 x $50,320 = $4,789.81 - 4 - SUMMARY OF WOODWARD ETAL BORINGS F` MAPS /Na /60' 0 350 IS0 /2 2' SAND J 26 ' ELov. 300 - -- 1 O 6 "SAL T ¢` SAIVO Av,Eiv Come ,E'rc, SRND I I i O-- S /LT 4`S.9ND I 3 ' -M, c .E O I I oNC.r�. 1 a 8" Ckc-V. S /LTESAVO I SO '.E"LEV. O S /.- r e sg1w I OSiLTS�.S.vNd SuO Santo 40'EL ,e Y 300 to � I � �JSE 663' O 10 I � O O 27'#E/J CONCS,Crc, Z 1 I /063 d� A2 '0F SJL.rY SRND r/fE/v CONc. 4rc, ' .58' ELEV. 4 ' S/L rY SRNO 7-wm C4&4,-. ,ETC, .S'9 ',CLEV, i� PROPERTY DATA (Continued) SOIL, TOPOGRAPHY AND DRAINAGE Land Classification: Dedication for 19th Street: Native soil: Filled depression in northwest Rubbish areas: 1.22 acres 21.90 acres 4.82 acres 12.32 acres 40.26 acres Soil: The Wilsey and Ham report indicates native soils in the area are generally sandy and gravelly, alluvial and marine - terrace de- posits. The rubbish areas consist of organic as well as inorganic materials. Their investigation in 1968 indicated the rubbish is in a state of active decomposition, emitting a strong and unpleasant odor when the fill cover is removed. Review of the Wilsey and Ham report, and current interviews with Robert McNeill of Woodward -Clyde and Associates, indicate that many of the soil tests were shallow. It was not possible to ad- vance holes through certain materials in the rubbish fill. This also applies to the northwest corner of the property which con- tains land with inorganic fill as concrete, asphalt, etc. The rubbish thickness was discussed with Mr. Thompson of the General Services Office, City of Newport Beach. He indicated that the bottom of the rubbish areas would be +8' below the bot- tom of the present drainage channel. By study'-of the existing property topography, this results in the conclusion that the total rubbish fill ranges from +23' in the southwest part to 41' in the northeast part. This is made up of layers of 2' of fill, then 1' of dirt, etc. ' Mr. Mynderse at City bish fill was made years, the method of he was not conversant years. I 1 11 Offices indicated the earthen cap on the rub - in 1/67. During the immediate preceding 3 -4 rubbish and soil placement was good. However, with the operation in the many preceding - 5 - . , PROPERTY DATA (Continued) iHIGHEST AND BEST USE Industrial: On 25 -year lease -- could be used for operation with minimum buildings, considerable outside storage, etc., concrete j plant, pipe and material storage, contractor yard. Commercial: No Residential Income: No Residential: Be satisfactory if had longer lease; could divide good land homes on 5000 sq.ft. lots and use rubbish area for greenbelt. S ecial Purpose: Church -- not on 25 -year lease; possible on southeast corner if outright sale. Recreation: Golf is physically possible, but not economically ease Mobile Hone: The most probable use on 25 -year lease; be good use it outright sale is proposed. Study A: 194 pads, 48 x 65; minimum grading of 187,000 yards and export of 164,000 yards Study B *: 195 pads, 50 x 65; substantial grading of 252,000 yards and export of 100,000 yards Study C:. 184 pads, 50 x 70; same grading as B Theoretical Potential: 21.90 native acres + 4.82 northwest fill acres = 26.72 usable acres. Since can use rubbish area for parking, trailer storage, landscaping and I recreation, estimate up to 9 spaces.per acre on usable: 26.72 x 9 = 240 spaces Considering slope losses along perimeters, shape difficulties, shade this down. Slopes will be .90 + .49 + .07 + .17 = 1.63 acres x 9 spaces per acre = 15 loss 240 - 15 = 225 net spaces are possible *Note: For information purposes, Study B is set forth on the following page. -6- I ZO'X /O4e 3 a o a� O N //0 Q /3 n /O fi CA H4 GG N I- I CUT AND FILL REQUIREMENTS FOR STUDIES B AND C Area 1 227,558 sq.ft. = 5.22 acres 227,558 sq.ft. x 7'fill t 27 Area 2 193,201 sq.ft. = 4.44 acres 1930201 sq.ft. x 20' fill t 27 Area 3 263,105 sq.ft. = 6.04 acres 263,105 sq.ft. x 20 t 27 Area 4 249,267 sq.ft. = 5.70 acres 2490267 x 15' t 27. Southeast Portion 4.13 acres x 43,560 sq.ft: /acre x 10' t 27 = 179,903 sq.ft. x 10/27 19th Street City indicates fill requirements of: SUMMATION