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HomeMy WebLinkAboutC-3316 - Purchase Agreement for Seashore Drive Right-of-Way Adjaccent to 109 32nd StreetPURCHASE AGREEMENT' FOR SEASHORE DRIVE RIGHT-OF-WAY ADJACENT TO 109 32ND STREET THIS AGREEMENT is made and entered into this 14th day of December, 1998, by and between Max Morgan (hereinafter "OWNER"), and the City of Newport Beach, California, a municipal corporation organized and existing under and by virtue of its Charter and the Constitution and the laws of the State of California, (hereinafter "CITY"), "OWNER" is the owner of property located at 109 32°d Street, Newport Beach, California and legally described as Lot 24, Block 32, Newport Beach Tract (hereinafter "SUBJECT PROPERTY"), as shown on a map recorded in Book 3, Page 26 of Miscellaneous Maps in the office of the County Recorder of Orange County, California; WITNESSETH: WHEREAS, OWNER desires to purchase excess right-of-way owned by City along his Seashore Drive frontage (hereinafter "RIGHT-OF-WAY); and WHEREAS, OWNER has offered to purchase RIGHT-OF-WAY for its fair market value of $7,836.48; and WHEREAS, the purchase price was based on the fair market value of the parcel and the and the assessors value of the exiting structure; and WHEREAS; City Council approved the sale of RIGHT-OF-WAY at the City Council meeting of December 14, 1998, for the sum of $7,836.48 and authorized the City Clerk to execute a grant deed transferring the property to Mr. Morgan upon receipt of the full purchase price; and WHEREAS, the parties hereto desire to execute an agreement providing for fulfillment of the conditions required by CITY to purchase RIGHT-OF-WAY. 1 NOW, THEREFORE, in consideration of the mutual promises, the parties hereto agree as follows: It is mutually agreed that: 1. That OWNER will remit $7,836.48 to CITY for the purchase of RIGHT-OF-WAY described in Exhibit "A" and depicted in Exhibit "B". 2. Upon receipt of full purchase price a Grant Deed shall be recorded in the office of the Orange County Recorder conveying the property to OWNER. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the day and year first -above written. CITY OF NEWPORT BEACH, a Municipal corporation APPROVED AS TO FORM: By: By: City Attorney City Manager AT 37 Agt\Purchase-99 2 OWNER: By:/44 Max organ zLt:ORDING REQUESTED B1 .a' ) NFIEN RECORDED KMLTO: City of Newport Beach 3:300 Newport Blvd. ?.O.Box 1768 Newport Beach, Ca. 92659-1768 Public Works Department M4 kIL TAX STATEMENT TO: Morgan Development, Inc. 480 Old Newport Blvd.; Suite B Newport Beach, CA 92663 EXHIBIT "A" DOCUNIENTARY TRANSFER TAXS....................................... ....Computed on the consideration of value of property conveyed; OR ....Computed on the consideration or value less liens or encumbrances remaining at time of sale. Signature of Declarant or Agency determining tae -Firm Name GRANT DEED FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, the CITY OF NEWPORT BEACH, a municipal corporation hereby GRANTS to WQ"gan Deve!GWeni, ine ' the real property in the City of Newport Beach, County of Orange, State of California, described as follows: Beginning at the most easterly corner of Lot 24, Block 32, Newport Beach Tract as per snap thereof filed in Book 3, Page 26 of Miscellaneous Maps in the office of the County Recorder of said County: -thence N 58°11'51 W 87.00 feet to a point in the northeasterly line of said lot, said northeasterly line being the southwesterly line of