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Tenant Goodwill Compensation <br />Bristol Street Improvement Phase 3A <br />October 2, 2018 <br />Page 2 <br />was made at the time of relocation; however, this claim does fall within the three year statute of <br />limitations period allowed. The City utilized an independent licensed business goodwill appraiser <br />to determine the loss of goodwill value and both parties have agreed to compensation in the <br />amount of $163,000 as a full and final settlement of all claims, pursuant to the corresponding <br />agreement (Exhibit 2). <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item supports the City's efforts to meet Goal #6 — Community Facilities & <br />Infrastructure, Objective #1 (establish and maintain a Community Investment Plan for all City <br />assets), Strategy G (develop and implement the City's Capital Improvement Program in <br />coordination with the Community Investment and Deferred Maintenance Plans). <br />Approval of this item also supports the City's efforts to meet Goal #3 — Economic Development, <br />Objective #2 (create new opportunities for business/job growth and encourage private <br />development through new General Plan and Zoning Ordinance policies), Strategy C (support <br />business development and job growth along transit corridors through the completion of critical <br />transit plans/projects). <br />ENVIRONMENTAL IMPACT <br />In 1990, City Council approved the Bristol Street Final Environmental Impact <br />Statement/Environmental Impact Report (FEIS/EIR No. 89-01). Due to several minor design <br />modifications in Phase 3A, which lies between Civic Center Drive and Washington Avenue, an <br />Addendum to the FEIS/EIR was prepared and adopted pursuant to the California Environmental <br />Quality Act by City Council on April 7, 2015. <br />FISCAL IMPACT <br />Funds in the amount of $163,000 are available for expenditure in FY 2018/2019 in the Bristol <br />Street Improvements Project (No. 136792), in the Select Street Construction Fund (Account No. <br />05917661-66100), subject to nonsubstantive changes. <br />APPRO 'ED AS TO FUNDS AND ACCOUNTS: <br />Fuad S. weiss, PE, PLS Sergio al <br />Executiv Director Acting Executive Director <br />Public W ks Agency Finance and Management Services Agency <br />Exhibits: 1. Location Map <br />2. Agreement <br />25B-2 <br />