HomeMy WebLinkAboutResolution No. 3620 0
RESOLUTION NO. 362
RESOLUTION OF THE AZUSA REDEVELOPMENT AGENCY BOARD OF DIRECTORS
ESTABLISHING THE AMOUNT OF JUST COMPENSATION FOR THE IMPROVED
COMMERCIAL PROPERTY AT 133 WEST FOOTHILL BOULEVARD AND 714 NORTH
SAN GABRIEL AVENUE IN CONJUNCTION WITH THE PROPOSED CBD -1 PROJECT
WHEREAS, a part of the Agency's FY 1986-87 redevelopment
efforts include the development of a mixed use
residential/commercial development in the Central Business
District Redevelopment Project Area; and
WHEREAS, the acquisition of the property located at 133 West
Foothill Boulevard/714 North San Gabriel Avenue is consistent
with project area goals; 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 133 West Foothill
Boulevard/714 North San Gabriel Avenue owned by Walter L.
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 $395,000 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 property and obtain the respective
fee simple interest:
NOW, THEREFORE BE IT RESOLVED, the Redevelopment Agency
Board of Directors determine the amount of Just Compensation to
be $395,000 for the real property located at 133 West Foothill
Boulevard/714 North San Gabriel Avenue and hereby authorizes
staff to commence formal acquisition proceedings.
APPROVED AND ADOPTED this 27th day of May , 1987.
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 27th day of May , 1987.
AYES: BOARD MEMBERS AVILA,
NOES: BOARD MEMBERS NONE
ABSENT: BOARD MEMBERS NONE
ABSTAIN: 1BOARD MEM ERS -,,CRUZ
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COOK, LATTA, MOSES
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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)
Property Description: Lots 8, 9, 15 and 16 in Block 28 of the
City of Azusa, in the County of Los Angeles, State of California,
as per map recorded in Book 15, Pages 93 to 96 of Miscellaneous
Records.
Improvements Covered by the Offer: The real property covered by
this offer consists of four lots with several structures located
thereon.
133 West Foothill Boulevard (Lots 8 and 9) -- a 6,000 sq.
ft. site with a 6,000 sq. ft. brick building in average
condition. The property is used for a retail store and
warehouse space. Appraised value is $200,000.
714 North San Gabriel Avenue (Lots 15 and 16) -- a 7,000 sq.
ft. site with 5,994± sq. ft. of building improvements. A
retail store occupies the frontage with industrial uses in
the rear. The improvements are in average condition.
Appraised value is $195,000.
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 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.
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