Seashore Drive, 56.00 feet wide, as shown on map of Tract No. 11906 filed in Book 515, Pages 18 and 19 of said Miscellaneous Maps, said northeasterly line also being a curve concave northeasterly and having a radius of 603.69 feet; thence southeasterly along said northeasterly line and curve, through a central angle o1 8°15'48", an arc length of 87.06 feet to the True Point of Beginning. Said real property is shown on Exhibit "B" attached hereto and made a part hereof for illustrative purposes. Dated: City of Newport Beach, aa Calif rnia municipal corporation IN r c Dennis D. O'Neil, Mayor EXHIBIT "B N O R T H s8° ,S7 775 asyo�� 41�,P'` C� ORT ©CA H F LOT LOT 25 24 ©LO K 92 RA T VICINITY MAP PARCEL TO BE SOLD VF CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California i County of {Cr/�L �- 91 On ata personally appeared SHAUNA LYN OYLER Commission # 1164149 -s Notary Public - Cartforriti Orange County My Comm. Ell Doc 5, 21)01 ❑ personally known to me `proved to me on the basis of satisfactory /evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. WIT y hand aficial seal.�9!/ Place Notary Seal Above Signature of N61arl OPTIONAL Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Document Title or Type of Document: Document Date: Signer(s) Other Than Named Above: Capacity(les) Claimed by Signer Signer's Name: ❑ Individual ❑ Corporate Officer — Title(s): ❑ Partner —❑ Limited ❑ General ❑ Attorney in Fact ❑ Trustee ❑ Guardian or Conservator ❑ Other: Signer Is Representing: Number of Pages: RIGHT THUMBPRINT OF SIGNER 0199] National Notary Association • 9350 De Soto Ave„ PO, Box 2402 • Chatsworth, CA 91313-2402 Prad. No. 5907 Reorder: Call Tall -Free 1"800"8]6"682] CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT State of California County of ss. ©�"�� On ) Z"CA Date personally appeared before me, �edGl vt I V, )n -&s me and Title of Officer (e.g., 'Jam Doe, Notary PublW) 1vennis C- cl vtvtr LEIIANI V. INES Commission a 1170960 �y No-afy Puolic - Corfornia >_ Orange County My C�rnm. 6cpires Jan 25 2002 Xpersonally known to me ❑ proved to me on the basis of satisfactory evidence to be the personki# whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/&helthey executed the same in his4;94theic- authorized capacity(lee), and that by his/#ePA#eifu signature(#on the instrument the person(s), or the entity upon behalf of which the person(&) acted, executed the instrument. WITNESS hand and official se Place Notary Seal Above Signature of Notary Public OPTIONAL Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent fraudulent removal and reattachment of this form to another document. Description of Attached Document Title or Type of Document: Document Date: Signer(s) Other Than Named Above: Capacity(les) Claimed by Signer Signer's Name: ❑ Individual ❑ Corporate Officer—Title(s): ❑ Partner — ❑ Limited ❑ General ❑ Attorney in Fact r ■ r Trustee Guardian or Conservator Other: Signer Is Representing: Number of Pages: RIGHTTNUMBPRINT OF SIGNER C 1997 National Notary Association - 9350 De Solo Ave., P0, Box 2402 • Chatsworth. CA 91313-2402 Prod. No. 5907 Reorder: Call Toll -Free 1-800-876-6027 MORGAN DEVELOPMENT INC, BANK OF AMERICA 10390 480 OLD NEWPORT BLVD. NEWPORT BEACH, CA 92663 SUITE B 16.6611220-202 NEWPORT BEACH, CA 92663 PHONE (949) 548-8048 1/5/99 PAY TO THE ORDER OF City of Newport Beach I $** 7,836.48 Seven Thoiisan_d__F�ioht Hundred Thirt�r-Sex and 48/100****************************** DOLLARS $OWfIY IBBIIlB6 t inel City of Newport Beach ZkuJetl..heck. 3300 Newport Blvd. Newport Beach, Ca 92663 MEMO Pur -hag - of Propetty Pm Seachore Dr & R.