HomeMy WebLinkAboutItem No.33CITY OF LAKE ELSINORE
REPORT TO CITY COUNCIL
TO: MAYOR AND CITY COUNCIL
FROM: RON MOLENDYK, CITY MANAGER
DATE: APRIL 27, 1993
SUBJECT: PROPERTY ACQUISITION /YARBOROUGH PARK
BACKGROUND
In December of 1990, City Council authorized the purchase of a
vacant parcel located on Lindsay Street adjacent to Yarborough
Park through the use of 15th Year CDBG funds. The lot was
purchased at a cost of $35,000 based on an appraisal of several
other similar sites.
As part of the 17th Year CDBG projects adopted by the Council,
$63,783 for the purchase of an additional site was approved as
well as the development of both parcels as an extension of
Yarborough Park.
Staff has received the appraisal for the second parcel which
included comparisons of three similar lots. Based on the research
conducted, the market value of the subject property as of April
10, 1993 is $36,000.
FISCAL IMPACT
The fiscal impact to the City's budget will be the acquisition of
the site at an estimated $36,000 through the utilization of 17th
Year CDBG funds.
RECOMMENDATION
It is recommended the Mayor and the City Council authorize staff
to offer the appraised market value of the $36,000 for purchase of
Parcel No. 374 - 052 -002 as an expansion of the Yarborough Park
site. It is also recommended that council authorize staff to
begin plans for the design of the Yarborough Park expansion.
Note: The appraisal is available in the City Clerk's office for
the City Council to review, if so desired.
PREPARED BY:
APPROVED BY:
APPROVED FOR
AGENDA LISTING:
ccrprt.50
David W. Sapp, Communi
lC./.
Services Director