HomeMy WebLinkAboutResolution No. 2386 •
RESOLUTION NO. 238
RESOLUTION OF THE AZUSA REDEVELOPMENT AGENCY BOARD OF DIRECTORS
ESTABLISHING THE AMOUNT OF JUST COMPENSATION FOR AND AUTHORIZING
CHAIRMAN TO EXECUTE OPTION TO PURCHASE AGREEMENT CONCERNING THE
PURCHASE OF AN UNIMPROVED COMMERCIAL PROPERTY (614-620 N. AZUSA),
IN CONJUNCTION WITH THE CENTRAL BUSINESS DISTRICT AREA OF THE
AZUSA REDEVELOPMENT AGENCY.
WHEREAS, a part of the Agency's FY 1985-86 Central Business
Program includes the revitalization of the downtown area and
encouraging the development of new business; and
WHEREAS, the acquisition of the property located at 614-620 N.
Azusa is not only consistent with project area goals, but, is
necessary in providing adequate parking for the downtown area
Revitalization Project; and
WHEREAS, the Uniform Relocation Assistance and Real Property
Acquisition Policies Act of 1970, and California Administrative
Code, Title 25, Chapter 6, require that a Fair Market Value be
established by two competent and independent appraisers which
services as the basis for determining the Amount of Just
Compensation; and
WHEREAS, the unimproved commercial property located at 614-620 N.
Azusa, owned by Zodilla, Robert and Dorothy Singleton, has been
appraised by two independent appraisers in a competent manner in
accordance with the Act and other applicable regulations; and
WHEREAS, the Fair Market Value of the subject parcel has been
established at $156,000; and
WHEREAS, upon completion of formal negotiations, the Agency
intends to enter into an Option to Purchase Agreement in order to
acquire Fee Simple Interest in the property at the end of the 120
day period; and
WHEREAS, the Agency and sellers have negotiated an Option to
Purchase Agreement based upon the fair market value;
NOW, THEREFORE BE IT RESOLVED, the Azusa Redevelopment Agency
Board of Directors determine the amount of Just Compensation to
be $156,000 for the unimproved commercial parcel located 614-620
N. Azusa Avenue and hereby authorizes the Chairman to execute an
Option to Purchase Agreement with said owners on behalf of the
Agency according to terms specified in exhibit A.
APPROVED AND ADOPTED this 6th day of January, 1986
EUGEO F. MOSES
CHAIRMAN
I hereby certify that the foregoing resolution was duly adopted
by the Redevelopment Agency of the City of Azusa at a regular
meeting thereof held on the 6th day of January, 1986, by the
following vote of the Agency:
AYES: DIRECTORS : CRUZ, COOK, LATTA, MOSES
NOES: DIRECTORS : CAMARENA
ABSENT: DIRECTORS : NONE
�, /*4 -'/j YZ 0
ADOLP SO S, S TARY
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STATEMENT OF THE BASIS FOR THE DETERMINATION OF JUST COMPENSATION
The Determination of Just Compensation is based upon the Fair
Market Value established by two qualified independent appraisers.
The generally recognized definition of Fair Market Value in
California is:
"the highest price on the date of valuation that would be
agreed by a seller, being willing to sell but under no
particular or urgent necessity for so doing and a buyer,
being ready, willing and able to buy but under no
particular necessity for so doing, each dealing with the
other with full knowledge of all the uses and purposes for
which the property is reasonably adaptable and available"
(See California Code of Civil Procedure 1263.320)
Property Description: Portions of lots 21-26, in block 36 of the
Azusa Tract as recorded in Miscellaneous Records Book 15, Pages
93-96 in the office of the County Recorder of Los Angeles County.
Improvements Covered by the Offer:
The entire subject property is asphalt paved. There are no
structures on the site. The site is marked for 40 individual
parking spaces. A pole mounted sign states it is a public
parking lot. The overall quality of the workmanship and
materials found is considered to be average. These improvements
are in average condition.
