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HomeMy WebLinkAboutResolution No. 4980 to RESOLUTION NO. 498 RESOLUTION OF THE AZIISA REDEVELOPMENT AGENCY BOARD OF DIRECTORS ESTABLISHING THE AMOUNT OF JUST COMPENSATION FOR THE COMMERCIALLY IMPROVED PROPERTY (717 NORTH AZIISA AVENUE) IN CONJUNCTION WITH THE PROPOSED CENTRAL BUSINESS DISTRICT I (CENTENNIAL SQUARE) DEVELOPMENT WHEREAS, a part of the Agency's FY 1988-89 Redevelopment effort includes the development of a retail/commercial project in the Central Business District project area; and WHEREAS, the acquisition of the property located at 717 North Azusa Avenue is not only consistent with project area goals, but is necessary in providing adequate area for the proposed new retail/commercial project; and WHEREAS, the California Administrative Code, Title 25, Chapter 6, requires that a Fair Market Value be established by an independent appraiser which services as the basis for determining the Amount of Just Compensation; and WHEREAS, the improved commercial property located at 717 North Azusa Avenue, owned by David and Dora Moody, 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: 717 North Azusa Avenue $120,000 Real Property NOW, THEREFORE BE IT RESOLVED, the Azusa Redevelopment Agency Board of Directors determine the amount of Just Compensation to be: $120,000 for 717 North Azusa Avenue 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 6th day of September , 1988. f/ a� Cha' a ro- mpore 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 6th day of September , 1988. AYES: BOARD MEMBERS: NOES: BOARD MEMBERS: ABSENT: BOARD MEMBERS: Secretar AVILA, STEMRICH, NARANJO, LATTA k' MOSES 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 36 in Block 28 of Azusa, in the City of Azusa, County of Los Angeles, State of California, 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). Improvements Covered by the Offer: Real Property - The property is improved with a 1930 built, one-story single tenant retail commercial building that is oriented to Azusa Avenue. It also includes a storage building that was constructed in 1945. There is a small rear parking area. The building area, including the storage room totals 2,071 square feet. The improvements are in average 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 that its approved appraisal of the Fair Market Value of the property. The Market Data and Income Approaches to value were the principal 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 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 interest, must be in full agreement about any apportionment before the Agency can conclude an acquisition. 0 0 EXHIBIT A 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. 0 44 AZUSA 0 CD J7 �r.o 7 Ll 2 6 AvE. O o SUIBJ Er�T - - .. zs I/3 /010 z 8 ICO �� 2S 1s O 9I f se I i I $ 1 I � So Ito zao © c 24 2 .✓ O 94 3 ti • r. -��.d�'�ll`i 2/ 20 � ti u /S /7 I I /e I /e ro z ➢o o \27 f0 , I t " ;5 I n PO 29 30 3/ 1321 3 31 34 IJS 6 37 38 114 � 1 15 sn 25 I /S1 1i /S 25 M JS N a 7-, I F� Ill■:iCt:3 h 25 - .. .. .. .. 2S h B /337 v 9 /SO2 So Ito zao © c 24 23 22 2/ 20 /9 /S /7 /6 /-f 0 r /. f0 , 111 ' is t 1 f P s.>: • IJ 114 sn 0 SAN GABRIEL AVE. CGDE xse AZUSA zz M.R. 15-93-96 1OP i'PEV ASS" T .`.EE I ASSESSOR'S MAP 717 N. AZUSA AVENUE AZUSA, CALIFORNIA er< 8G11