OF FILL AVAILABLE - 59,000 yards fill required - 143,000 yards fill required +195,000 yards cut available +1390000 yards cut available + 67,000 yards cut available - 50,000 yards fill required Allowance for fill in rubbish area Net cut available COST OF EARTH MOMENT 100,000 yards @ 15¢ potential income Less required earth movement: 59,000 + 143,000 + 50,000 yards = 252,000 yards @ 60¢ /yard to move Net earth movement cost - 7 - 59,000 yards fill = 143,000 yards fill = 195,000 yards .cut = 139,000 yards cut = 67,000 yards cut 50,000 yards fill _ +149,000 49,000 _ +100,600 yards = +$ 15,000 _ - 151,200 $136,200 MOBILE HOME APPROACH PER PAD VALUE Based upon $30,000 /acre . 8 = $3,750 /pad SUBJECT POTENTIAL a) 184 -225 @ $3,750 b) Rubbish area, 12.32 acres; need +3 acres of this for roads,, recreation, parking etc. in order to get pads on usable area; drainage course takes 2 -3 acres, say 3 acres; residual is 6.32 acres; after sur- charge, engineering, 3 -YT. minimum delay, may be worth $20 000 /acre; dis- count to 10,000 /acre present worth TOTAL POTENTIAL _ $690,000- 843,750 63,000 ILESS ABNORMAL COSTS l (As compare to and which is worth $3,750 /pad) Sewer (pump plant and force main +1300 LF) _ Earth moving = Roads: 19th St. (exc.fill) _ $40,000 2 rubbish crossings @ 300 LF @ $40 = 240000 = Rubbish removal: some may need removal, use lump sum = Drainage swale; leave as is but landscape;need several culverts, etc; lump sum = Beautification: Landscape 6.32 acre dump area not being used; lump sum - Engineering: Soils 6 testing = $25,000 Extra civil engineering on normal costs; add 10% to normal; 10% x 10% x $2000 /pad x 200 ; = 4,000 _ $753,200- 906,950 Say: 755,000- 910,000 $ 33,000 87,200- 1360200 - 8 - 64,000 10,000 20,000 5,000 MOBILE HCME APPROACH (Continued) Engineering on abnormal costs 10% x +$200,000 = $20,000 = $ 49,000 Sub -total $268,200- 317,200 CONTINGENCIES ON ABNORMAL COSTS 10% x + $268,200 = 27,000- 32,000 TOTAL ABNORMAL COSTS RESIDUAL TO RAW LAND and profif—o—n—abnormal costs LESS PROFIT INCENTIVE - x 15% RESIDUAL TO RAW LAND = $2950200- 349,200 = $459,800- 5609800 = 44,300- 52,400 _ $4150500- 508,400 $415,500 a 40.26 acres = $10,320 /acre 508,400 a 40.26 acres = 12,630 /acre NOTE Newport locations for mobile home parks are limited. If longer lease term, or sale, were contemplated, it may be possible to leave out the profit incentive of $44,300 - 52,500. This would raise the value conclusion by +$1,000- 1,300 /acre. ACREAGE APPROACH NET USABLE AREA 40.26 - 1.22 = 39.04 acres THEORETICAL VALUE 12.32 acres rubbish @ $10,000 /acre 26.72 acres native @ $30,000 /acre 33 -0�res LESS ABNORMAL COSTS Costs: $2950200- 349,200 Profit 20%: 59,040- 69,840 $5700560 s 40.26 acres = $14,170 /acre 505,760 a 40.26 acres .= 12,560 /acre - 10 - _ $123,200 = 801 600 _ $354,240- 419,040 $570,560- 505,760 1, klNrg;yolA:INO rIe� :••:e:o. One could contemplate removal of part or all of the rubbish.. Then, all of the 39.04 acres could potentially be valued at the $30,000 per acre figure. Also, removal of part or all of the rubbish would lessen sane of the development costs -- engineering, roads, etc. -- but would sub- stantially increase the cost of earth and rubbish removal and then ad- ditional onsite grading to fill back up the excavated rubbish areas. THEORETICAL VALUE 39.04 acres @ $30,000 /acre LESS ABNOWAL COSTS Sewer = $ 33,000 Rubbish removal on portion, +5 acres x 25' average depth @ +$i.50 /yd. = +5 x 43,560 x 25/27 = +200,000 yards @ $1.50 /yard — = 3009000 On site earth movement = 150,000 19th Street = 40,000 Drainage swale = 252000 Engineering = 10,000 Sub -total = $558,000 Contingencies 10% = 55,800 RESIDUAL TO LAND AND PROFIT ON ABNORMAL COSTS PROFIT ON COSTS, 20% x $613,800 RESIDUAL TO RAW LAND $4340600 a 40.26 acres - 11 - = $111719200 = 613,800 _ $ 5579400 122,800 _ $ 434,600 = $10,800 /acre - 12 - INTERVIEWS DATE PERSON INTERVIEWED SUBJECT 4- 2 -70 Robert McNeill, Woodward - Clyde $ Soil matters Associates 4- 1 -70 Mr. Collins, William Messenger Mobile Home Park Company Land 3 -31 -70 William Gahegan, William Messenger Mobile Hone