sr-050961-5e;~ CITY OF SANTA MONICA ~~
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DATE: May 5, 1961 ~~y.~ ~~~,-~w~~'vr r~v~
TO: The Honorable City Council ~u ~~ ~'r 4+ ~ ~ ~~~r~
Pit ~~' -- ~l 19 E~1
FROMr George Bundy, City Manager ,xg£~pc~ ~$ S7!~:;`~ ~i„~
SUBJECT: Sale of 10 Foot Strip of Pearl Street Reservoir Pr~~~~~t Lrl,.d±,kES4T~3 '~4Et'&'tiS
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Attached is copy of letter dated May 2, 1961, from Mrs. Miles H. Indermill
expressing an interest in purchasing £rom the City the 10 foot strip of prop-
erty 115 feet long colored red on the attached sketch, being a portion of the
old Pearl Street Reservoir property across from the City College.
The City just completed removal of the reservoir structure and has filled
and graded the site. The rehabilitation of this property has eliminated a
very hazardous condition for children that existed because of the rotted
timber reservoir roof. The clearing and grading also makes this property
available for development for auto parking for the City College.
The Traffic Engineer has made a detailed study and layout for parking and
reports that due to the offset created by the 10 foot strip, no loss of parking
spaces would result through the sale of this strip.
The City has obtained an opinion of the fair market value of. the 10 foot strip
of $1150, and the Indermills are. willing to pay this amount.
The City Administration has considered this proposal carefully and recom-
mends the City Manager be authorized to do all things necessary to complete
the sale of the subject property to the Indermills for the appraised price of
$115 0 . ,.~j
GB /emc
Encls. - 2
cc -"K. O. Grubb, City Clerk
R. G. Cockins, City Attorney
W. A. Hard, City Controller
City
1655 Main Street
Santa Monica, :California
Bear Mx; Bundy:
l am writing to express'-our interest sn"purchasing from the City the 10
Foot strip of property adjoining our property at 1525 Pearl Street on'the
southwest, saidparcelmeasurng 115 ft. x 10'ft.
You have. furnished us a`copy of a letter appraisal dated April 21, 1961,
from the Gandy Investment Company in which Mr. RobertA: Gandy ex-
presses the opinion that the fain market value o£ said 10 foot parcel 'is
$1, 150. `We are' willing o purchase said property at said price.
Vw'e understand the City will reserve for itself and private utilities anf
easement over said parcel for the instaliation and maintenance off pipe
lines, conduits, poles, and appurtenances £or such utilities.
We further understand that the property will be deeded to us with the
condition that we' will have access to the existing alley 4o the-southeast
at all times to allow parking of vehicles on said 10 foot parcel.
Would yoax please present our proposal for purchase of dais property to
tkie City Council for its consideration.
Very truly yours,
Mr. and Mrs. Miles H.` Indermill
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AREA = ~6, 936.10 Sq. ft
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g. No:.1093 ~~" duly /960 YVS.B.