SR-414-001 (8)
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Santa Monica. California, February 17, 1978
98
TO. Mayor and City Council
FROM City Staff
FEB 2 8 1978
SUBJ ECT: 'P rope rty Exchange
Downtown Redevelopment Project
~ackg round
On January 10, 1978, the City Council authorized the drafting of the appropriate
documents to transfer ownership of the property at Fourth Street and Broadway
from the ParkLng Authority to the City of Santa Monica. and then to effect the
exchange of this property for Parcel 197-22 in the DO\.mtown Redevelopment Project.
Discussion
The City Attorney has reviewed the terms of the proposed transaction and has
determined that
1. Transfer of the subject property from the Parking Authority is
feaSible and proper by a two-thirds vote of the legislative
body of the City under Section 32667 of the California Parking
Law of 1949. and further, there IS no Parking Authority
purpose 1 imLtatlon on the right of the City to utilize the
property once transferred to the City.
2 Transfer of the subject property from the Parking Authority
to the City does not contravene any covenants or agreeMents
made With the holders of bonds of the Parking Authority
issued and outstanding.
3. The property at issue constituted excess or surplus
acquIsition by the ParkLng Authority under the terms of
ResolutLon No. 110 (PAS) concerning the sale of bonds to
finance new parking facilities and the terms of the lease
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FE'S 2 8 C'~
TO: Mayor and CIty Council
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February 17, 1978
between the City and the Parking Authority for parking facilitIes
constructed with bond funds.
4. Subject to the adoption of the attached resolution which is a
determInation by the City Council that saLd property is not
needed for any public purpose and that to advertise for bids to
sell said property would not be in the best interests of the
City, the City may properly transfer and exchange said property
for Parcel 197-22 under Section 2508A of the Santa Monica
MunLcipal Code.
Recommendation
It LS recommended that the Council adopt the attached resolution which
authorLzes the exchange of the City-owned property for Parcel 197-22 Ln the
Downtown Project
Prepared by. John Herner
Anne Ki rl in
JH AK.mh
Attachment
CA P~K:AK:1cb ~.16-78
RESOLUTIO~ NO. 4984(CC5)
(C~ty Counc~l Serles)
A RESOLUTION OF TEE CITY COUNCIL
OF THE CITY OF SANTA MONICA
AuTHORIZING THE TRANSFER OF CERTAIN
PROPERTY OF THE PARKING AUTHORITY
TO THE CITY AND THE SUBSEQUENT
EXCHANGE OF SAID PROPERTY FOR CERTAIN
PRIVATELY OWNED PROPERTY.
WHEREAS, on January 10, 1978, the Clty Counc~1
of the Clty of Santa Monlca d2rected the preparation of
documents transferrlng o\mership of certain property at
Fourth Street and Broadway from the Parking Authorlty
of the Clty of Santa Mon~ca to the C~ty of Santa Monlcd,
and the~ effecting the exchange of sa~d property for
Parcel 197-22 in the Downtown Redevelopment ProJect; and
WHEP2AS, the parklng Law of 1949 (~32500 et seq.
of the Ca1lfornla Streets and Hlghways Code), and
paJ;ticularly Section 32667 thereof, states that "at any
t~me after the actlvat~on of a park~ng author~ty, the
leglslatlve body by a two-th~rds vote nay adopt a
resolutlon transferrlng the property of the authorlty to
the Clty," provlded that such transfer shall not be made
In contravention of any covenant or agreement made with
the holders of bonds of the authorl.ty l.ssued and outstandlng."
WHEREAS, sal.d property constltuted an excess
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CA RL~.AK 1
. : cb
16-78
APPROVED
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