Park Company Land 3 -31 -70 Robert McNeill, Woodward - Clyde $ Soil Associates 1 -13 -70 Bill Shrewsbury, The Irvine Market Data, Golf Company Course Data 1 -14 -70 Novell James, Riverview Golf Golf Course Data, Course 1 -14 -70 Jacob Mynderse, City of Newport Fill Beach 1 -14 -70 Herbert Thomason, City of Newport Fill Beach 1 -14 -70 Ken Perry, City of Newport Beach Sewer 1 -12 -70 Willie Barber, Anaheim Driving Golf Course Data Range 1- 6 -70 Phil Taylor, U. S. Financial Mobile Home Leases Corporation 12 -19 -69 Bill Shrewsbury, The Irvine Mobile Hone Parks Company Haviland W. Smith Mobile Home Parks Dr. Erwin Kersten Mobile Home Parks Phil Taylor, Swan Constructors Mobile Hone Parks 12 -31 -69 Philip Walsh, American Mobile Hone Mobile Hone Parks Company - 12 - MARKET DATA MOBILE HOME PARKS Seven sales throughout Southern California were obtained and verified. These were of general interest, but were not directly comparable to subject. The sales are improved mobile home parks. MOBILE HCME LAND PURCHASES A study of Orange County indicated a number of land purchases for mobile home usage. Also, some leases were investigated for mobile home park use. The price range tends to fall in the bracket of $25- 30,000 /acre. Such parcels would be relatively level, having few, if any, abnormal type development problems as are found on subject. The yield ranges around 8 spaces per net usable acre. (Net usable is after dedication for bounding arterial highways.) OTHER MARKET DATA ■ General consideration has been given to acreage purchases in this area. Toward the west is the Huntington Beach area with residential prices in ' the bracket of $30- 35,000 /net usable acre. In the area southeast from subject is industrial land which falls in the bracket of $1.00 /sq.ft. If subject were a level parcel divided into +5 -acre industrial sites, then the value bracket would be $1.00 /sq.ft. Rawever, the limitation imposed by a 25 -year lease would reduce this value somewhat. In addition, the price per acre would apply to the land area after deduction for loss in- slopes and loss in interior streets to serve these parcels. II II Ii II I i - 13 - QUALIFICATIONS FOR CEDRIC A. WHITE, JR. Member, American Institute.of Real Estate Appraisers (MAI) EDUCATIONAL: ig c ool: Long Beach Polytechnic - graduated February 1945 College: Occidental College: February 1945 to June 1948, B.A. in Mathematics and-Economics. U.S.C.: June 1950, B.E. in Civil Engineering Advanced Construction, Costs and-Estimates, 9/51 to 2/52, U.S.C. Study: M.A.I. Courses I and II, 1051 -1952 Teaching: Appraising, Los Angeles High Adult Evening School, 5 Semesters, 1953 -1955. Advanced Appraising, U.S.C., Spring 1957. Appraising, U.C.L.A. Extension, Long Beach, Garden Grove, Santa Ana. Advanced Appraising, U.C.L.A. Extension Santa Ana. PROFESSIONAL: June Real Estate Appraiser, Union Bank-and Trust Company, Los 1950 Angeles. During last three years, held position of senior appraiser. to Primary Duty: Manager of Real Estate Appraisal Department June consisting of eight men and three women as of June 1956. 1956 Assignment of all appraisal work, involving about 500 per year; all property types in Los Angeles Metropolitan area. Review of all appraisal reports for adequacy of data and valuation procedure. Management of department involving judgment of caliber of work, suggested advancement, train- ing probedures, etc. Secondary Duties: General appraising, residential, and ' residential income, commercial, industrial, subdivision surveys. Cost estimating and analysis of plans on proposed construction. Examples include: Half- million dollar shop- , ping centers in Covina; residential tracts in Los Angeles and Orange Counties; industrial subdivision in Torrance, church in Eagle Rock; restaurant in Manhattan Beach. ' Represented Union Bank and Trust Company in talks to Ameri- can Institute of Real Estate Appraisers, C.R.E.A. Appraisal Division, Beverly Hills Realty Board, U.C.L.A., Real Estate ' majors, San Diego Chapter of S.R.A. Appraisals during the last few years were primarily on larger income properties. Major