HomeMy WebLinkAboutResolution No. 394T,3
RESOLUTION 394
RESOLUTION OF THE AZUSA REDEVELOPMENT AGENCY
BOARD OF DIRECTORS ESTABLISHING THE AMOUNT OF
COMPENSATION FOR THE COMMERCIALLY IMPROVED
PROPERTY AND AUTHORIZING THE PURCHASE OF 121
WEST FOOTHILL BOULEVARD IN CONJUNCTION WITH
THE PROPOSED CBD -1 DEVELOPMENT
WHEREAS, a part of the Agency's FY1987-88 redevelopment
efforts include redevelopment of the 9± acre site bounded by
Azusa Avenue, Foothill Boulevard, and the AT & SF Railroad in the
Central Business District Redevelopment Project Area; and
WHEREAS, the acquisition of the property located at 121 West
Foothill Boulevard 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 121
West Foothill Boulevard, owned by Martin and Elayne Mayerfeld,
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 $160,000 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 initial offer, but is entitled to
submit evidence as to the amount he believes is the value of the
property; and
WHEREAS, the owner submitted evidence of a higher value
which the Agency has considered; and
WHEREAS, the property owner and Agency have negotiated a
settlement which is acceptable to both parties based upon a
number of circumstances;
NOW, THEREFORE BE IT RESOLVED, the Azusa Redevelopment
Agency Board of Directors determines the amount of Just
Compensation to be $174,000, 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 17th day of August, 1987.
Chai an
1
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: Avila, Cruz, Latta, Moses
NOES: BOARD MEMBERS: None
ABSENT: BOARD MEMBERS: Cook
Secretary
E
•
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: Lots 5, 6 and 7 of Block 28 of the Azusa
Tract per map recorded in Book 15, Pages 93 through 96 in the
Office of the County Recorder of Los Angeles County (see attached
site map).
Improvements Covered by the Offer: The site consists of 6,000
square feet of site area and building improvements of 4,140±
square feet. It is a one-story commercial structure constructed
in 1920-30. 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
amount of $174,000 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 Income Approaches to value 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 Administrative Code, Section 7262 of the
California Government Code, Section 1263.010 of the California
Code for Civil Procedure 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 undisclosed
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.
JJF:RRS/tmb
� 813 ls&g'etaj"' c�
SCALE 1
E
AZUSA AVE.
o p
s7
60
2
?s
2S
b/3
ZS
2S
/SO p
25
94 / I S6 y
1,'5
ib
i20
24
23
22
2/
20
/9
/6
/7
/S
/S
• So I10
IIl
�
/5
a
a
/f
a
io
O
e
y
\�O
i 3 I M1
9s
-�
h
I
1
O
O
23 i
O
Ie 4 L
/3
23
•
2S
n SO I /� /00 "'
6 27
PD
P3
30
3/
132
I
331
34
ISS
36
37
38
= so
S
i
1
63 i 2
25
25
1 1
/S
I
/51
25
1
20
2S
2S
ory
N ' sa
7.7/ I 'es p
n
\0
1Y 2S
ASSESSOR'S MAP �' C
121 W. FOOTHILL BLVD. 2�
AZUSA, CALIFORNIA
• 60
1=11V.r1z1
N
p
SAN GABRIEL
CODE
2069
AZUSA '
M.R. 15-9,3-96
O
p
AVE.
m
D
/SO p
3
24
23
22
2/
20
/9
/6
/7
/S
/S
• So I10
IIl
�
/5
a
a
/f
a
io
O
e
y
\�O
X12 �
/3
23
•
2S
n SO I /� /00 "'
p
SAN GABRIEL
CODE
2069
AZUSA '
M.R. 15-9,3-96
O
p
AVE.
m
D