sr-050961-5d~'
DATE
TO
FROM:
May 5, 1961
CITY OF SANTA MONICA
The Honorable City Council
George Bundy, City Manager
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SUBJECT: Pearl Street Reservoir Property
The City Council on March. 14, 1961, instructed the City Manager to ne-
gotiate with various interested parties at the City College relative to leas-
ing or purchasing the subject property and report back to the City Council.
This property was appraised as of September 19, 1960, at a cost of $500.
It is desired to verify this opinion of~market value and also make the ap-
praisal current before negotiating further with City College officials.
Therefore, it is recommended that the City Manager be authorized to ob-
tain another independent appraisal of the subject property at a cost not to
exceed $500.
GB /emc
Gity Manager
cc -~~. O. Grubb, City Clerk
W. A. Hard, City Controller