assignments were fair market value appraisals for the Trust Department, including $75,000 estate in Beverly Hills, $650,000 multi -story retail building in downtown Los Angeles, $115,000 apartment in Lo Beach. ' In addition, fair market appraisals were made of all Union Bank premises and parking lots. - 14 Cedric A. White. Jr.. M.A.I. Page 2 June Areas appraised during bank employment included most cities 1950 in Los Angeles and Orange Counties as well as the following: to Atascadero: Vacant land; Carpinteria: Beach house; Corona: June Store building; Oxnard: Shopping center; Palm Springs: Golf 1956 course; Rancho Santa Fe: Houses and vacant sites; Rialto: (Continued) Gas stations, subdivision; San Bernardino: Subdivision; Ventura: Subdivisions; Yucaipa: Ranch, commercial houses. July Associated with employer, George Hamilton Jones, M.A.I., 1956 Anaheim, in appraisal of numerous properties including: to Residential and subdivision acreage in San Clemente Three residential income properties adjacent to Harbor August Freeway in Los Angeles 1957 Partial takings for highway use: Anaheim, Santa Ana Fair rental estimate of automobile agency, Anaheim Dumpsites: Monterey Park, Huntington Beach School Sites: Capistrano, Magnolia, Placentia, Westminster ' 10 to 640 -acre parcels: Edwards Air Force Base Two -story Store Building: Santa Ana Anaheim Memorial Hospital Chicken Ranch: Riverside area ' September Self- employed Real Estate Appraiser 1957 Qualified for court testimony as expert witness on real to estate evaluation in Superior Courts of Orange County, Los Angeles County, Riverside County, San Diego County. September 1967 Representative clients include, in part, the following: Attorneys: omas A. Baggot: Westminster property; Beverly Hills condemnation; downtown Los Angeles properties John D. Chinello: Huntington Beach acreage Stephen Claman: Fullerton property Hodge Dolle: Decorative eucalyptus grove, Chatsworth acreage, lumber yard, trailer park, acreage in Oceanside Gibson, Dunn & Crutcher: La Habra property Arthur Gray: 1200 acres in Yorba Linda John Kent: Various Anaheim properties Kindel & Anderson: Subdivision land in Westminster, Law Building, Los Angeles Civic Center Launer, Chaffee & Hanna: Various properties in Orange County John Maeno: Dairy Valley, Ventura and-San Dimas acreage Scott Richmond: Santa Ana property ' Rutan & Tucker: Numerous assignments in Orange County; acreage at Prado Dam, Riverside County; property in Newhall area; San Fernando Valley acreage William Wenke: Huntington Beach acreage. 11 15 . Cedric A. White, Jr., M.A.I. Page 3 September Cities: 1957 �naEeim: Parking lots; acreage; courthouse area; downtown area; ball park; convention center to Avalon: Well site; vacant land Buena Park: Fire station, park sites, library sites September Colton: Downtown area for potential renewal 1967 Costa Mesa: Street R/W Cypress: City hall site; flood control channel; park sites (Continued) Fountain Valley: Flood control in Miles Square Fullerton: Park site; street widening Garden Grove: Street widening for West Street Laguna Beach: Street widening for Glenneyre La Habra: Street widening Newport Beach: Freeway alignments Norwalk: Street widening in downtown area Orange: Fire station site Santa Ana: Street widening, well site Westminster: City hall site, Trask Avenue widening, acreage parcels Co orations and Individuals: . A. an Company: AcreNge in Oceanside Anaheim Memorial Hospital: Property for expansion Anaheim Union Water Company: Wells and reservoir Assembly of God Church: Property in Santa Ana Bechtel Corporation: Sites for nuclear plants Casualty Insurance Company: Anaheim office building, acreage in Cherry Valley ` Catholic Welfare: House in Santa Ana Chapman College: Parcels in Orange Colwell Company: Food Giant Shopping.Center Cone Bros. Chevrolet: Used car'lots Corporations Commissioner: Fullerton R -3 land Thomas Coughlin: Trailer park Curci -Turner Company: Vacant land in San Bernaraino, Santa Ana and Blythe 1. R. S. Diller: San Fernando Valley acreage Doyle and Shields: Liquor store, Huntington Beach land Edison Company: