HomeMy WebLinkAboutC-2883 - Appraisal for Upper Castaways and Newporter NorthCITY OF NEWPORT BEACH
OFFICE OF THE CITY CLERK
P.O. BOX 1768, NEWPORT BEACH, CA 92658 -8915
(714) 644 -3005
TO: FINANCE DIRECTOR I- 2,1�9�
FROM: CITY CLERK
DATE: October 21, 1991
SUBJECT: Contract No. C -2883
Description of Contract Appraisal for Upper Castaways and
Newporter North
Effective date of Contract November 1, 1991
Authorized by Minute Action, approved on October 14, 1991
Contract with George Hamilton Jones, Inc.
Address 717 Lido Park Drive, Suite D
Newport Beach, CA 92663
Amount of Contract (See
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Wanda E. Raggio
City Clerk
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Attachment
3300 Newport Boulevard, Newport Beach
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CITY COUNCIL
Agenda Item No. F -9 c)
F -15(c)
CITY OF NEWPORT BEACH
OFFICE OF THE CITY MANAGER
October 14, 1991
TO: MAYOR AND CITY COUNCIL
FROM: City Manager
OCT 141991
SUBJECT: APPRAISAL OF UPPER CASTAWAYS e -28 '03
AND NEWPORTER NORTH
Several weeks ago some members of the City Council
suggested that the City appraise the Upper Castaways property and
the Newporter North property to determine the value of these two
parcels. I believe it was the initial intent that following the appraisal
the Council would consider placing a bond issue on the June 1992
election to determine if the citizens would favor the acquisition of all
of the Upper Castaways and Newporter North.
RLW:kf
Attachment
ROBERT L. WYNN
(3�
The purpose of
this memo is
to include a copy of the
proposal
from Mr. George
Hamilton Jones
for the appraisal of these
properties
to determine if
the Council
wishes to authorize said
appraisal.
Earlier a budget
amendment of $25,000 was approved by
the City
Council with the
understanding
that this item would come
back to
the Council for
final determination. Inasmuch as the
proposal
includes a not to exceed fee
of $35,000, an additional
$10,000
budget amendment
is also placed
on the agenda.
RLW:kf
Attachment
ROBERT L. WYNN
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GEORGE HAMILTON JONES, MAI
WILLIAM R. HANSEN, MAI
STUART D. DuVALL
KENT HARVEY
Mr. Robert Wynn
0 0
GEORGE HAMILTON .TONES, INC.
APPRAISAL CONSULTANTS
717 LIDO PARK DRIVE, SUITE D
NEWPORT BEACH, CALIFORNIA 92663
City Manager
City of Newport Beach
P. O. Box 1768
Newport Beach, CA 92658 -8915
Dear Mr. Wynn:
October 11, 1991
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TELEPHONE (714) 673 -6733
FAX (714) 673 -6924
Re: Appraisal Proposal for Upper
Castaways and Newporter North
In accordance with your request and authorization, we have reviewed the scope
of work necessary to form an opinion of value for the above referenced subject
properties under two bases as described below.
The date of value shall be current, i.e.., November 1, 1991.
The appraisal work shall be carried out in accordance with the Standards of
Professional Practice of the Appraisal Institute using appropriate methodology. The
results of our investigation will be presented in a full narrative report.
The following is our understanding of the assignment relative to the two parcels.
J r Castaways:
To estimate the fair market value of 26 acres with entitlement for 151
dwelling units situated on the Upper Castaways site as depicted in the
attached exhibit. The 30.6 acre balance of the 56.6 acre larger parcel shall
be dedicated to the City for park and open space purposes.
By instruction, subject land shall be valued considering that it shall be
the obligation of die seller to improve Dover Drive concurrent with, or
prior to, development of the site. Street improvements shall be those that
would be required by the City of any owner of the total parcel at the time of
development of the site. Beyond this, the land shall be considered in its "As
Is" physical condition with all necessary utilities available and adjacent to
the site.
0
Mr. Robert Wynn
Page 7.
October 11, 1991
•
A supplemental appraisal shall be made considering a 151 -unit
entitlement over the entire 56.6 acre parcel. As above, the property shall
be considered in its "As Is" condition with utilities adjacent and available,
and with the seller of the site obligated to finish Dover Drive as required by
the City. In addition, park requirements will have to be met by the project.
Newporter North:
To estimate the fair market value of 30 acres with entitlement for 212
dwelling units situated on the Newporter North site as shown on the
attached conceptual map. The 47.2 acre balance of the 77.2 acre larger
parcel shall be dedicated to the City for park and open space purposes. The
Newporter Knoll (12 acres) is not a part of the larger parcel.
By instruction, subject land shall be valued considering that it shall be
the obligation of the seller to make all frontage improvements, if any,
required by the City on Jamboree Road, San Joaquin Hills Road, and Back
Bay Drive adjacent to the larger parcel. Beyond this, the land shall be
considered in its "As Is" physical condition with all necessary utilities
available and adjacent to the site.
A supplemental appraisal shall be made considering a 212 -unit
entitlement over the entire 77.2 acre parcel. As above, the property shall
be considered in its "As Is" condition with utilities adjacent and available,
and with the seller of the site obligated to make any necessary frontage
improvements along adjoining streets. In addition, park requirements will
have to be met by the project.
These appraisements will be made exclusive of any consideration of the effect on
value, if any, arising from the Proposed Circulation Improvement and Open Space
Agreement between the City and The Irvine Company.
Mr. Robert Wynn
Page 3
October 11, 1991
It is our opinion that the fee for such work shall be in the order of $35,000. This
amount shall be the "not to exceed" figure. Actual billing shall be based upon hours
required for the appraisement at our established hourly rates:
George H. Jones, MAI $250
William R. Hansen, MAI $175
Kent Harvey $105
Stuart D. DuVall $95
Casey Jones $60
The fee shall be due and payable upon submission of the appraisal report. The
report shall be submitted to the City in quintuplicate on or before December 1, 1991.
Please let us know of your decision on this matter so that we may schedule our
work accordingly.
Thank you for considering us for this assignment.
Our File No.: 891 -1
Enclosures
Ma r
ATTEST:
City Clerk
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