HomeMy WebLinkAboutC-1770 - Sale of 5th Street & Marguerite property back to the State of California, Department of Transportation; see also C-1693 and C-1795; see D-1302, D-1331, D-1332 & D-1463TO: FINANCE DIRECTOR
R -
CITY OF NEWPORT BEACH
CALIFORNIA
k �Z /w
City Hall
3300 W. Newport Blvd,
Area Code 714
673 -2110
DATE Anrit 2R- 1976
FROM: City Clerk
SUBJECT: Contract No. 17x0.
Description of Contract
back to the State
Authorized by Resolution No. 842f adopted on 10 78 -75
Effective date of Contract ,.. ,.. .c
Contract with Dep "tegst of Tsa�sportation
Address State of California
V- 0 Boa 1104
Los Angeles
&R 90051
Amount of Contract eee agseslNat
.I
City
Notat This is the piece of property to be
purchased at a later data under the HUD
grant funds.
C - (6q5 -F- C - l 145 Gm,rtitd&,-j
0
STATE OF CALIFORNIA — BUSINESS AND TRANSPORTATION AGENCY EDMUND G. BROWN JR., G.ye mr
DEPARTMENT OF TRANSPORTATION
DISTRICT 7, P.O. BOX 2304, LOS ANGELES 90051 Cb
L9
7
•1
City of Newport Beach
330 Newport Boulevard
Newport Beach, California 92660
Attn: Mr. Robert L. Wynn
City Manager
Dear Mr. Wynn:
December 11, 1975
07 -ORA -1
Parcel 041339 -01 -01
Confirming our conversation of December 2, 1975, the deed
conveying the parcel to the State was recorded December 1,
1975, as instrument number 1563 and the full reconveyance
as instrument number 1564.
Enclosed is the executed agreement, rental agreement, and
certificate of insurance. Please execute the rental agreement,
complete the certificate of insurance, and return them with
the rent now due.
If you have any questions, please call me at 620 -2093.
Very truly yours,
EDWARD C. PURPUS
Right of Way Agent
Excess Land Sales
ECP :ch
Attachs.
AGREEMENT
(State of California - 5th & Marguerite Avenues)
THIS AGREEMENT is made and entered into this 2 9 r#
day of OG Tck5k R , 1975 by and between the City of Newport
Beach, a municipal corporation, hereinafter referred to as "City"
and the State of California, acting by and through the Department
of Transportation, hereinafter referred to as "State."
WITNESSETH:
WHEREAS, City and State entered into an Agreement on Feb-
ruary 26, 1975, wherein the City agreed to purchase the property
located at 5th and Marguerite Avenues, City of Newport Beach, California,
designated as State Parcel No. 041339- 01 -01; and
WHEREAS, on May 2, 1975, title to said property was
transferred to City; and
WHEREAS, on June 17, 1975, the application by the County
of Orange for federal assistance to the U. S. Department of Housing
and Urban Development for Community Development Block Grant Program
was approved by the Department of Housing and Urban Development; and 1
WHEREAS, on or about June 17, 1975, the City first learned
of federal regulations governing the Community Development Block
Grant Program which may make City's acquisition of said property
prior to approval of the County application ineligible for federal
assistance; and
WHEREAS, City desires to fully comply with Department of
Housing and Community Development regulations concerning the Community
Development Block Grant Program to make all City activities in
conjunction therewith eligible for federal assistance.
-i -
NOW, THEREFORE, in consideration of the foregoing, the
City and State hereby agree as follows:
1. City shall reconvey to the State the property previously
acquired by City located at the intersection of 5th and Marguerite
Avenues, in the City of Newport Beach, and designated as State of
California Parcel No. 041339- 01 -01.
2. As consideration for City's reconveyance of the subject
property, State shall repay to City the sum of $105,000 previously
paid by City less approximately $12,075, which sum represents the
loss of interest to State from July, 1975, to January, 1976, the
contemplated date of reconveyance from State to City. The precise
amount of interest loss will be computed at such time as the State
reconveys the subject property to City. State shall retain the sum
of $105,000 previously paid by City until such time as the exact
amount of interest loss to State has been finally calculated.
3. City and State shall enter into a new agreement for
City's repurchase of the subject parcel, which agreement shall contain
terms and conditions similar to those of the agreement between City
and State dated February 26, 1975.
4. State shall be entitled to all rents due from City's
lessee on the subject property during such time as the State holds
title to the property pursuant to the agreement. The precise ad-
ministration of City's lease shall be determined by separate agreement
between City and State.
IN WITNESS WHEREOF, the parties hereto have caused this
agreement to be made and executed on the day and year first above
written.
APPROVED AS TO FORM At.D PROCEDURE
�61
DEPARTMENT CF TR,;f.VORiATION
� / /I m;:-
STATE OF CALIFORNIA, DEPARTMENT
OF TRANSPORTATION
By.
- 2 -
10/28/75
i
E
r 31. 1975 _g _
CITY MANAGER
AGREffiffiIT WITH THE TE OF CALIFORNIA FOR SALE OF
PROPERTY AT STH 6 MARGUERITE. CORONA DEL MAR,
PARCEL N0. 641339 -01 -01
C -1770
Attacbed are the original and two a�nnted copies of
the agreement to sell the above deflated propmMy
back to the 'State. Please transolt 'to, the appsioiate
State Agency for execution with the ragwat that a
fully executed copy be returned to this office.
This agreement was mukhorlized by the City Council on
October 28. 1975 by the adoption of Resolution No.
8626.
Laura Lagios
City Clerk
LLrewk
enc.
0 C T 28 1975
RESOLUTION NO.
BY 'fill COUNCiL
CM " TgjACI.P RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF NEWPORT BEACH AUTHORIZING THE
MAYOR AND CITY CLERK TO EXECUTE AN
AGREEMENT BETWEEN THE CITY AND THE STATE
OF CALIFORNIA CONCERNING THE PROPERTY
LOCATED AT 5TH AND MARGUERITE AVENUES IN
THE CITY OF NEWPORT BEACH
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 State of California concerning
the property located at 5th and Marguerite Avenues in the City
of Newport Beach; 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
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 day of OCT 2 8 1975.
ATTEST:
City Clerk
Mayor
HRC:dt
10/22/75
I