- 11.01039011• is122000660: 02026.1106 Q SEW PORT CITY OF NEWPORT BEACH = NEWPORT BEACH, CA 92663 C'�[eFOH \P C ' L RECEIPT NUMBER 01000433753 RECEIVED BY: CECILIA PAYOR MORGAN DEVELOPMENT TODAY'S DATE: 01/05/`39 REGISTER DATE: 01/05/99 TIME: 14:31:51 1806800 SALE OF PROPERT SEASHORE DR/109 32ND ST $7,836.48 ---------------- TOTAL DUE: $7,836.48 CASH PAID CHECK PAID CHECK NO TENDERED CHANGE $.00 $7,836.48 10390 $7,836.48 $.00 4. October 27, 1998 MORGAN DEVELOPMENT City of Newport Beach Public Works Department 3300 Newport Blvd. Newport Beach, CA 92663 Attention: Mr. Richard L. Hoffstadt Subdivision Engineer Re: Land Purchase - 109 & 111 32nd Street Newport Beach, CA Dear Mr. Hoffstadt; Per your letter of February 11, 1998 I am in concurrence with the purchase price stated of $7,836.48, please have the appropriate deed and agreement prepared for submittal to the City Council. Thank you for your assistance in this matter. I look forward to hearing from you on this subject at your earliest convenience. Sine Max Morgan President MORGAN DEVELOPMENT INC. 480 OLD NEWPORT BLVD., SUITE B NEWPORT BEACH, CA 92663 949/548-8048 FAX 949/548-8316 February 17, 1998 CITY OF NEWPORT BEACH Public Works Department 3300 Newport Blvd. Newport Beach, CA 92663 Attn: Mr. Richard L. Hoffstadt Subdivision Engineer Re: Land Purchase - 109 & 111 32"d Street Newport Beach, CA Dear Mr. Hoffstadt; MORGAN DEVELOPMENT I am in receipt of your letter dated February 11, 1998. In my previous calculations, I used the current Orange County Tax Assessors Roll which values both the land and the structure, thereby encompassing all of the entire parcel purchased and not just a portion as you mentioned. However, I will be willing to calculate a price based on the actual purchase price paid for the parcel. I do not feel that the valuation of the structure should be included. As you mentioned that the structures would be a nominal valuation, you should be agreeable to backing it out of the calculation. Therefore, I propose the Fair Market Value of the parcel I would like to purchase is calculated as follows: Parcel purchase price $436,000.00 Less: Valuation ofStruc;ures ( 52,188.00) Revised purchase price $383,812.00 Divided by square footage 4,006 Price per square foot $ 95.81 Square Footage of parcel 72sf Value of parcel to be purchased $ 6,898.32 will look forward to hearing back from you on this matter at your earliest convenience. i / d�" org n, 1'resl t .111 MORGAN DEVELOPMENT INC. 20341 IRVINE AVENUE, SUITE D-3 SANTA ANA HEIGHTS, CA 92707 714/668-0848 FAX 714/668-0951 February 11, 1998 CITY OF NEWPORT PEACH Morgan Development Inc. 480 Old Newport Blvd., Ste. A Newport Beach, CA 92663 Attention: Max Morgan PUBLIC WORKS DEPARTMENT P.O. BOX 1768, NEWPORT BEACH, CA 92658-8915 (714) 644-3311 Subject: Land Purchase — 109 & 111 32nd Street Dear Morgan: Your calculations for the subject purchase are based on the Orange County Assessor's evaluation of only a portion of the entire parcel purchased and the value of the land only. A more appropriate actual value of the property is the price paid for the parcel. Since the structures on the site were demolished, their value must. have been nominal. The Fair Market Value of the parcel you wish to purchase is calculated as follows: Parcel purchase price.................................................................