HomeMy WebLinkAboutResolution No. 3209 0
RESOLUTION NO. 320
RESOLUTION OF THE AZUSA REDEVELOPMENT AGENCY BOARD OF DIRECTORS
ESTABLISHING THE AMOUNT OF JUST COMPENSATION FOR THE UNIMPROVED
PROPERTY (734 N. SAN GABRIEL) IN CONJUNCTION WITH THE PROPOSED
CBD -1 REDEVELOPMENT PROJECT
WHEREAS, a part of the Agency's FY 1986-87 redevelopment
efforts include the redevelopment of the CBD -1 Site in the
Central Business District Redevelopment Project Area; and
WHEREAS, the acquisition of the property located at 734 N.
San Gabriel Avenue is necessary to complete assembly of the CBD -1
Site; and
WHEREAS, the California Administrative Code, Title 25,
Chapter 6, requires that a Fair Market Value be established by an
independent appraiser which serves as the basis for determining
the Amount of Just Compensation; and
WHEREAS, the unimproved property located at 734 N. San
Gabriel Avenue, owned by Robert Montano, 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 was
established at $8.00 per square foot as discussed in the
Statement of the Basis for Determination of Just Compensation
attached hereto as Exhibit "A".
WHEREAS, upon completion of formal negotiations and
verification of property boundaries, the Agency intends to
acquire the fee simple interest in the property;
NOW, THEREFORE BE IT RESOLVED, the Azusa Redevelopment
Agency Board of Directors determines the amount of Just
Compensation to be $8.00 per square foot for the real property
located at 734 N. San Gabriel Avenue and hereby authorizes the
said purchase price upon certification of the property
boundaries.
APPROVED AND ADOPTED this 15th day of December , 1986.
P
I HEREBY CERTIFY that the foregoing Resolution was duly
adopted by the Board of Directors of the Azusa Redevelopment
Agency of the City of Azusa, at a regular meeting thereof held on
the 15th day of December , 1986.
AYES:
BOARD
MEMBERS
AVILA, COOK, LATTA,. MOSES
NOES:
BOARD
MEMBERS
NONE
ABSENT:
BOARD
MEMBERS
NONE
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OBOARD MEM PS CRUZ
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EXHIBIT A
STATEMENT OF THE BASIS FOR THE DETERMINATION OF JUST COMPENSATION
The Determination of Just Compensation is based upon the Fair
Market Value established by a qualified independent appraiser.
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)
Lots 24 and 25 of Block 28, in the City of Azusa, as per map
recorded in Book 15, Page 93 et. seq. of Miscellaneous Records in
the Office of the County Recorder of Los Angeles County (see
attached map).
According to the Assessor's Records the site consists of a 6,990
square foot unimproved lot with 25' frontage on San Gabriel
Avenue. A boundary survey will be conducted to establish the
precise dimensions of the subject parcel.
Improvements Covered by the Offer: The site is unimproved except
for a Foster and Kleiser billboard located on the San Gabriel
Avenue frontage. The billboard is a leasehold improvement which
will be separately acquired from the lessee.
Appraised Fair Market Value: $8.00 per square foot of site area.
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 Approach was the basic method 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.
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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.
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