HomeMy WebLinkAboutAgenda Statement 1982/02/09 Item 9r 4 '~
COUNCIL AGENDA STATEMENT
Item ~ 9 "
Meeting Date 2/ 9/82
ITEM TI LE: Resolution /07~1~ Waiving Procedural Requirements of §2.56.2 30 of
the Municipal Code and Accepting the Bid of $54,500 for Certain
Surplus Property Located at the Northwest Corner of Palomar and
I-5 and Authorizing the Mayor to Execute the Grant Deed Therefor
SUBMIT~ED BY: City Attorney (4/5ths Vote: Yes NoX )
The Ci y has now received a second appraisal from Gerald S. Kibbey and
Associ tes for the property located at the northwest corner of Palomar
and I- in the City of Chula Vista. The appraisal in the amount of
$54,50 appears to be a fair price for the property and is acceptable
to Inl nd Industries, the property owners adjacent thereto.
RECO NDATION: Council approve the resolution accepting the price of
$54,500 and authorizing the Mayor to execute the
grant deed.
BOARD/COMMISSION RECOMMENDATION: N/A
DISCUS ION:
On Aug st 5, 1980, Inland Industries requested that the City declare the
property located at the northwest corner of Palomar and I-5 as surplus
property and that a sale be negotiated. In March of 1981, an appraisal
was received from Thomas L. Roberts, M.A.I. declaring the value of said
prope ty to be $87,144. This was based upon a square footage appraisal
of $6 per square foot for some 14,524 square feet. Discussion with the
adjac nt property owner, Inland Industries, indicated that they strongly
belie ed that such an appraisal was excessive and, in fact, staff tended
to ag ee after discussions with Mr. Roberts that the parcel had virtually
no utility for independent development and the assessment of $6 per
squar foot was not easily sustainable by any comparable sales. The
prima y asset of the property was, of course, that it is a good corner
location with good freeway exposure.
A sub equent appraisal was made by Gerald S. Kibbey and Associates on
Nove er 19, 1981 with a finding by Mr. Kibbey of a value of $54,500.
Mr. K'bbey's appraisal, although undertaken at the request of Mr. Berg
of In and Industries, has been examined by the staff and t e staff
agree with the primary considerations that Mr. Kibbey has listed:
11 Good corner location with freeway exposure.
2 A poor shape, with lowered utility.
3 Limited access at the west end.
4 Questionable ability for separate utilization.. Probable highest
and best use by being joined to the adjacent ownership.
continued on page two...
Form -113 (Rev. 11/79)
Agenda I tem No . 9
Meeting Date: 2/9/82
Page Two
These considerations -led Mr. Kibbey to establish a $4 per square
foot appraisal and then taking into account the requirements for the
impr vement of Palomar Street, a downward adjustment to $3.75 per
squa e foot resulting in his total appraisal of $54,400.
It i very unlikely that the property would generate much response from
an i dependent sale position since it is landlocked and the only access
woul have to be acquired from Inland Industries. Therefore, the
reso ution does waive the procedural requirements of Section 2.50.230
of t e Municipal Code.
FISC L IMPACT• Deposit $54,500 into the unappropriated balance of
Gas Tax Fund 250
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