FROM: James D. Herberg, General Manager
Originator: Lorenzo Tyner, Assistant General Manager
SUBJECT:
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PROPERTY ACQUISITION FOR 1516 BALBOA BOULEVARD WEST, NEWPORT BEACH, CA
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GENERAL MANAGER'S RECOMMENDATION
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RECOMMENDATION:
A. Approve the Agreement for Purchase and Sale of the Real Property and Escrow Instructions for the purchase of real estate from the City of Newport Beach for 1516 Balboa Boulevard West, Newport Beach, California, County Assessor Parcel Number 047-222-10 in a form approved by Special Counsel, for $467,629.56; and
B. Authorize the General Manager and Special Counsel to execute the following:
1. Preliminary Title Report Consistent with the Standard Offer, Agreement, and Escrow Instructions;
2. Title Approval Letter;
3. Deeds and other evidence of title to the parcel of property that are the subject of the Purchase Agreement;
4. Preliminary Change of Ownership Report;
5. Acceptance of the Grant Deed to certain real property from City of Newport Beach;
6. Approved Estimated Closing costs;
7. Seller's Mandatory Disclosure Statement acknowledging receipt of this document;
8. Property Information Sheet acknowledging receipt of this document;
9. Natural Hazard Disclosure Report acknowledging receipt of this document; and
10. Any and all other instruments related to the transaction.
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BACKGROUND
The Orange County Sanitation District (OC San) operates the 15th Street Pump Station in Newport Beach. OC San has been looking to purchase a small strip of land once owned by Southern California Edison (SCE) adjacent to the 15th Street Pump Station. The former SCE site was purchased by the City of Newport Beach (City) and the original sale agreement between the City and SCE required the City to hold the property for a number of years before any sale could occur. This time period has now expired.
The property being sought by OC San is already enclosed b...
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