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Real Property Purchase Agreements per RFP 19-026
<br />November 19, 2019
<br />Page 6
<br />The revenue generated will be used to reimburse project expenditures and replenish grants used
<br />on acquisition costs, as well as fund additional public improvements along Bristol Street. The sale
<br />of these properties would lead to other significant economic activity spurred from the development
<br />of various projects on each parcel ID, such as creating local jobs, sales tax boosts, and increased
<br />property tax that will be realized by the City in perpetuity. In addition, the City will be relived from
<br />the continued maintenance, clean up, and liability from owning these vacant parcels.
<br />Approval of the recommended Appropriation Adjustment (Recommended Action No. 15) will
<br />recognize receipt of $5,498,000 into the Select Street Construction Fund revenue account (No.
<br />05917002-57071) and appropriate the same into the OCTA Bristol Street Corridor Improvements
<br />Fund expenditure account (No. 05917661-66220).
<br />These funds will be available for expenditure on the Bristol Street Improvement Project. The
<br />remaining proceeds of $2,606,000 will be received in the Measure M Street Construction Fund
<br />(Account No. 03201001-20215) for disbursement to OCTA, consistent with Cooperative Agreement
<br />C-6-0069.
<br />The table below summarizes the sales price, Bristol revenue and payments to OCTA.
<br />Parcel
<br />ID
<br />Sale Price
<br />Bristol Improvement Fund
<br />(Account#
<br />05917661-66220)
<br />Reimburse Funding
<br />Agency
<br />(Account#
<br />03201001-20215)
<br />C-1
<br />$1,100,000
<br />$352,000
<br />$748,000
<br />C-2
<br />$2,605,000
<br />$833,600
<br />$1,771,400
<br />C-3
<br />$1,025,000
<br />$1,025,000
<br />C-6
<br />$1,050,000
<br />$1,050,000
<br />R-1
<br />$127,700
<br />$40,864
<br />$86,836
<br />R-2
<br />$257,700
<br />$257,700
<br />R-3
<br />$188,700
<br />$188,700
<br />R-4
<br />$287,700
<br />$287,700
<br />R-5
<br />$237,700
<br />$237,700
<br />R-6
<br />$237,700
<br />$237,700
<br />R-7
<br />$192,800
<br />$192,800
<br />R-8
<br />$184,800
<br />$184,800
<br />R-9
<br />$357,700
<br />$357,700
<br />R-10
<br />$251,700
<br />$251,700
<br />$8,104,200 $5,498,000 $2,606,200
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