HomeMy WebLinkAboutC-1479 - Purchase of Balboa Island Church site�W Pp
ova R CITY OF NEWPORT BEACH
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CALIFORNIA
City Hall
��1FOFN� 3300 W. Newport Blvd.
Area Code 714
673 -2110
DATE October 12, 1972
T0: FINANCE DIRECTOR
FROM: City Clerk
SUBJECT: Contract No. C -1479
Description of Contract Purchase of Balboa Island Comn unity Methodist
Authorized by Resolution No. R -7830 , adopted on October 10, 1972
Effective date of Contract October 12, 1972
Contract with Balboa Island 0mumnity Methodist Church
Address Agate Avenue, P. 0. Box 453
Amount of Contract
Balboa Island, CA 92662
$186.000.00
City . e 9144;me
I
THIS AGREEMENT made and entered into this 1,2 rN day
of 0C.r0 D ER , 1972, by and between the CITY OF NEWPORT
BEACH, a municipal corporation, hereinafter referred to as "City ",
and THE BALBOA ISLAND COMMUNITY METHODIST CHURCH, a corporation,
hereinafter referred to as "Church ":
RECITALS
WHEREAS, Church is the owner of certain parcels of
real property, and improvements located thereon, situated on the
westerly side of Agate Avenue, adjacent to the north of the South
Bay Front alley, more particularly described as :
and
Lots 7, 8, 9, 10 and 11 in Block 7 of Resubdivision
of Section One, Balboa Island, in the City of Newport Beach,
County of Orange, State of California, as per map recorded
in Book 6, page 30 of Miscellaneous Maps, in the Office of
the County Recorder of said County;
WHEREAS, City wishes to purchase said property and
improvements thereon for the purpose of using said premises as a
park and recreational facility; and
WHEREAS, Church has offered to convey said real property
and improvements located thereon for a total sum of $185,000.00,
subject to certain terms and conditions;
NOW, THEREFORE, IN CONSIDERATION of their mutual promises
the parties hereto agree as follows:
1. Church agrees to sell to City, and City hereby
agrees to buy from Church, that certain parcel of real property
located in the State of California, County of Orange, City of
Newport Beach, more particularly described hereinabove in this
Agreement;
2. Church and City shall each pay one -half (1/2) the
cost of escrow, and Seller shall pay for a CLTA Owners Policy of
Title Insurance upon opening of escrow;
3. The purchase price for the subject property shall
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be One Hundred Eighty -Five Thousand and no /100 Dollars ($185.000.00),
payable as follows:
(a) Within fourteen (14) days of the date of
execution of this Agreement, City will pay to Church the sum of
Ten Thousand and no /100 Dollars ($10,000.00) as an option to
purchase the subject property. Said option shall be in full force
and effect for a period of one (1) year from the date of execution
of this Agreement. Upon the expiration of said option, the parties
hereto may agree in writing to extend the period of said option.
Should City exercise said option, said sum of $10,000.00 will be
applied to and reduce the total purchase price by said amount.
Upon written notice by City to Church of its intention to exercise
said option, City will open an escrow with a reputable company for
the purpose of consummating this transaction. Should City fail to
exercise said option, this Agreement will expire and be of no
further force and effect. Church will retain City's $10,000.00
option monies.
(b) A special fund account shall be set aside by
City, out of which the option deposit and balance of the purchase
price will be made.
(c) The obligation of the City under this Agreement
to pay Church the purchase price of said property shall not be a
lien, charge or encumbrance, legal or equitable, on any City
property, or upon any of the income, receipts or other revenues of
the City, other than those specific revenues derived from the
special account as hereinabove described. It is specifically
agreed by the parties hereto that the purchase price for the
subject property established herein represents the best estimate
of the parties of the fair market value of the subject property as
of the date of this Agreement.
4. It is mutually agreed that Church will be allowed
to occupy the buildings on said property free of any rent, until
such time as it is able to relocate to other facilities, but in
no event will Church be allowed to occupy said buildings longer
than eighteen (18) months from the date of execution of this
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Agreement, For so long as Church occupies said facilities, it
agrees to pay reasonable maintenance costs, such as utilities
and janitorial services.
THE TERM of this agreement is for a period of one (1)
year from the date of execution, but may be extended for an addi-
tional period of time upon the mutual written consent of the
parties hereto.
EXECUTED as of the day and year first above written.
CITY OF NEWPORT BEACH
7:lt_�:
APPRO AS TO FOPM: Mayor
ATTEST:
City Attorney �y
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THE BALBOA ISLAND COMMUNITY METHODIST CHURCH
By:
By:
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DON:mh
10/4/72
0
RESOLUTION NO. 7 8 3 0
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•
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH AUTHORIZING THE EXECUTION OF
AN AGREEMENT BETWEEN THE CITY OF NEWPORT BEACH
AND NEWPORT CENTER UNITED METHODIST CHURCH FOR
THE PURCHASE OF BALBOA ISLAND CHURCH SITE
WHEREAS, there has been presented to the City Council
of the City of Newport Beach a certain agreement between the
City of Newport Beach and the Newport Center United Methodist
Church (The Balboa Island Community Methodist Church, a corporation),
for.the purchase of the Balboa Island Church site for use as a
park and recreational facility; and
WHEREAS, the City Council has considered the terms and
conditions of said agreement and found them to be fair and
equitable;
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Newport Beach that said contract for the sale of
property above described is approved, and the Mayor and City Clerk
are hereby authorized and directed to execute the same on behalf
of the City of Newport Beach.
ADOPTED this 10th day of October, 1972.
Mayor
ATTEST:
City Clerk
mh
10/5/72