Homes in Orange; R/W in Mission Viejo R. H. Grant Company: Acreage in Riverside George Holstein & Sons: Acreage in Fountain Valley Irvine Company: High school site Kimco Corporation: SupeRx Drugs Lambuth, Sill & Company: Cold storage plants Howard Lawson: Santa Ana commercial; Town & Country center Metropolitan Water District: Various vacant parcels; reservoir in Hemet area; San Diego pipeline Mission Viejo Company: R/W for Edison lines Oil Companies: Gulf, Humble, Mdbil, Standard, Texaco, Union Pacific Telephone: Warehouse in Riverside; properties in downtown Anaheim; San Clemente office Rinker Development Corporation: Santiago Canyon parcel Rossmoor Corporation: Leisure World land; El Toro. - parcel Segerstrom & Sons: Freeway taking in Costa Mesa Yorba Linda County Water District: Various parcels - 16 - Cedric A. White, Jr., M.A.I. Page 4 September Countv of Orange: 1957 Various app sals of full and partial takings for roads, flood control channels, retarding basins and dams,-refuse to transfer stations, civic center parcels, park site, etc. September School Districts: 1967 ABC, AlamiFo—s, Anaheim Elementary, Anaheim Union High, Brea, Buena Park, Capistrano Unified, Capistrano Union (Continued) High, Costa Mesa, Cypress, Fullerton Elementary, Fuller- ton Union High, Garden Grove, Huntington Beach Elementary, LaHabra, Los Alamitos, Magnolia, North Orange County Junior College, Ocean View, Orange Unified, Placentia Unified, Rowland Union (Los Angeles County), San Clemente, San Juan, Savanna, Seal Beach Elementary, Tustin Elementary, Tustin High, Westminster State of California: Dept,ot In surance: Office land in Laguna.Niguel; Div. of Beaches & Parks: Div. of Finance: Fairview building sites Div. of Highways: Various building in Anaheim; commercial acreage in Huntington Beach Underwater lots in Newport Beach Hospital lands; motor vehicle for freeways and highways U. S. Government: Dept. ot Justice: Nike site in Brea area Dept of the Navy: Seal Beach property FHA: Residences in Orange County General Services Adminstration: Office building in Los Angeles, site for building in Van Nuys U. S. Treasury Dept.: Memorial park in Westminster Lending I�nsti�tut�ions: Bak orica, Crocker - Citizens, Manufacturers Bank, Saddleback National, United California; Equitable Savings ' & Loan, Liberty Savings & Loan, Premier Savings & Loan, State Mutual Savings &Loan, Tustin Savings & Loan ' Residences for Em to ee Transfer: American an, Au tic ectric, Bank of America, Bell Telephone, Bemis Co., Inc., Bethlehem Steel, Coin- C -Matic Equipment, Continental Can,.Crocker Citizens, Dow Chemical, Essex Wire, First National City .Bank of New York, Ford Motor Company, General Foods, General Mills, Homequity, Honeywell, Kraft Foods, Minute Main, Morgan Guaranty Trust ' Company of New York Membership in American Institute of Real Estate Appraisers - November 1957 Talks to Anaheim Board of Realtors, Long Beach Board of Realtors, Orange County SRA, Santa Ana /Tustin Board of Realtors, Long Beach SRA, MAI Seminars. I hereby certify that the above information is true and correct to the best of my knowledge. e r c A. White , jr., / DATE April 20, 1970 TO: FINANCE DIRECTOR FROM: City Clerk SUBJECT: Contract No. C -1269 Description of Contract Appraisal services for City -owned council Action Authorized by , adopted on October 27, 1969 Effective date of Contract 75 days after authorization data Contract with Cedric A. White, Jr. M.A.Z. Address 531 South Harbor Blvd., Anaheim, CA 92905 Amount of Contract Not to exceed $2,500.00 city e c Lj CEDRIC A. WHITE, JR., M.A.I. REAL ESTATE APPRAISER 531 SOUTH HARBOR BOULEVARD • ANAHEIM, CALIFORNIA 82505 • (714) 774 -0510 October 15, 1969 City of Newport Beach 3300 Newport Boulevard 'Newport Beach, California G -y Attn: Mr. James P. DeChaine RE: 19th Street City Dump Assistant City Manager Property Dear Mr. DeChaine: e In accordance with your request, an investigation of the above men- tioned property has been made. The purpose of our inspection and analysis has been to make an estimate of the fee for an appraisal thereof. My conclusions