HomeMy WebLinkAbout07 PROPERTY AQUIS. 06-20-94AGEND
NO. 7
6-20-94
DATE:
JUNE 20, 1994
Inter-Com
TO: WILLIAM A. HUSTON, CITY MANAGER
FROM: PUBLIC WORKS DEPARTMENT/ENGINEERING DIVISION
SUBJECT: PROPERTY ACQUISITION - EL CAMINO REAL
RECOMMENDATION
That the Tustin City Council, at their meeting of June 20, 1994, approve
the following three actions:
le
Confirm the acquisition of the property at 1921-1951 E1 Camino
Real.
·
Authorize a supplemental budget appropriation to the 1993-94
Capital Improvement Program Budget (Project 700116) in the
amount of $295,000.00 from the unappropriated reserve of the
Measure "M" Turnback funds.
·
Authorize staff to execute an agreement with Hinkson Property
Management Services at the monthly rate of $200.00.
FISCAL IMPACT
This property acquisition will require a supplemental 1993-94 budget
appropriation to the Capital Improvement Program in the amount of.
$295,000.00 from the unappropriated reserves of the Measure "M" Turn
back funds.
BACKGROUND
On June 1, 1994, the City acquired the property located at 1921-1951 E1
Camino Real at a Trustee's Sale. The bid price for this property was
$287,282.45. The acquisition of this property is for the purpose, of
future E1 Camino Real roadway widening between Red Hill Avenue and
Browning Avenue which requires a full property take and the ultimate
demolition of residential structures on the property.
The property acquisition includes a parcel of land with a frontage of
230 feet along E1 Camino Real and 72.50 feet of depth containing an area
of approximately 16,675 sq. ft. and a 10-unit apartment complex. At the
present time all ten units are occupied with a monthly gross rental
income of $4,650.00. As the units are vacated, it is the City's intent
to leave them vacant and eventually demolish all structures once the
premises have been totally vacated.
DISCUSSION
Staff is requesting two actions regarding this property acquisition:
®
Confirm the acquisition of the parcel at 1921-1951 E1 Camino
Real and authorize a supplemental budget appropriation to the
1993-94 Capital Improvement Program in the amount of
$295,000.00 from the reserve fund of Measure "M" Turnback
monies for Project No. 700116.
·
Authorize the staff to execute an agreement with Hinkson
Property Management Services at a monthly rate of $200.00 for
the following services;
Collection of rents.
Preparation of monthly income and expense statement.
Scheduling of Maintenance and Repairs.
Providing 24-hour emergency telephone number.
Eviction of undesirable tenants.
Hinkson Property Management Services is familiar with the property and
performed similar services for the previous owner of the property.
Robert Ledendecker
Director of Public Works/City Engineer
RL:ccg:propacq
cc: Dana Kasdan
Katie Pitcher