HomeMy WebLinkAbout1989-02-21; City Council; 9869; AQUISITION OF REAL PROPERTY LOCATED NORTHERLY OF THE LIBRARY PARKING LOT1
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MTG. 2/21/89 ACQUISITION OF REAL PROPERTY LOCATED NORTHERLY OF THE LIBRARY PARKING LOT DEPT. CM
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Li w ur GAHLSUAU - AIjtNw BILL
RECOMMENDED ACTION:
Direct staff to enter into negotiations for the purchase of the vacant property located north of the Library parking lot.
ITEM EXPLANATION:
The real property parcel in question is parcel 1 (APN 156-190-62) of 2 parcels created by Minor Subdivision Map No. 738, approved on June 30, l! (see Exhibit 1). At the time the Minor Subdivision map was recorded, th(
parcel was owned by the Law estate. The parcel is 1.83 acres (net) in
The estate recently offered the parcel for sale. On December 15, 1988, ( offer to purchase was accepted and the property was placed in escrow wit1 closing date of April 15, 1989. The asking price for the parcel was $750,000. We are advised that the purchaser expects to construct six (6 to seven (7) residential units on the parcel. At this time, an applicat to develop this land has not been filed.
Since this parcel is the only vacant parcel contiguous to the Library parking lot, it is viewed as crucial to the future expansion of the Libr and the Library parking area. With the property in escrow and the pendi development of the land, staff believes that it is essential that the Cil move now to acquire the property before development can occur.
The buyers of this parcel have been contacted and advised of the City’s interest in acquiring the parcel. Although staff discussions with the buyers have been limited, the buyers have expressed some reluctance in
negotiating a purchase are or below the asking price of the parcel.
Before entering into active negotiations to purchase the property, the value of the property should be established by a formal appraisal. Additionally, a guaranteed title report, environmental review, and a General Plan consistency finding should be obtained. Both appraisal and litigation guarantee are essential should a negotiated purchase fail and acquisition through eminent domain is desired.
FISCAL IMPACT:
Approval of staff’s recommendation will result in an estimated expenditur of $7,500 to $10,000 for appraisal, title and legal services. Acquisitic of the parcel will require additional City Council action. If Council approves this agenda bill, staff will reserve funds from the unappropriat fund balance for possible acquisition of this parcel.
EXHIBITS :
1. Location Map
size. Zoning is RP(Q), which permits minimum lots of 7,500 square feet.
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APM 156-190