are set forth below: Scope of Assignment: Make an estimate of the approximate fair market value of the t40 -acre property; submit conclusions and ana- lyses either in letter form or summary -type appraisal report. Appraisal Fee: Not to exceed $2,500;, to be based upon time of my- self and associate, Mr. Lundberg, at $25 /hour. Submission Date: January 1, 1970, if authority received on or before October 20; otherwise, submission within 75 days of authorization date. Assumptions: The City Engineering Department will be available for computations and cost estimates on land development costs -- grading, utilities, streets, etc. If there are any additional questions, please don't hesitate to ask. Very truly yours, edric A. White, Jr., M.A. . , CAW:mt OCT 27%9 CITY OF NEWPORT BEACH By the CITY COUNCIL OFFICE OF THE CITY MANAGER CITY OF NEWPORT BEACH TO: MAYOR AND CITY COUNCIL FROM: City Manager Pro Tempore October 27, 1969 Agenda Item G -4 SUBJECT: APPRAISAL SERVICES IN CONJUNCTION WITH THE CITY OWNED REFUSE DISPOSAL PROPERTY LOCATED AT THE NORTHWESTERLY EXTENSION OF 19th STREET AND WHITTIER AVENUE RECOMMENDATION: It is recommended that the City Council authorize the City Manager to execute a letter of agreement with Cedric A. White, Jr., M.A.I., to per- form appraisal services in conjunction with the forty acre refuse disposal property at a fee not to exceed $2,500. DISCUSSION: Recent discussions with members of the City's Real Estate Advisory Committee on the first draft of the leasing information in conjunction with the refuse disposal property owned by the City of Newport Beach indicate that there is one principle void in the information that should be filled prior to finalizing a draft of this information for Council consideration. This relates to the value of the property which will form the basis for any minimum lease fee to be established for the soliciting of development pro- posals for the property. In August, 1968, the City received an engineering and planning report prepared by the firm of Wilsey and Ham which documented the physical condition and limitations of the subject property. This report estimated that the value of the property was likely worth between $20,000 and $22,000, or an aggregate probable value ranging from $800,000 to $880,000 for the forty acre parcel. Members of the Real Estate Advisory Committee and the staff feel that before any minimum rental can be established.for the long term use of the property that a more accurate indication of value needs.to be established. It is possible that the value estimated by the firm of ..Wilsey and Ham is reason- ably accurate.. However, it is entirely conceivable that the estimated value is considerably lower or higher than this amount which was determined over one year ago. Having the property formally appraised by.an.M.A.I. appraiser will give the City a firmer basis on which to.solicit.development proposals and a more accurate indication of what a minimum leasing figure should be. Mayor and City Council • October 27, 1969 We have taken the liberty of obtaining an appraisal proposal from the City's appraiser, Mr. Cedric A. White, Jr., M.A.I. After giving careful consideration to the scope of work involved and after carefully examining the property on site, Mr. White has forwarded the attached letter of proposal. It is estimated that-it will cost between $2,000 and $2,500 to perform this work and will take seventy -five days to complete. In order that the City can proceed without any further delay and complete the appraisal work as soon as possible in order that any further loss of lease revenue can be minimized, it is recommended that the City Council authorize the retention of Mr. White to perform the appraisal work at this time. A budget amendment has been prepared for Council consideration. J S P. DE CHAINS JPD:sr Att. �1 let �sn....:: Mr. Cedric A. White, Jr., M.A.I. 531 South Harbor Boulevard Anaheim, California 92805 Dear Cedric: As we discussed the other day, the letter of October 15 regarding the City owned property located at the and Whittier Avenue for a fee not November 