$436,000 Divided by square footage (per record surveys) ............................... 4.006 Priceper square foot..................................................................$ 108.84 Square footage of parcel to be purchased ................ ........ 72sf ; �^ Value of parcel to be purchased ...................................................$7,836.48 Upon receipt of your concurrence of this purchase price, the appropriate deed and agreement will be prepared for submittal to the City Council. Very truly yours, L Richard L. Ho st t — Subdivision Engineer 3300 Newport Boulevard, Newport Beach January 20, 1998 MORGAN DEVELOPMENT CITY OF NEWPORT BEACH Attn: Paul Medina Public Works Department 3300 Newport Boulevard Newport Beach, Ca 92663 Re: Purchase of Strip of Land at 109 and 111 - 32nd Street, Newport Beach, CA Dear Paul; Please accept this letter as our formal notification that Morgan Development, Inc. does hereby request permission to purchase the above referenced strip of land that is adjacent to our property. Our request has already been accepted by Don Webb, City Engineer. The following documents are enclosed for your review: • Grant Deed and Legal Description • Square Footage calculation of the property • Current Tax Roll • Encroachment • Calculation of the price Please feel free to contact me if you have any questions or need any additional information. Sincerely, //n / Max President /enclosures MORGAN DEVELOPMENT INC. 480 OLD NEWPORT BLVD., SUITE A NEWPORT BEACH, CA 92663 714/548-8048 FAX 714/548-8316 Order No. 9766702 —77 -- Escrow No. 9766702DT Loan NT gECORDINGREQUESTED RY PIRSTAMERIGAN TITLE INSURANCECCMPANk- WHEN Q CORDED MAIL TO: Morgan Development Inc. 480 Old Newport Blvd., Suite A Newport Beach, CA 92663 NIS igg;' 76M1ai�,r'ilyk liS�yv�dii� li" WAS, SCAUX''L1 "N'tl Lr-felTfIldRUl±a,itR.if.lf 't W176"1 .5t,t1 119 �ocurnertk tt(�„ r.mer an RRte °nsurance Co. DOCUMENTARY TRANSFER TAX $..479' 6O SPACE ABOVE THIS LINE FOR RECORDER'S USE xx... Computed on the consideration or value of property conveyed; OR THE UNDERSIGNED GRANTOR ...... Computed on the consideration or value less liens or encumbrances remaining at time of sale. Signature of Declarant or Agent determining tax — Firm Name GRANT DEED FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, SANDRA ANN PINCKERT, TRUSTEE OR SUCCESSOR TRUSTEE OF THE SANDRA ANN PINCKERT TRUST DATED MARCH 31, 1994 hereby GRANT(S) to MORGAN DEVELOPMENT INC., A CALIFORNIA CORPORATION the real property in the City of Newport Beach County of Orange State of California, described as . Lots 24 and 25 in Block 32 of Newport Beach, as shown on a map recorded in Book 3, Page 26 of Miscellaneous Maps, Records of Orange County, California Dated // — '7— STATE— STATE OF CALIFORNIA }ss. COUNTY, OF Orange ) On f / i �� j before me, personally appeared IA�'(�.�� ✓'r; iI �y �a �..-T personally known to me (or proved to me on the basis of satisfactory evidence) to be the person (s) whose names) is am subscribed to the within instru ant and acknowledged tome that be�aWh" exec��1t�d the same in ktfsiepAheir authorized capacity#ee), and that by-lhs¢iefltheir signs- ture(a) on the instrument the person(q or the entity upon behalf of which the person( fed, executed the igstrumen tl�l WITNESS nd a@� 77d n seat/ Signature �� I .Y't( MAIL TAX STATEMENTS TO: As Directed Above Sandra Ann Pinckert, Trustee or Successor Trustee of the Sandra Ann Pinckert Trust dated March 31, 1994 LINDA K TF{OMPSON iVOTARY PUSUC • CALIFORNIA