Land and above mentioned improvements ......... $156,000.00
Based upon the Fair Market value established by two independent
appraisals and the Agency's inspection of the subject parcel, the
above mentioned amount is believed to be just compensation for
the subject property. The City of Azusa Redevelopment Agency's
determination of just compensation is not less than its approved
appraisals of the Fair Market Value of the property. The Market
Data and Value Approaches were the basic methods of estimating
value.
The offer of Just Compensation disregards any decrease or
increase in the Fair Market Value of the subject property caused
by the projects of the Redevelopment Agency of the City of Azusa
or the Community Development Block Grant Program, or by the
likelihood that the property would be acquired for such projects,
other than that due to physical deterioration within the
reasonable control of the owners.
Further, the appraisals and determination of just compensation do
not reflect any consideration of, or allowances for, any
relocation assistance and payments under Title I of the Uniform
Relocation Assistance and Real Property Acquisition Policies Act
of 1970, Chapter 6, Title 25 of the California Administration
Code, Section 7262 of the California Government Code, Section
1263.010 of the California Code of Civil Procedures or the
Redevelopment Agency of the City of Azusa's agreement to pay
certain settlement costs.
The Agency recognizes that, under certain circumstances, special
interests in the real property it proposes to buy, e.g.
easements, leaseholds, tenant -owned improvements, life estates
and water, gas, oil or mineral rights, may belong to parties
other than the recorded title holder. In such cases, the Agency,
after appropriate investigation of the various interests, may
apportion its offer of just compensation in accordance with the
respective interests of each of the parties involved. The owner,
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tenant and any other party, or parties with interests, must be in
full agreement about any apportionment before the Agency can
conclude an acquisition.
Accordingly, the basis for the determination of just compensation
does not include any apportionment for any un -disclosed
interest(s) of the type described but rather, reflects a
determination based on the Redevelopment Agency of the City of
Azusa's review of independent appraisals made on the subject
parcels.
0
JOHN CUTLER 8 ASSOCIATES
ACQUISITION AGENT'S REPORT
DATE:
PROJECT: j1Y,20J,4 — Ae,cnvt- '
PARCEL NO: �S/.yG�E��/ NEGOTIATOR
ENCLOSED:
Agreement of Purchase
Grant Deed
Rent Statement
Receipted Copy of Offer Letter
Statement of Identity
Quitclaim Deed From.
Quitclaim Deed From Tenant to
Seller's F & E
Quitclaim Deed From Seller to
Tenant's F & E
Demand/No Demand Letter
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Property
Address:
61V -46Z6 /1!.
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/T4aw Aje y r T7s�-� 4
Seller's Name:
Seller's Address: Po. &x 66'_/j -
Phone No.
Date Owner Signed /2-/O eQj Date Escrow to Close S0E m/>To+J
r- ./ , _ /,// -4i/
Mail check to:
BENEFTCTARY - TRUST DEED
FIRST }� SECOND
Name: / W16 Name:
Address: Address:
Loan No. Loan No
PROPERTY DATA
Improvements: (x) Unimproved ( ) Improved - No. Units
Manager's Name: �{`��% Phone No.
Address:
Furniture owned by: Utilities paid by:
Tenancy Information (Leases - Month to Month) Disposition
Remarks:
/20 o�r��J Bftr.r- �r�oo aOJ ro s�
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ORIGINAL
OPTION TO PURCHASE
REAL PROPERTY
For the sum of Five Thousand Dollars ($5,000.00)(said Five Thousand Dollars to
be applicable to the total purchase price if this option is exercised), the
undersigned Sellers hereby grant the City of Azusa Redevelopment Agency an
option to purchase the real property commonly known as 614-620 North Azusa
Avenue, Azusa, California, upon the following terms and conditions:
The City of Azusa Redevelopment Agency (BUYER) hereby tenders as a deposit on
account of the purchase price of subject property by authorized check the sum
of five thousand dollars ($5,000.00) towards the total purchase price for said
property of One Hundred Fifty -Six Thousand Dollars ($156,000.00). If this
option is exercised the additional sum of One Hundred Fifty -One Thousand
Dollars ($151,000.00) shall be paid into escrow plus such other associated fees
as may be necessary or appropriate. /A.( CAMpLiIµJGE tVJr{ Sac zI 4nessar) L,LJYJP
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The deposit and balance of the purchase price, together with the
instruments to be deposited with Bank of America, Azusa Main Branch, Escrow
Department. Said option to purchase shall be for 120 Days from the date of
execution of this document.
