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HomeMy WebLinkAbout1981-10-06; City Council; 6756; REQUEST TO USE APPRAISAL TO DETERMINE PARK-IN-LIEU FEE |RUSSELL|,- AB#^ TITLE: REQUEST TO USE APPRAISAL TO DETERMINE MTG. DEPT. ENG 10/6/81 PARK-IN-LIEU FEE (RUSSELL) DEPT. Ht CITY All CITY MG - Q 0 tx 8. 5 2 .. 2 2 5 a 2 '0 z 8 0 CI'IOOF CARLSBAD - AGENDIJfilLL RHA: Is RECOMMENDED ACTION: Accept the appraisal of $117,000 as the fair market value for the land a! the basis for determining the Park-in-Lieu Fee. ITEM EXPLANATION: Chapter 20.44.070 of the Municipal Code requires the fair market value o land to be computed in one of two ways for use in determining the Park-i Lieu Fee. A an alternative, the subdivider may elect to obtain an appraisal of the p perty at his own expense and this appraisal may - be accepted by the City Council if found reasonable. The tax assessor recently changed all assessed values to be 100% of the market value instead of 25%. Therefore, multiplying this value by six w usually result in an unreasonably high market value especially if the pr perty was recently purchased. Mr. Russell's property consists of two tax parcels assessed at $13,477 a $60,208. His Park-in-Lieu Fee required prior to the final map for his 9 unit condominium project (CT 81-15) would be $27,204 if the assessed Val is multiplied by six. The fee would be only $7,199 if based on the $117,000 value determined by the appraisal. The appraisal seems consis- tent with staff knowledge of other land values in the neighborhood. Acceptance of the appraisal will reduce the amount of the Park-in-Lieu F by $20,005. The usual method is to multiply the assessed value by six. FISCAL IMPACT: EXHIBITS : A. Letter of opinion, dated August 28, 1981 B. Location Map - --_- ! 6 0 0 '8 A. M :I A i C A N -_ rk3 I -I ____ -_ -___ __-_ -- -I- --_--- _- " -. _. -- I----._--- - REAL ESTATE APPRAISERS L' CARLSFIAD EXFCUTIVZ AND PX3FZSSIONkL E3UILD:W;G DONALD E YEXES. A 2832 HARDINti STRECT CyNrHin S PIRO C+F?l5DA3. CALIFOXXIA 07033 (716) 720-0888 Aug,ist 28, 1981 $k. Paul Russell 25254 Jei'fersm SZrest Carlsbad, CA 92008 ErEX OF OTiLTLOS Dca-c Pk. Russell: In response to your request I hsw appaiscd che proFerty located at 880 Gr 908 EIGE Szrezt, Carlsbad, CsliEornia. The property is improvzd with txo (2) older sit-@e fcmily rnsidmcc - v 880 HOE Street is two bedroms, one bath, 850 sqmre Eeet a-xl 908 Holxe Street is the2 bdroms, om bath, 990 scpme feet. mod frzip>, cozcrete slab with coqosition shingle roofs. age 40 years. Fair com3ici.m. Inte-rkn valu? based on discomtcd reiltal incam for two years. The subject site is trapazoidal in shape with m a-ca of 20,155 sqwm fect. all street 2rp;rovarents are in place along its 105.6' frontage. is zor~ed 27,-3 (Xultiplc ks!