SR-901-001-08
RMD:MR:JM:F:RESOURCES/STAFFREPORTS/401 Ocean Ave.doc
Council Meeting: December 11, 2001 Santa Monica, CA
To: Mayor and City Council
From: City Staff
Subject: Authorization to Negotiate Terms and Conditions for Acquisition or
Sale of Interest in Real Property Located at 401 Ocean Avenue
Introduction
The City holds a 50% future interest subject to a life estate in the two-story 5,800
square foot Craftsman-style residence and property located at 401 Ocean
Avenue. The approximately 22,470 square foot land parcel is zoned SMR4,
permitting single and multiple family residential use.
Discussion
The City has received an unsolicited offer to purchase its 50% interest in the
single family residential property by representatives of the remainder interest
holder. The City may consider the sale of its interest, or the acquisition of the
remainder interest and use of the property for various public purposes, or
withhold any action pending termination of the life estate.
If City Council authorizes staff to discuss possible sale or acquisition of the City?s
interest with its owners or representatives, staff would return to Council for further
authorization to acquire the remainder interest or sell its property interest on
behalf of the City.
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Recommendation
It is recommended that City Council authorize staff to open preliminary
discussions with the owners or representatives of the 50% interest holder in real
property located at 401 Ocean Avenue for its possible sale or remainder interest
acquisition by the City.
Prepared by: Jeff Mathieu, Director of Resource Management
Mark Richter, City Real Estate Manager
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