COMMISSION 011421/7 ORANGE COUNTY �Cftmi Etra, Jww 14, 2001 (This area for official notarial seal) 1002 (1194) Price Calculation Land Appraisal of 109 and 111 32"d Street, Newport Beach, CA Per Tax Roll Land Valuation $88,255 Divided by square footage 3986 Price Per Square Foot $ 22.14 Times # of Square Feet 72 sf Valuation of Land X1,594.08 The Information Provided ::s 7�e:=_med Reliable, But Is Not Guaranteed. JAN. 16.1998 2:1ePM NO. 757 P.1/1 l = M.E T R 0 S C A N P R O P E R T Y P R O F I L E Orange County ®rnc� * «¢ OWNERSHIP INFORMATION » > * V_ * Parcel Number;423 343 07 * Owner :MORGAN DEVELOPMENT INC * CoOwner * * Site Address :109 32ND ST NEWPORT BEACH 92663 * Mail Address :480 OLD NEWPORT BLVD NEWPORT REACH CA 92663 * Phone - Owner: Tenant: + * + * <4< SALES .AND LOAN INFORMATION »} * Transferred;11/14/97 Loan Amount :$261,000 * Document # :582557 Lender :5579 * Sale Price :$436,000 :FULL Loan Type :CONVENTIONAL * Deed Type :GRANT DEED Interest. Rate;FIXED * t Owned :100 Vesting Type :CORPORATION * «< ASSESSMENT AND TAX INFORMATION- »> --Exempt * Land ;$88,241 Type * Structure :$52,202 Exempt Amount. * Other Tax Rate Area;07001 * Total :$140,443 97-98 Taxes :$1,456.56 + +' k Improved;37 * * * <<< PRO:?ERTY DESCRIPTION >>> * Map Grid;888 G7 * Census ;Tract 635.00 Block 7 + * Land Use:122 RES,SING':,2 FAMILY RESIDENTIAL + * Legal :NEWPORT BEACH CITY LOT 24 BLX 32 * :AND LOT 25 BLK 32 * * * <<< PROPERTY CHARACTERISTICS »> + * Bedrooms :1 Stories :1 Lot Acres: * bathrooms :1.00 Unitas Lor. SgBt : * Total Rooms:2 Pool :NO Bldg SgFt:721 * Air Cond :NO Garage Type: YearBuilt:1948 * Heating Gara;geSpace: B1dgStyle: * Fireml,ace Spa I Wall Matl; * Dining Room: Fam:.1y Room: AtticType: * Living Room: Den + The Information Provided ::s 7�e:=_med Reliable, But Is Not Guaranteed. 19 -JAN -1998 11:36:55 __________________________________ #8 +------------------------- ' * COMPLETE REPORT **** ----- PARCEL NUMBER 42334307 CITY CODE : NB CENSUS TRACT: 0635007 LUC R SITUS ADDRESS 109 32ND ST NEWPORT BEACH CA CARRIER ROUTE : 26 +------------------------------------------------------------------------------+ * OWNER INFORMATION * * PROPERTY INFORMATION OWNER 1ST: MORGAN DEV INC # UNITS 001 BEDS 4 2ND: SQ. FT. 1966 BATHS 2.00 ADDRESS: 480 OLD NEWPORT BLVD A LOT SIZE: 000000000 ROOMS 7 NEWPORT BEACH CA 92663 YR BUILT: 37 LOT 24 STORIES 0 OWNER CODE: BLOCK 32 AIR FULL/PART : F TRACT 00512 POOL 1 PHONE : 000-0000 PARK +------------------------------------------------------------------------------+ * FINANCIAL INFORMATION * LOAN TYPE TRANS VALUE 436000 LOAN 1 261000 LAND: 88255" TAX 1428 LOAN 2 00 IMPR: 52188 TAX STATUS 0 YR SOLD ST 00 DOCUMENT 000058255-7 SALES STATUS TRANS DATE: 11/14/97 LENDER PACIFIC BANK +-------------------------------------------------------------------- TAX INFORMATION IS PROVIDED BY DATAQUICK FROM ORANGE COUNTY TAX ASSESSOR'S PUBLIC RECORDS. THE TAX DATA IS PROVIDED AS A SERVICE WITHOUT GUARANTEE OF ACCURACY. NMAR AND HBFVAR DO NOT AUDIT OR EDIT THE DATA PROVIDED BY DATAQUICK. THE DATAQUICK TAX INFORMATION IS DEEMED RELIABLE BUT NOT GUARANTEED. 72 Lineal Feet 12" Average width 72 Square Feet O� ,LOTS 24 & 25, BLOCK 32 NEWPORT BEACH (M.M. 3-26) 0`.16 i / (I - S6p5H0�6 j� � II .I SCALE -FEET O Z N 11) ;;2635 "11-21-97 Legal: Zone: R-2 Occupancy: Construction: R -3/U-1 Type V -N No. of Storios: Two Site Area: 51 SGo.48 GQ, FT. --r Legal: Zone: R-2 Occupancy: Construction: R -3/U-1 Type V -N No. of Storios: Two Site Area: 51 SGo.48 GQ, FT.