3, 1969 City Council on October 27 approved your conducting of a formal appraisal on the northwesterly extension of 19th Street o exceed $2,500. The conditions of the appraisal are in accordance with the content of your October 15 letter. As we are most anxieus to obtain this information at an early date in order that the City can proceed with the finalization of the leasing informatioi which will be submitted to developers that have expressed interest in submitting, development proposals on the property, I will appreciate hearing from you as soon as you have determined what the value of the property is in order that this information can be incorp- orated into the package of lease, information materials naa in draft form. It would be appreciated if this value data could he received by telephone prior to the submittal of your sizmary -type appraisal report. If you have arty questions or need any additional assistance on this matter, please let me law. Sincerely, JAWS P. DP CHAINF. Assistant City Manager JPD :sr rnc. cc: City Attorney CITY OF NEWPORT BEACH OFFICE.OF THE CITY MANAGER October 27, 1969 ..Agenda Item G -4 TO: MAYOR AND CITY COUNCIL FROM: City Manager Pro Tempore SUBJECT: APPRAISAL SERVICES IN CONJUNCTION WITH THE CITY OWNED REFUSE DISPOSAL PROPERTY LOCATED AT THE NORTHWESTERLY EXTENSION OF 19th STREET AND WHITTIER AVENUE RECOMMENDATION: It is recommended that the City Council authorize the City Manager to execute a letter of agreement with Cedric A. White, Jr., M.A.I.,.to per- form appraisal services in conjunction with the forty acre refuse disposal property at a fee not to exceed $2,500. DISCUSSION: . Recent discussions with members of the.City's Real Estate Advisory Committee on the first draft of the leasing information in conjunction with the refuse disposal property owned by the City of Newport Beach indicate that there is one principle void in the information that should be filled prior to finalizing a draft of this information for Council consideration. This relates to the value of the property which will form the basis for any minimum lease fee to be established for the soliciting of development pro- posals for the property. In August, 1968, the City received an engineering and planning report prepared by the firm of Wilsey and Ham .which documented the physical condition and limitations of the subject property. This report estimated that the value of the property was likely worth between $20,000 and $22,000, or an aggregate probable value ranging from $800,000 to $880,000 for the forty acre parcel. Members of the Real Estate Advisory Committee and the staff feel that before any-minimum rental can be established.for the long term use of the property that a more accurate indication of value needs..to be established. It is possible that the value estimated by the firm of .Wilsey and Ham is reason- ably accurate.. However, it is entirely conceivable that the estimated value is considerably lower or higher than this amount which.was determined over one year ago.. Having the property formally appraised .by.an.M.A.I. appraiser will give the City a firmer basis on which to.solicit.development proposals and a more accurate indication of what a minimum leasing figure should be. Mayor and City Council October 27, 1969 We have taken the liberty of obtaining an appraisal proposal from the City's appraiser, Mr. Cedric A. White, Jr., M.A.I. After giving careful consideration to the scope of work involved and after carefully examining the property on site, Mr. White has forwarded the attached letter of proposal. It is estimated that.it will cost between $2,000 and $2,500 to perform this work and will take seventy -five days to complete.. In order that the City can proceed without any further delay and complete the appraisal work as soon as possible in order that any further loss of lease revenue can be minimized, it is recommended that the City Council authorize.the. retention of Mr. White to perform the appraisal work at this-time. . A budget.amendment has been prepared for Council consideration. JPD:sr Att. J S P. DE CHAINS I I . AI