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HomeMy WebLinkAboutResolution No. 2590 46 RESOLUTION NO. 259 RESOLUTION OF THE AZUSA REDEVELOPMENT AGENCY BOARD OF DIRECTORS ESTABLISHING THE AMOUNT OF JUST COMPENSATION FOR AND AUTHORIZING THE CHAIRMAN TO EXECUTE AN OPTION TO PURCHASE AGREEMENT CONCERNING THE PURCHASE OF THE IMPROVED COMMERCIAL PROPERTY 133 W. FOOTHILL BOULEVARD) IN CONJUNCTION WITH THE PROPOSED DICKER WARMINGTON COMMERCIAL SHOPPING CENTER DEVELOPMENT. WHEREAS, a part of the Agency's FY 1985-86 Redevelopment efforts include the development of a new commercial center in the down town area; and WHEREAS, the acquisition of the property located at 133 W. Foothill Boulevard Azusa is not only consistent with project area goals, but is necessary in providing adequate parking for the proposed shopping center; and WHEREAS, the California Administrative Code, Title 25, Chapter 6, requires that a Fair Market Value be established by an independent appraiser which services as the bases for determining the Amount of Just Compensation; and WHEREAS, the unimproved commercial property located at 133 W. Foothill Boulevard, Azusa, owned by Lyle and Ramona Johnson, has been appraised by an independent appraiser in a competent manner in accordance with the Code and other applicable regulations; and WHEREAS, the Fair Market Value of the subject parcel has been established at $375,000; 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; 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 $375,000 for the improved commercial parcel located 133 W. Foothill Boulevard and hereby authorizes the Chairman to execute an Option to Purchase Agreement with said owners on behalf of the Agency. APPROVED AND ADOPTED this 15th day of April, 1986. EUG EMOF SES 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 15th day of April, 1986, by the following vote of the Agency: AYES: DIRECTORS: AVILA, NOES: DIRECTORS: NONE ABSENT: DIRECTORS: NONE ABSTAIN: DIRECTORS CRUZ u ADOLPH LIS SECRET Y COOK, LATTA, MOSES 0 0 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 8, 9, 15 & 16 in block 28 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 site consists of 8,294 square feet of building area located on 13,000 square feet of property. These improvements are in average condition. Land and above mentioned improvements ........$375,000.00 Based upon the Fair Market Value established by an independent appraisal 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 appraisal 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 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 Chapter 6, Title 25 of the California Administration Code, Section 7262 of the California Government Code, Section 1263.010 of the California Code for 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, 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.