HomeMy WebLinkAboutAGENDA REPORT 1994 0323 CC SPC ITEM 07C //
ITEM /• C .
AGENDA REPORT
CITY OF MOORPARK
TO: The Honorable City Council I�
FROM: Steven G. Hayes, Economic Development Manager �"J
DATE: March 17, 1994
SUBJECT: Acquisition of Property Located at 661 Moorpark Avenue (Parcel 511-0-050-
140)
DISCUSSION:
The property in question (Parcel 511-0-050-140) is owned by Mr. Kirk Douglas Aiken and has
been offered to the City.
The asking price for the parcel is as follows:
Parcel Sales Price Land Value Building Value Price Per Sq.
Ft. Land Value
511-05-140 $220,000.00 $182,850.00 $37,150.00 $11.50
The above total cost of the land does not include escrow fees. The seller is willing to pay for
one half (1/2) of the fees which are estimated to be $1,500.00.
There is a single family residential unit on the property containing approximately 1,200 sq. ft.
The property is zoned Commercial Planned Development (CPD). The City recently had an
appraisal prepared for abutting properties which indicated that the fair market value is $11.50
per sq. ft. (vacant land).
FUNDING:
Funds for the acquisition of the property can be allocated from City General Fund undesignated
fund balance to Public Works Land line item (01.4.142.901) in the amount of$182,850.00 for
the purchase of the land and City General Fund undesignated fund balance Public Works
Building line item (01.4.142.902)in the amount of$37,150.00 for the purchase of the building.
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Recommendation:
Staff recommends that the City Council authorize the purchase of property in an amount of
$221,500.00 which includes one half (1/2) of the escrow fees for Parcel 140 with $184,350.00
from account 01.4.142.901 for land acquisition and $37,150.00 from account 01.4.142.902 for
building acquisition. Further, the City Council authorize the City Manager to execute the
necessary documents for the acquisition.
MRAISOH94029/AGN/03/17/94