P-NO NUMBER 19
1150 s. La Brea
Los Angeles, 90019, Calif'.
April 28, 1915
Honorable. Parking Authority
City of Santa Monica
City Hall
Santa Monica, 90401, California
Attention: Chairmen and ~mbers
I understand that at the Parking Authority meeting on April 22nd,
1915, the matter of selling the excess property located at the N.W.
corner of 4th and Broadway, Santa Monica, was undecided due to a split
decision. In view of this situation, I believe it is necessary for me
to make public the offer I previuusly submitted on March 20, 1975. The
deposit of $8,000.00 is still in the hands of the Parking Authority at
my request.
I would like to elaborate on the offer of $80,000.00 which I submitted
by emphasizing that it is a cash out transaction and does not include
a Broker's fee which would normally be approximately $6,000.00.
Further, I wish to point out that the $80,000.00 cash offer if invested
on a 7% per annum rate, would net $112,204.14, based on a compounded
annual rate over a five year period. In addition to the aforementioned
figures, I would like further to state that there would be additional
revenue to the City and School Distriot from property taxes, not presently
being paid, since the property is now owned by the Parking Authority.
Thus my offer in effect represents over a five year period, the following
results:
Purchase Price $80,OOO.OQ
Interest, at 7% compounded annually 32,204.14
for 5 years -.
Taxes, approximately 8,000.00
$120,204.14
I believe that one of the objections raised at the Parking Authority
meeting of April 22nd, 1975, was the eventual development of the property
in question. It is my desire in approximately 5 years, to erect a four
or five story commercial building, to be compatible with such plans of the
City's future growth, and to submit development plans to the Council for
approval. In the interim it is my intention to utilize the property for
a surface parking lot until the development is made possible.
Honorable Parking Authority April 28, 1975 Page - 2
I am hopeful that the members of the Parking Authority will review
their action and authorize sale of the property.
Due to contingent commi.ttments which I have made, I respectfully request
your earliest possible decision.
Very truly yours,
"J4
JS:rs !~ Shultz ·
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