sr-092463-8mCITY OF SANTA 1v1ONIGA
DATE: September 20, 1963
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TO: The Honorable City Council ~ W `;`„~
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FROM: Ernest N. Mobley, City Manager
SUBJECT: Sale of Property at 2319 Sixth Street s
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The subject property, at the westerly end of Joslyn Park, has been on the market
since last April. As has been our policy in the past, we have been asking all
cash and are not paying a broker's fee.
To date, we have no offers or responses to our calls for bid which approach the
appraised value. We have had the appraisal rechecked; the appraiser supports
his original valuation as being sound and reasonable.
We are now suggesting that the property be offered on the basis of $10, 000 down,
plus aten-year note secured by a first trust deed far the balance.
W e have the Gity Attorney's opinion supporting the legality of such a transaction.
Since we have no immediate need for the cash, this may offer a means of
realizing the full value of the property.
ERNEST N. S
City Manager
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cc: K. O< Grubb, City Clerk
R. G. Cockins, City Attorney
W. VJ. Dundore, Finance Officer-City Controller
A. D. Shaw, Purchasing Agent{Thru: Finance Officer)
CITY flF SANTA MONICA
INTER°DEPAP.TMENT PtEMO
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FROMe
SUBJECTo
19 September 1963
City Manager Ernest N. T~Iobley
City Attorney Robert G. Cockins
Sale of Real Property on Terms
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You have requested the opinion of this office as to whether
or not it is legal for thc- City to sell real property on
termsy that zs, with a down payment and a note secured by
a deed of trust for the balances
Please be advised that this is legal.
However, i must caution you tl-sat under no circumstances may
you subordinate the first lien created by the deed of trust
to any other lien.
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ROBERT G. COCKINS
City Attorney
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