&rktd). The Carlsbad General Plan zdopted 10-16-74 proposes ~naiLxi~-'n-l@~ d2nsity use for this paxel which prov-ides for 1C-20 drilling ui?its pzt- acre dqm?irg on sub- ni.Ci-cd plans. opxent Froj cct boxqd-zies. Tne irrri;ediatc ne i ghborhocd coasists of new apartmnt developments, of€i ce Ixildings and older ~o2nst shgle farrtly resickices . Cornmi-ty Center and dmntom xe within easy walkii?; distmce. In order to arrive at an opkiion of vdue for thc land as if vacant assv;i;jlig the highost and bCTt us2 to be cond0716ni-ms the followiq, data was analyzed ard cmpred to the srluject: Sale I! 130~3 azc Observed It is an in'ccrior lo^ wich no alley acccss. IC is le-4- ar,d It TT"re su3ject is j~st outsidc the ~7iZlage kea ?.etael- The I~,J IO14 Laguna E-rivs. Sale Price $llf;,OOO ($12,779 per cord3 unit) - Sold 7-82. Area 20,210 S.F. Level. Genxal Plan BGI. Olcler residence - no value. 987 ChtqxipLn AVFXX. Con30 unit). Sold 3-81. Area 29,815 S.F. Tad. Gama1 Plan PXl. Olde~ resic!mce - no value. Corner axnities. _I- Sale 2: Sale Price $169,009 ($13,000 per EXHIBIT * f a 0 sale 3 : 2659 jefferi;on Street. con& ~.~nit) . Sold 8-79. LZren 21,780 S.P. IEV~~.. CCTIECX~ P.1a1-i 32i. Olde-r reside - ilitei:jm vzlue. Inclucks GXSCS!- Comnri.ssFon approval for Salk ~rict: SI55 p 008 ($2.1. >!I7?. pzr _--.- -_____ T.,:i.st.:ii-p 'L---- A- 372 Pine Aventie. 1,isti.m L_, Price $195,1100, h-ea 24,2,52 S-F. J.,evel. 0l.de.r rcsidexe - no va.1~~. General Flan 1~3.31. hss~xnk~;.: 16 ui$.ts density i.ndi.cates $12 2 1% per condo unit. Based on an x~~illysis 0:: Che afor sd>-ject has a Land V~IE of S13,CXI per &.\3elLit1.g linit. ASS condonj.n-i.u;n iin<.t:s coulcl be ccmst-ructcd a~ pr LiDcsign dzvef indicates a Imd valri~e of $1!.7,c130. - It is fel~ the improvenents ~:m?11ci have an in.tei5m rental value prior to construct:.on as f0l.l.GWS : pair n;on*ihl.y rent: 850 ITmo Street $375 908 €!om Street 450 .n.ti~r:d. data ie: is xj7 osin-ilon th.2 -F PLmmal rezt 1.2 x $825 = $9909 1330 IESS C?qI?TlSC?S 2ox _L_- - Net anma1 inco;i?.e $7920 Inxood. Co-fZicienc (2.y~-s ; 122) 0.7972 $15,840 x 0.7972 - -- $12,628 Ro?.ird to $13 ,me The final conelmion of v;il.u~ for the subject pron.zrty is estima-ted at: osz ]m:g?Lz9 ?"r;-j--<-3 rE{gJsbA3?I) 991 L&?S $130,030 e 00 ,-.v ire property has cot beer; s:.~~r--yed an3 enis zp;xai.ser has relied on o?ficj.al records ax1 i.~fcc,-matlion si..pplid bjr o'i!2crs t:o s~.qpo::? his area cal.cdati.ons . 1ni.s appraisal. is based on the assuqtio~ the subject is a le &lle s:j- t:e \qj-.Lh no encijd~i-z~e.~ that ad.vasely affect marset valuc: . :C hereby cer'ii%y that I ?.WE n3 interest- in the subjcct propcrty eirbx present or contcqlatec!. Respectf~.Lly yours , T'l' r-wfln Q, r,'- p 2-ydg*9 - c -/T, (2, &+-, Donald E. Yei, KGS, A. S - A. b I_ -_I 1' +( L, I 3) e irx P 1 3 r P 4 h h c L I n 2 rq rRS. 573 I ? /' /-- v. w 0. i 5 .. ...-. . - -_I_____c---- ~-%--3----- --*. If LOCATION MAP EXHIBIT B 5 >.- 7)