06-04-1962 - Laserfiche WebLink

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~2 -A the necessity for supplying a substitute stock and materials unloading area the basement of an adjacent store; (C). The Lyons property on the corner of Fifth and Bush Streets will require the filing of condemnation action, not only to clear up the question of any values appertaining to an~ existing lease, but also to remove a multitude of clouds now existing in the title information supplied by the Orange County Title C~pany. I further wish to report that 'it is the opinion of the City Attorney and myself that these property procurement procedures may be completed within a reasonable period of time and that the Telephone Cure, any has been informed of these factors and have indicated that the time for completion of the purchase of the properties, and thereby making space available for the relocation of the parking lot~ are with- in their time schedules for the use of the present parking lot area. A of the cost of the relocation of this parking lot, including the cost of propertie~ court expenses, Title Company charges, negotiations expenses, payment of remaining par/~ing district assessments, demolition of present buildings and complete prepara- tion of the new area for use as a parking lot, can be accomplished at the total cost of $215,000.00. The representative of the Telephone Company has made a firm offer of $160,000.00 for the present parking lot, which is considerably in excess of the value of the property as contained in an appraisal made for us by a lic, appraiser. I rec~end to the Council that the City go forward with the necessary hearings as required by the Off-Street Parking District Act for such a transaction that the negotiations and/or condemnations of properties be continued to cc~ple- tion~ that the legal steps be taken for the sale of the present parking lot, and that the City negotiate an agreement with the Off-Street Parking District sion for the loan of not more than $55,000.00 to the Co,r~ssi~n, frcm the City's Parking Meter Fund, in order to make up the difference between the cost of the new lot and the price offered by the Telephone C~m~any for the present lot. I further rec~end that such a loan should permit the Off-Street Parking C~....t ssion to re- tain $6,000.00 from the annual amount earned from the lot, these moneys to be used for distribution to the assessed properties within the district, and that any moneys in excess thereto each year shall be paid to the City of Santa Aha as payment of the loan, and that as soon as the total assessed charges to properties in the District shall be repaid from such earnings, all further earnings shall be paid to the City of Santa Aha until the entire loan amount of not more than $55,000.00 shall be completely repaid. On motion of Cot~lc~lmau Hubbard, seconded by Schlueter and carried, the Manager was authorized and directed, in accordance with his recommendation, to arrange the necessary hearings and arrange for the necessary escrows to carry out the sale of the parcel of property to the Telephone Company, and the condemnation of the property required to replace it for the Park- lng District. It is the declared intent of the City Council to negotiate a loan of $55,000.O0, from the Parking Meter Fund, to the Parking District for the purpose of acquiring the new property and placing it in operation.