SR-05-24-1960-5HCITY OF SANTA MONICA
DATE: May 13, 1850
TO: City Council '°-i k °~~~
FROM: City Attorney
SUBJECT: Purchase of Sues Estate Property
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A fey 2 41950
.^ 71~ ~€',J:v° ~ X36
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As you knout, eve have filed a condemnation suit zn order
to acquire the Sues prapertyy, namely, the three lots at
the carnet of P~1ain Street and Dice Boulevard.
`.;re have an appraisal which is a year and four Months old
that sets the price of the three lats at ~15~-, 125. CO or
;6.00 per square foot. The California Bank has had an
appraisal made va9_thi n the last month, cahich appraisal
fixes the value at X6.52 per squa..^e foot or an irierease
of very slightly more than l00 over our appraisal over
a period of sixteen months,
Since our appraisal, there has been a sale on Ocean Avenue
at ,~'~,35 per square foot.
I am giver. to understand that if the City vaould or"fer
:~J.7G,C00.00 for the property, the same would be acceptable
to the bank and vrould be submitted to the Court for ap-
proval.. I am satisfied that the price is fair and -recom-
mend that.. the Council authorize me to make an offer for
the property of ;l//'0,000,00,
For the Cour_eil's information, the square footage involved
is 25,~8a.
-~. ,~
'" r,{E`'u'',
.ROBERT ~. cocxzrrs
City Attorney..
RGC:bk
ce: City Manager
City Cor_tro~.ler
Purehasing Agent
Ci ty Clerk