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Your Home Here: City May Auction Off Eight Lots

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Attention wannabe homeowners/builders/city ants who may have to move: Above is one of eight properties--a so called surplus property-- that could be auctioned off by the city in October. This is a 4,000 square foot property at the corner of Venice Blvd. and Venice Way; the minimum bid is $400,000, according to the city documents relating to the auction. The City Council still has to approve the auction, but a run-down: Two of the eight properties are rental homes in the Pacific Palisades; the other parcels are old animal shelters, vacant lots, and old fire stations located around the city. All told, the auction is expected to bring in at least $14 million. More about where the money will go to after jump. And information about zoning. It's our understanding these city auctions happen about once a year.

Excerpts: "City procedures for selling surplus property require that the
property be offered to the appropriate govemmental agencies for park and
recreation purposes, open space, or for low-income housing purposes. The
notified agencies either did not respond or responded with no objection during the specified 60-day waiting period."

NOTE: The City of Los Angeles reserves the right to adjust the minimum
bid of any property listed in this Exhibit A at anytime up to the date
of the auction.

Parcel
Number
Property Address
Assessor Parcel No.! Council District
Minimum Bid

1 623 N. Alma Real Dr., Pacific Palisades, CA 90272
4411-019-900 CD 11
$ 2,200,000.00 (parcels 1 and 2 are zoned RE15-1)

2 615 N. Alma Real Dr., Pacific Palisades, CA 90272
4411-019-901 CD 11
$ 2,300,000.00

3 13131 Sherman Way, North Hollywood
CA,91605-4646
2327-003-900 CD2
$ 4,480,000.00

4 4607 Ocean Front Walk, Marina Del Rey, CA 90292
$ 1,200,000.00
4294-004-904 CD 11

5 520 E. Venice Way, Venice, CA 90291
4238-020-900 CD 11
$ 400,000.00

6 8943 Glenoaks Blvd., Sun Valley
CA 91352
2408-006-900 CD6

$ 1,200,000.00
7 735 Battery Street, San Pedro
CA 90731
7445-008-901 CD 15
$ 800,000.00

8 10234 National Blvd., Palms
CA 90034 CDS
$ 1,200,000.00
TOTAL $ 13,780,000.00

Parcel 1 is located at 623 N. Alma Real Drive, Pacific Palisades and has three bedrooms, three baths with an approximate lot size of 15,560 square feet and living square footage of 2,096+1-. Parcel 2 is located at 615 N. Alma Real Drive, Pacific Palisades. It has an approximate lot size of 16,988 square feet with a living square footage of 2,492+1- and has three bedrooms and 1.75 baths. Parcels 1 and 2 are zoned RE15-1.


Parcels 3 and 7 are old animal shelter sites. Parcel 3 is the East Valley Animal Shelter Site and Parcel 7 is the Old Harbor Animal Shelter Site. Parcel 3 is located at 13131 Sherman Way, North Hollywood with an approximate lot size of 86,1180 square feet (1.98 acres) and improved with four one-story buildings totaling 15,086+1-. Parcel 7 is located at 735 Battery Street, San Pedro. The old animal shelter has a lot size of approximately 15,625 square feet (0.36 acre) and improved with a 3,898 square foot one-story building with detached kennel buildings. Parcel 3 is zoned CM-1 while Parcel 7 is zoned M1-1VL. Parcels 4 and 5 are vacant lots. Parcel 4 is located at 4607 Ocean Front Walk, Marina del Rey with an approximate lot size of 3,610 square feet. Two City parcels adjoining Parcel 4 were sold in 2003 and are now each developed with a three-story condominium building. Parcel 4 has ocean frontage.

Parcel 5 is located at 520 E. Venice Way, Venice with an approximate lot size of 4,446 square feet. Parcels 4 and 5 are zoned R3-1.
Parcels 6 and 8 old fire stations. Parcel 6 is old Fire Station 77 located at 8943 Glenoaks Boulevard, Sun Valley. It has a lot size of approximately 17,903 square feet (0.41 acre) and improved with a 4,295 square foot building built in 1941. Parcel 6 is zoned C2-1VL. Parcel 8 is old Fire Station 43 located at 10234 National Boulevard, Palms. Parcel 8 has a lot size of approximately 11,064 square feet (0.25 acre) and improved with
4,885+1- square feet building built in 1942. It is zoned R3-1.


And the money:

NET PROCEEDS OF SALE
The proceeds of the sale after deducting the cost of escrow and other associated sale costs will be deposited in various accounts including the Potrero Canyon Trust Fund, the Venice Area Trust Fund, and the General Fund. The net proceeds from the sale of the old fire stations and old animal shelter sites will be deposited to the General Fund. These would include proceeds from the sale of Parcels 3, 6, 7, and 8. The net proceeds from the sale of Parcels 1 and 2 will go back to the Potrero Canyon Trust Fund while Parcels 4 and 5 will go back to the Venice Area Trust Fund.

FISCAL IMPACT STATEMENT
The sale of the properties will generate one-time gross revenue to the City of $13,780,000.00 based on the minimum bid set for each parcel as shown on the Ordinance and Notice of Sale. The net proceeds will be deposited in the appropriate accounts as provided by law. The sale will eliminate the need for continued maintenance of the properties. In addition, it will return the properties to the County tax rolls and will generate annual revenues from the payment of property taxes.