Seller to provide property free and clear of any liens or encumbrances at close
of escrow.
Sellers hereby agree to waive any and all relocation benefits to which they may
be entitled and agree to execute any and all documents necessary to effect said
waiver that Buyer may deem necessary or appropriate. O VQ c>'o
OM _0pG. 20,tR8�
Buyer authorizes check of $5,000.00 to be deposited into Escrow;' At the end of
120 Days from the date of this option agreement, check shall be released to
Seller as an option fee except that: (a) Buyer and Seller may agree to an
extention of the terms of this option agreement in writing; or (b) Buyer may
exercise its right to acquire the subject property under the terms of this
agreement in which case said deposit shall remain in escrow until the close of
Escrow. If Buyer elects to exercise itsoption to purchase, Buyer agrees to
complete the escrow created by this agreement within Thirty Days (30) after the
120 Day option period.
BUYER:
CHAIRMAN
AZUSA RdEVELOPMENT AGENCY
DATE:
SELLERS:.
a W. Singl
Robert M. Siug`letofi
.Ct' &I Zl« ��//�i�? 1 LGGf�✓v
Dorothy A. Sjiigletqff
Date: 12///Dl�S
E
OPTION TO PURCHASE
REAL PROPERTY
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For the sum of Five Thousand Dollars ($5,000.00)(said Five Thousand Dollars tc
be applicable to the total purchase price if this option is exercised), the
undersigned Sellers hereby grant the City of Azusa Redevelopment Agency an
option to purchase the real property commonly known as 614-620 North Azusa
Avenue, Azusa, California, upon the following terms and conditions:
The City of Azusa Redevelopment Agency (BUYER) hereby tenders as a deposit on
account of the purchase price of subject property by authorized check the sum
of five thousand dollars ($5,000.00) towards the total purchase price for said
property of One Hundred Fifty -Six Thousand Dollars ($156,000.00). If this
option is exercised the additional sum of One Hundred Fifty -One Thousand
Dollars ($151,000.00) shall be paid into escrow plus such other associated fees
as may be necessary or appropriate. (576,f010
.61 VAl- 70Ca�fEx/>� ✓?
The deposit and balance of the purchase price, together with the necessary
instruments to be deposited with Bank of America, Azusa Main Branch, Escrow
Department. Said option to purchase shall be for 120 Days from the date of
execution of this document.
Seller to provide property free and clear of any liens or encumbrances at close
of escrow.
Sellers hereby agree to waive any and all relocation benefits to which they may
be entitled and agree to execute any and all documents necessary to effect said
waiver that Buyer may deem necessary or appropriate. C, Q •ate I/
Buyerauthorizes check of $5,000.00 to be deposited into Escrow. At the end of , W^
120 Days from the date of this option agreement, check shall be released to
Seller as an option fee except that: (a) Buyer and Seller may agree to an
extention of the terms of this option agreement in writing; or (b) Buyer may
exercise its right to acquire the subject property under the terms of this
agreement in which case said deposit shall remain in escrow until the close of
Escrow. If Buyer elects to exercise itsoption to purchase, Buyer agrees to
complete the escrow created by this agreement within Thirty Days (30) after the
120 Day option period.
BUYER:
CHAIRMAN
AZUSA REDEV LOPMENT AGENCY
DATE:
SELLERS: /t
I
Zo 1a W. Singl on
V,l ai �a�
Robert M. Singleto
Dorothy N1 Singleton.
Date: --ZZ e) /0s