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HomeMy WebLinkAboutResolution No. 395RESOLUTION NO. 395 RESOLUTION OF THE AZIISA REDEVELOPMENT AGENCY BOARD OF DIRECTORS ESTABLISHING THE AMOUNT OF COMPENSATION FOR A TEN THOUSAND AND FIFTY SQUARE FOOT PORTION OF THE LARGER PARCEL AT 605-635 EAST FOOTHILL BOULEVARD AND APPROVING ACQUISITION IN CONJUCTION WITH THE PROPOSED AZIISA GARDENS PROJECT WHEREAS, a part of the Agency's FY 1987-88 redevelopment efforts include the development of a 112 -unit multi -family residential development in the Central Business District Redevelopment Project Area; and WHEREAS, the acquisition of the ten thousand and fifty square foot portion of the property located at 605-635 East Foothill Boulevard is not only consistent with project area goals, but is necessary to provide access for the housing project; 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 improved property located at 605-635 East Foothill Boulevard, owned by Nathan Krems and Alan Shulman, as Trustee, 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 $70,350 as discussed in the Statement of the Basis for Determination of Just Compensation attached hereto as Exhibit A; and WHEREAS; the California Administrative Code Title 25, Chapter 6, indicates that the owner of the subject property is not obligated to accept the above mentioned value and is entitled to present evidence as to the amount they believe is the value of the property; and WHEREAS; the owners and Agency have negotiated a purchase price acceptable to both parties. WHEREAS, the settlement price does not constitute the Agency's agreement regarding the property's fair market value, but rather reflects the Agency's desire to dismiss the eminent domain action. NOW, THEREFORE BE IT RESOLVED, the Azusa Redevelopment Agency Board of Directors determine the amount of compensation to be $103,012.50 for the ten thousand and fifty square foot parcel of real property located at 605-635 East Foothill Boulevard and hereby authorizes the purchase of property at the said purchase price, and directs the Chairman to execute the appropriate documents. APPROVED AND ADOPTED this 17thday of August , 1987. Chair an 0 0 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 17th day of August , 1987. AYES: BOARD MEMBERS NOES: BOARD MEMBERS ABSENT: BOARD MEMBERS Secreta AVILA, CRUZ, LATTA, MOSES NONE COOK 0 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: The property that is the northerly 200 feet of the westerly 50 feet in width that extends southerly from Eighth Street, and an irregularly shaped triangular portion of the larger parcel approximately fifty square feet, as identified on attached legal description. Improvements Covered by the Offer: The 10,050 square feet of land is part of a larger 17.055± acre site that is improved with an older shopping center, a bowling alley, and miscellaneous older restaurant buildings. The 10,050 square feet of land, however, is presently vacant and in fair condition. Based upon the Fair Market Value established by an independent appraisal and the Agency's inspection of the subject parcel, the amount of $103,012.50 exceeds the fair market value of the property as established by the Agency's appraisal. The supplemental compensation represents the Agency's desire to avoid eminent domain action. The Market Data Approach was the basic method of estimating value. Since the appraised subject property is part of a larger parcel, the appraisal included an assessment of severance damages. The appraisal report indicated that acquiring the subject property does not damage the remaining larger parcel as to its useability and 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 does not include any apportionment for any interest(s) of the type described but rather, determination based on the Redevelopment Agency of Azusa's review of independent appraisals made on parcels. RS/tmb compensation undisclosed reflects a the City of the subject • LEGAL DESCRIPTION • THE WESTERLY 50 FEET OF THE SOUTHERLY 600 FEET OF LOT 86 OF SUBDIVISION NUhIBER 2 OF THE AZUSA LAND AND WATER COMPANY AS RECORDED IN BOOP: 43 PAGE 94 OF MISCELLANEOUS RECORDS IN THE OFFICE OF THE COUNTY RECORDER OF THE COUNTY OF LOS ANGELES. EXCEPT THEREFF:OH, THE WESTERLY 50 FEET OF THE SOUTHERLY 400 FEET OF SAID LOT 86. BECI14NING AT THE INTERSECTION OF THE CENTER LINE OF PASADENA AVENUE WITH THE CF14TER LINE OF EIGHTH STREET AS SHOWN ON PARCEL MP NUh1BER 17258 AS RECORDED IN BOOK 188 PAGES 25 AIM 26 EN THE OFFICE OF THE COUNTY RECORDER OF LOS ANGELUS COUNTY: THENCE SOUTH 80 DEGREES 59 FEET 57 INCHES EAST A DISTANCE OF 521 FEET; THENCE SOUTH 0 DEGREES 0 FEE"03 INCHES WEST A DISTANCE OF 30 FEET TO AN INTERSECTION SdITH THE SOUTHERLY FIGHT—OF—WAY LINE OF EIGHTH STREET AS SHOWN ON SAID i•LAP; THENCE NORTH 89 DECREES 59 FEET 57 INCHES WEST A DISTANCE OF 6.00 FEET TO THE TRUE POINT OF BEGINNING: THENCE SOUTH 45 DECREES OO FEET 03 INCHES WEST A DISTANCE OF 14.14 FEET THENCE NORTH 0 DEGREES 00 FEET 03 INCHES WEST A DISTANCE OF 10.00 FEET; THENCE SOUTH 89 DEGREES 59 FEET 57 INCHES EAST A DISTANCE OF 10.00 FEET TO THE TRUE POINT OF BEGINNING. 0 s�c[7 1 17 BK. 30 8625 r 200' 1 Le9TH •fr. ,STg Q�••n .� �'+.: ,+ R So eol 2045- BBI9 8819 8820 A. To��� .aem 5'i E I RY. v 112 -Unit Azusa —zl6s o 7 SHEET•: — 2 zoo Gardens Apartment oI zq ^ Project ON Ls 4` G - '• 1 izo 1 •� i � o. 41 :G 1015 Q N 1 8146 Acquisition 'z �1 too Parcel 86 l"J N 8TH ST 1679=Ar 87 o i V � >00 16r>+tc a ----------- CODE --------- CODE I 204 5 6819 6820 2007 FOR PREV, ASSM'T SEE: A607 - 1, ae 6 zv <.: a Larger Parcel 84 � 9 o J1.5 e Q 27647 /JSJJ i 29 z 10 eQ \ e W 216 d7 O „ Q /66 1 9067 rra e I2 Redevelopment o� 17 0l o O: Br4 1 ° 1B6 906i 7js3r' A en Pgo.noct gl , ' 673 ev h $ FOOTHILL' 605-635 E. Foothill Bouleva d BLVD.g I I1 rO 2045 8819 W BB19--}^8820 9� -� 9 RANCHO AZUSA FINALLY CONFIRMED TOu Oa HENRY DALTON- _ P 2 _106 -107 BK ¢ 8612 AZUSA M.R.15- 93 - 96 SUBDIVISION NO.2 AZUSA LAND AND CONDOMINIUM WATER CO. M.R.43 -94 TRACT_ NO. 421 09 - M. B. 1014_ 1 - 2 THE LEMON TRACT M.B.II - 108 BK 8625 0 dJo5f, r . -d'> i /f1r10J'r.dl/. ASSESSOR'S KIAP COUNTY OF LOS ANGELES, CALIF.