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Home My WebLink AboutC-1712 - Appraisal of 5.4 acres, proposed expansion San Joaquin Hills Park0 ! CITY OF NEWPORT BEACH CALIFORNIA City Hall 3300 W. Newport Blvd, Area Code 714 673 -2110 TO: FINANCE DIRECTOR FROM: City Clerk SUBJECT: Contract No. 1712 Description of Contract APM-aisal 9SPACag for * 5-4 acma 2=posea Expansion of San Joaquin Hills Park Authorized by Resolution No. Mae , adopted on am BA _ 31 Effective date of Contract Noveoher 14, 1975 Contract with � Richard A. Fuller, M.A.Z. Address 610 Nswport meter give, Snits 655 Newport Beach, CA 92660 Amount of Contract Not to emosed $1,750.00 -- V - -City C e c ` MEMBER AMERICAN INSTITUTE OF REAL ESTATE APPRAISERS RICHARD A. FULLER, M. A. 1. APPRAISER AND CONSULTANT SUITE 655 610 NEWPORT CENTER DRIVE NEWPORT BEACH, CALIFORNIA 92660 November 4, 1975 Mr. Calvin C . Stewart, Director Parks, Beaches, and Recreation City of Newport Beach 3300 Newport Boulevard Newport Beach, California 92660 Dear Mr. Stewart: Ll AREA CODE 714 TELEPHONE 644 -4040 L -%7% RE: f5.4 Acre Proposed Expansion of San Joaquin Hills Park At your request, I am submitting this proposal for the appraisal of the above referenced property. The purpose of this assignment is to estimate the fair market value range of the subject property, as of current date . At your instruction, the appraisal report will be submitted in letter form. All market data, factual data, reasoning, computations, descriptions, analyses, photographs, and discussions, from which, in part, the valuation conclusion was derived, will be retained in my files, and will be available upon request. My fee for this assignment, will range from $1,250.00 to $1,750.00, but will, in no event, exceed $1, 750.00. This letter report will be submitted within 30 to 60 days, from the authorization to proceed. This appraisal assignment will be predicated upon the following assumptions: 1) The purpose of the appraisal is to express my opinion of the fair market value range of the subject property. 2) The appraisal will consider financing typical of the area, but on a cash equivalent basis. 3) The interest to be appraised is fee simple estate. 4) This valuation estimate will be exclusive of any structural improve- ments located within the subject property. 5) This valuation will be exclusive of subsurface rights, if any, 6) A legal description of the property to be appraised will be provided by the City of Newport Beach. I - • • Mr. Calvin C. Stewart, Director November 4, 1975 Page Two 7) If available, a title policy and map will be provided, which would set out the location of any existing easements, which presently encumber the. property. If said title policy is not aVailable,.the.m the property will be appraised as if unencumbered by easements. 8) That the date of"value would be as of current date. 9) That the parcel size is assumed to be 5.4 acres. 10) That all' n'gineering analysis, and cost estimates, would be provided by either The Irvine Company, or the City of Newport Beach. 11) If available, a soil report will be provided which would set out the soil condition within the subject property. If said report is not available, then the property will be appraised as if the existing soil condition, is satisfactory, for the development of the subject site to its highest and best use. 12) The submission of this report constitutes completion of the services authorized. It is assumed that customary compensation will be provided for any subsequent depositions, conferences, additional preparation, or testimony. If these terms are acceptable, you may authorize me to proceed on this assignment, by signing and returning the enclosed copy of this letter. I look forward to being of service to the City of Newport Beach on this appraisal assignment. Very truly yours, 4 Richard A. Fu Ser, M.A.I. RAF:lj APPROVED: CI - QOF NEEW--PORT B�EA�C)Hi DATE: 1 l" -7 J AP R D OY, tyAt 1. RICHARD AN.,FULLER, M. A, I. `n t is '-- 0 CITY OF NEWPORT BEACH PARKS, BEACHES & RECREATION DEPARTMENT By 'Vlls QTY CITY Qf INAWPORT %;AC:er November 4, 1975 TO: ROBERT L. WYNN, CITY MANAGER FROM: PB & R Director SUBJECT: APPRAISAL OF PROPERTY IN JASMINE CREEK RECOMMENDATIONS: 1) Adopt a Resolution authorizing the Mayor and City Clerk to execute an agreement with Richard Fuller, MIA to appraise approximately five acres of land in Jasmine Creek adjacent to San Joaquin Hills Park. 2) Authorize a budget amendment transferring $1,750 from unapproiated Park and Recreation surplus to Account #10- 7516 -000. DISCUSSION: The Parks, Beaches and Recreation Commission is investigating the possibility of acquiring five acres + of land adjacent to San Joaquin Hills Park for the purpose of developing a long desired tennis center. Preliminary discussions with The Irvine Company and the M.J. Brock Company have indicated that the land would be available for this purpose. Contacts were also made with Tennis Center Development firms to see if this location was desirable for a tennis center. Their response was affirmative. An additional contact was made to the County Revenue Sharing office to see if revenue sharing funds might be utilized for land acquisition for a tennis center. Their answer was also affirmative. In order to guide the PB & R Commission in further evaluating this park development and to assist in making a recommendation to City Council, it would be desirable to have the land appraised to determine the purchase price that would have to be paid by the City. If you concur, perhaps the above recommendations could be forwarded to the City Council on November 10, 1975. CCS:dm BA -31