HomeMy WebLinkAbout8346 - State-Owned Excess Freeway Right-of-Way0
RESOLUTION NO. 8346
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH AUTHORIZING THE CITY STAFF
TO PREPARE THE NECESSARY LEASE AND OPTION
AGREEMENTS RELATING TO CERTAIN STATE-OWNED
EXCESS FREEWAY RIGHT -OF -WAY
WHEREAS, the State Department of Transportation has
offered to lease certain State -owned excess freeway right -of -way
to the City of Newport Beach pending the completion of the
Orange County Coastal Corridor Study, and
WHEREAS, said property is described as the Pacific
Electric right -of -way, Parcel Nos. A8188 and B7069, to be leased
for the sum of $100.00 per month and the Cagney property, Parcel
No. C6741, to be leased for the sum of $50.00 per month; and
WHEREAS, the State Department of Transportation has
offered to grant a six months' option to purchase certain State -
owned excess freeway right -of -way located in Corona del Mar,
described as Parcel No. 41339 for a sale price of $553,800; 30%
or $166,140 down at the time of exercise of the option, the
balance of $387,660 secured by a ten -year note at 7% simple
interest; and
WHEREAS, the City Council finds and determines that it
would be in the best interests of the City to enter into the leases
for the excess State -owned freeway right -of -way described herein -
above and to enter into an option agreement for the purchase of
the excess State -owned freeway right -of -way located in Corona del
Mar as described hereinabove.
NOW, THEREFORE, BE IT RESOLVED that the City staff be
authorized in conjunction with the Department of Transportation's
staff to prepare the necessary lease documents and option agreement
incorporating the terms and conditions as set forth hereinabove
for submission to and final approval by the City Council.
ADOPTED this 26th day of August, 1974.
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Mayor
ATTEST
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City C erk
fi �CERTI D AS YP7E ORIGINAI
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CITY CLERIC OF THE C OF P1EWP T BEAC➢8�
AUG 3 0 1974
DATE: ............
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8/26/74