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JUN 8 1983 BOOK. <br />riverfront, they would be buying property at a price about <br />$700,000 less than its appraised value. <br />The Board then reviewed the figures for the various <br />properties and totaled them, coming up with a total of <br />approximately 5.2 million. <br />Chairman Bird asked the Finance Director for the total <br />of the net spendable dollars we have. <br />Mr. Barton reported that through May 31st, we have <br />$4,994,562 in cash. There are still some outstanding bills <br />- about $10,000 - but there is still some interest accruing. <br />We are right about at 5 million. <br />Attorney Brandenburg pointed out that two of the <br />properties under consideration were done by two different <br />appraisers, and if the Board is gauging relative merits of <br />the different buys, they ought to take into account they <br />were appraised by different people. The Attorney asked <br />Mr. Wagner to indicate the methodology he used in pricing <br />the parcels he appraised. <br />Mr. Wagner reported that on the Bell Road parcel he <br />based his figure on four comparable sales from the North <br />Beach area, and the range from the values varied from <br />$1,6785 per front foot north of the parcel to $2,800 a front <br />foot south of the parcel. There was one distress cash sale <br />at about $1,400 per front foot, which he disregarded. Mr. <br />Wagner stated that all the properties he estimated on were <br />east of AlA, were zoned the same, had very similar depths, <br />and had no utilities, and he considered $1,800 per front <br />foot an.applicable price for the North County beach area. <br />The Chairman then asked Attorney Brandenburg to review <br />any basic important differences in the various contracts <br />submitted. <br />Attorney Brandenburg reported that, with respect to <br />both the Erdo parcel and Golden Sands, where we have options <br />on the property west of .SR AIA., should the county buy the <br />8 <br />