HomeMy WebLinkAboutResolution No. 309E
RESOLUTION 309
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RESOLUTION OF THE AZUSA REDEVELOPMENT AGENCY
BOARD OF DIRECTORS ESTABLISHING THE AMOUNT OF
JUST COMPENSATION FOR THE COMMERCIALLY
IMPROVED PROPERTY AT 715 NORTH AZUSA IN
CONJUNCTION WITH THE PROPOSED CBD SITE -1
DEVELOPMENT
WHEREAS, a part of the Agency's FY1986-87 Redevelopment
efforts include redevelopment of the 9± acre site bounded by
Azusa Avenue, Foothill Boulevard, and AT & SF Railroad in the
Central Business District Redevelopment Project Area; and
WHEREAS, the acquisition of the property located at 715 North
Azusa Avenue is necessary to assemble the site for redevelopment;
and
WHEREAS, the California Administrative Code, Title 25,
Chapter 6, requires that a Fair Market Value be determined by an
independent appraiser which serves as the basis for establishing
the amount of Just Compensation; and
WHEREAS, the improved commercial property located at 715
North Azusa Avenue, owned by Anthony and Julia Ortuno, 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 $65,000 as discussed in the Statement of the
Basis for Determination of Just Compensation attached hereto as
Exhibit A; and
WHEREAS, upon completion of formal negotiations, the Agency
intends to acquire the subject parcels and obtain the respective
fee simple interests:
NOW, THEREFORE, BE IT RESOLVED, the Azusa Redevelopment
Agency Board of Directors determines the amount of Just
Compensation to be $65,000 for the real property located and 715
North Azusa Avenue and hereby authorizes staff to commence formal
acquistion proceedings.
APPROVED AND ADOPTED the 23rd day of October , 1986
ET49fie F. Moses
Chairman
I
adopted
regular
1986.
HEREBY CERTIFY that the foregoing resolution was
by the Redevelopment Agency of the City of Azusa
meeting thereof, held on the 23rd day of October
AYES: DIRECTORS:
NOES: DIRECTORS:
ABSENT: DIREqTORS:
ABSTAIN: A DIRECTORS:
DEPUTY
AVILA, COOK, MOSES
NONE
LATTA
CRUZ
duly
at a
0
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)
Property Description: Lot 37 of
in Book 15, Pages 93 through
Recorder of Los Angeles County.
the Azusa Tract per map recorded
96 in the Office of the County
Improvements Covered by the offer: The site consists of 3,500
square feet of site area and building improvements of 1,120 ±
square feet. It is a one-story brick commercial structure
constructed in 1920. The improvements are in fair condition.
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.
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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M.R. 15-93-96
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ASSESSOR'S MAP
715 NORTH AZUSA AVENUE
AZUSA, CALIFORNIA