SR-10-14-1969-8D~~_
.CITY OF SANTA MONIGA
69-C-53
DATE: October 8, 1969 ~ ~
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TO: The Honorable
City Council _
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FROM: City Manager -
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SUBJECT: Acquisition of Future Street Right of Way ~' ' ~ '_~
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The future extension and widening of Cloverfield Boulevard north
of Broadway will require the acquisition o£ an additional 16 feet
along the east side of the street. Some of the lots £rom which
the 16 feet must be taken are only 50 feet in width, which would
leave a net lot width of 34 feet, which is quite substandard and
would raise the issue of substantial severance damages.
Accordingly, the most equitable solution (and probably the least
expensive] would be to acquire these properties as they become
available on the market.
The attached option has been obtained from the owner of the lot
on the southeast corner of Schader Drive and Cloverfield Boulevard
' at an agreed-upon value of $4. 90 per square foot for the property,
which is zoned R2. It is the opinion of the administration that the
purchase price is fair and equitable and that the City Council
should authorize the acquisition from gas tax funds.
y Manager
PS/cc
c. c. City Clerk
City Attorney
Director of Finance
Director of Public Works
OPTION
For $100. 00 and other valuable consideration, the undersigned herewith grants
to the City of Santa Monica, from the date hereof to October 30, 1969, an
irrevocable option to purchase Lot 5 of Tract 4208 in the city of Santa Monica
(SE corner of Cloverfield Boulevard and Schader Drive), for the sum of
$34, 150. 00. Should the City of Santa Monica exercise the rights granted here-
under, a 60-day escrow shall be opened immediately at the main branch of the
Santa Monica Bank at Fourth and Arizona, Santa Monica, California, and the
parties hereto agree that:
A. Taxes and rents will be prorated to the close of escrow;.
B. Title insurance and escrow charges shall be divided between the
parties in the manner customary for similar transactions in
Santa Monica; and
C. The property shalL,be delivered free and.. clear of any encumbrances
as of the close of escrow
DATED this 6th day of October, 1969•
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Perfect Towel & Linen Supply
APPROVED AS TO FORM:
City Attorney