HomeMy WebLinkAboutC-1734 - Agreement for proposed site of Newport Center LibraryAugust 1975 9
City Manager Bob Wynn said this agreement will not be
consURMated. There has been a verbal agreement by the
Inane Company to pay for the whole appraisal.
IZ
! RICHARD A. FULLER, M. A. 1:
APPRAISER AND CONSULTANT
MEMBER SUITE 655 AREA CODE 714
AMERICAN INSTITUTE OF 610 NEWPORT CENTER DRIVE TELEPHONE 644.4040
REAL ESTATE APPRAISERS
NEWPORT BEACH, CALIFORNIA 97660f'
April 1, 1975 / j� l
Mr. William V. Shrewsbury, M.A.I.
Manager, Appraisal/Real Estate Finance
The Irvine Company
550 Newport Center Drive, Suite 380
Newport Beach, California 92663 RE: Proposed Library Site
in Newport Center
Dear Mr. Shrewsbury:
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 of said site, based on my opinion of highest and best
use.
After discussing this matter with yourself, and Mr. Robert L. Wynn,
City Manager of Newport Beach, it is my opinion that the valuation analysis
of the subject site would be predicated upon the following:
1) The exact location of the site, has as yet, not, been determined.
The general location of the site is expected to adjoin the south-
west line of San Joaquin Hills Road, southeast of the "Standard
station.
2) The exact size of the subject site, has as yet, not been deter-
mined. It is assumed, however, that the subject site will vary
in size from two to three acres.
3) That all on -site and off -site improvement costs will be provided .
by the Irvine Company.
4) That a title policy, will, be provided for review.
My fee for this assignment will range from $1,750 to $2,000. This
fee will include two copies of a'semi documented report with certain factual
data, reasoning, computations, photographs, property descriptions, and
market data to be retained in my files. I would anticipate 30 to 60 days
ti.
a Mr. William V. gewsburp, M.A.I.
April 1, 1975
Page Two
from the date of authorization, for the completion of these appraisal
services. It is my understanding that the fee for this assignment will
be shared equally by the City of Newport Beach, and the Irvine Company.
A 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 by
signing and returning the enclosed copy of this letter. I look forward to
being of service to the City of Newport Beach, and the Irvine Company on
this appraisal assignment.
Very truly yours,
Richard A. Fuller, M.A.I.
E RAF:lj
THE IRVINE COMPANY
APPROVAL:
DATE:
CITY OF NEWPORT BEACH
APPROVAL:
DATE:
\ RICHARD A. FULLER M.A. I., -
0
RESOLUTION NO. 8548
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH AUTHORIZING THE MAYOR AND
�:;;:,-; ;CITY CLERK TO EXECUTE AN AGREEMENT BETWEEN THE
CITY OF NEWPORT BEACH, THE IRVINE COMPANY AND
RICHARD A. FULLER IN CONNECTION WITH THE PROPOSED
LIBRARY SITE, NEWPORT CENTER
WHEREAS, there has been presented to the City Council
of the City of Newport Beach a certain agreement between the
i
City of Newport Beach, The Irvine Company and Richard A. Fuller
in connection with the proposed library site, Newport Center;
and
WHEREAS, the City Council has considered the terms
and conditions of said agreement and found them to be fair and
equitable, and in the best interests of the City;
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of Newport Beach that said agreement 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 14th day of July , 1975.
ATTEST:
City Clerk
DDO /bc
7/10/75