Loading...
SR-850-005 (2) . 55?'~tt?Oo . t,-M , ,,~! 'j ." '990 ...A;. ...,j , '\ CA:RMM:mox52/hpw city council Meeting 1-23-90 Santa Monica, California r.~() ,'"f '-, _ r. ; ()J:' -- -... ~ ;,. STAFF REPORT TO: Mayor and City Council FROM: City Attorney Appropriation of Funds for the Acquisition of Property Adjacent to the Main Library and Development of Parking Improvements on Such Property SUBJECT: Introduction This is to request that the City Council establish an appropriation of $4.5 million for the acquisition of property adjacent to the Main Library and development of parking improvements on such property. This appropriation will be financed by the issuance of $4.5 million of General obligation Bonds approved by the voters in November, 1988. A portion of this appropriation will be used to deposit funds with the Superior Court in connection with the filing of eminent domain proceedings for acquisition of the property. Backqround On December 12, 1989, the City Council adopted Resolution Number 7953 (CCS). Such resolution determined that the public interest and necessity required acquisition of certain properties adjacent to the santa Monica PUblic Library Main Branch. The resolution also authorized the City to acquire such properties through condemnation. (, -~~~.~ : po ... .: ....- L'"I ~. ...;. i"'~ t~ :'-..1 "- .'b- - 1. - ~ e . " Discussion In conjunction with filing an action in eminent domain, a pUblic entity is required to deposit funds with the Superior Court, in an amount equal to the full appraised values of each parcel of real property and the fixtures, furnishings, and equipment of any commercial tenants of the property to be acquired. The real property to be acquired by the City consists of three parcels. One parcel contains solely residential buildings while the remaining parcels are improved with commercial buildings occupied by three commercial tenants. The City's appraisals of the three parcels of real property are as follows: 1. Assessor Parcel No. 4291-9-7 1348 7th street 3 Unit Residential Appraised value: $563,000.00 2. Assessor Parcel No. 4291-9-8 629 and 631 Santa Monica Boulevard Commercial - Retail Appraised Value: $1,570,000.00 3. Assessor Parcel No. 4291-9-9 623 Santa Monica Boulevard Commercial - Restaurant Appraised Value: $508,000.00 The total appraised value of all three parcels of real property is $2,641,000.00. - 2 - . . a In addition, the City must deposit monies equivalent to the appraised "value in place" of each commercial tenant's fixtures, furnishings, and equipment ("FF&E Appraisalstl), which are as follows: 1. NaNa Trading C9mpany 631 Santa Monica Boulevard (Clothing store) Immovable Fixtures.......................$64,595.00 Movable Fixtures.........................$29/510.00 TOTAL: $94,105.00 2 . King George V 631 santa Monica Boulevard (Restaurant) Immovable Fixtures.......................$67,160.00 Movable Fixtures......................... $31,094.00 TOTAL: $98,254.00 3. Century Graphics 629 Santa Monica Boulevard (Commercial Printing) Immovable Fixtures.......................$20,S75.00 Movable Fixtures........................$107,151.00 TOTAL: $127,726.00 The appraised value of all fixtures and equipment for the three commercial tenants totals $320,085.00. - 3 - ~ . . The City's deposit of the required funds will be reimbursed to City from a portion of the bond proceeds of the Main Library Improvement Project General obligations Bonds. Budget and Financial Impact The new appropriation of $4.5 million at Account Number 01-710-613-21090-8912-99236 will be financed by the issuance of $4.5 million of General Obligation Bonds as authorized by the City's voters in November, 1988. Funds from issuance of the General obligation Bonds will be available by the middle of March 1990. Should it be necessary to deposit funds with the Superior Court prior to issuance of the General Obligation Bonds, cash from the city's Cash Liquidity Reserve will be temporarily used. Upon issuance of the General obligation Bonds, any cash previously allocated from this reserve for this project will be repaJ.d. Recommendation It is recommended that the City Council: (1) Authorize an appropriation of $4.5 million as described above. (2) Authorize a deposit into superior Court in an amount equal to the full appraised values of each real property parcel to be acquired: - 4 - . . a. Parcel No. 4291-9-7 $ 563,000.00 b. Parcel No. 429l-9-8 1,570,000.00 c. Parcel No. 4291-9-9 508,000.00 TOTAL: $2,641,000.00 (3) Authorize a deposit into superior Court in an amount equal to the appraised value of fixtures, furnishings, and equipment of the three commercial tenants: a. NaNa Trading Company - $ 94,105.00 b. King George V 98,254.00 c. Century Graphics 127,726.00 TOTAL: $320,085.00 PREPARED BY: Robert M. Myers, city Attorney Linda A. Moxon, Deputy City Attorney Mike Dennis, Director of Finance - 5 -