sr-091261-6k
CITY OF' SANTA MONICA
DATE: September 8, 1961
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`°~ TO: The Honorable City Council
~~ FROM: George Bundy, City Manager
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SUBJECT: Sale of Pearl Street Reservoir Property to Associated Students
You will find attached a copy of a letter dated July 25, 1961, from the Associ-
ated Students of Santa Monica City College offering to purchase the subject
property for a total price of $125, 000 and to use said property fora college
parking lot.
The appraisal authorized by the City Council on May g, ~ 1961, shows the fair
market value of the said property, effective June 1, 1961, to be $105, 000 if
the property is rezoned from R-1 .to R-2 and 3$ units were developed thereon,
and to be $125, 000 if the property is rezoned to R-2A and a parking lot for
156 automobiles were installed. Negotiations with the Associated Students
have been concerned only with a parlcirg lct site.
You will find attached a site map. Inadvertently, the green-colored area was
included as part of the parking lot, t'xereby 'resulting in an appraisal of a 156
automobile capacity lot. In fact, the green-colored area is a portion of 18th
Street not yet vacated. The elimination of this area results in a reduction of
lot capacity from 156 to 154 automobiles, since st is not feasible to redesign
the lot to accommodate more than 154 automobiles. Since the fair market
value of $125, 000 was based on 156 automobiles, the value for 154 automobiles
capacity should be reduced to i54/ 156 of that amount or $123, 397.50. To truly
value the entire property at $1L5, U00, it would be necessary to vacate the
green-colored area and return automobile capacity to 156.
It is the intention of the Associated Students to deed the subject property to the
School District once acquired from the City. It is understood the School Dis-
trict has agreed to accept a deed to the property providing the Associated
Students first improve the property for automobile student parking.
The City Attorney has stated that the Associated Students could improve the
property (now zoned R-1) by paving with asphalt concrete, installation of
bumpers and driveways, provided the property is not operated as a parking lot
until it is deeded to the School District.
Once deeded to the School District, the property will be subject to the provi-
sions of Section 9154 of the Municipal Code, which section will allow the prop-
erty to be operated as a parking Iot under its present R-1 Zone.
It is recommended that the City Council authorize the City Manager to do all
things necessary to consummate sale of the subject property to the Associated
Students and that either of the following approaches may be used:
A. City shall convey the entire property to Associated Students,
including the green-colored area, at a total price of $125, 000,
if upon vacation of this portion of 18th Street the title to the
land would revert to the City:
B. City shall convey only tlxe area shown on the attached map as
outlined in red, and specifically excluding the green-colored
area, for a total price of $123, 397.50, if vacation of this
portion of 18th Street would cause title to the land to revert
to some party other than the City.
The foregoing has been discussed with and informally approved by the Associ-
ated Students and the Faculty of Santa Monica. City College.
GEORGE BUNDY
City Manager
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~Qf'~UP ICE NT. DING '.~~
Acting Assistant City Manager
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