Laserfiche WebLink
Tenant Goodwill Compensation <br />Bristol Street Improvement Phase 3A <br />April 21, 2020 <br />Page 2 <br />to determine the loss of goodwill value and both parties have agreed to compensation in the <br />amount of $135,500 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 />The funding of $200,000 in New Transportation Systems Improvement Area F was recognized in <br />the Council -approved Fiscal Year 2018-19 Capital Improvement Program (CIP). However, the <br />funding was not added to the project's overall budget therefore making it unavailable to carry <br />forward from FY 2018-19 to FY 2019-20. Staff is requesting Council approval to recognize and <br />reappropriate this funding allocation for expenditure in Fiscal Year 2019-20 from prior year fund <br />balance in the New Transportation Systems Improvement Area F Fund. Approval of an <br />Appropriation Adjustment will recognize $200,000 in Fiscal Year 2018-19 funding in the New <br />Transportation Systems Improvement Area F, Prior Year Carry Forward revenue account (No. <br />03517002-50001) and reappriopriate the same amount into the New Transportation Systems <br />Improvement Area F, Improvements Other Than Building expenditure account (No. 03517660- <br />66220). The following table summarizes the budgeted funds of $135,500 for the agreement: <br />Fiscal <br />Accounting Unit -Account <br />Fund Description <br />Accounting Unit, Account <br />Amount <br />Year <br />Number <br />Description <br />05917661-66220 <br />Select Street <br />OCTA Bristol St Corridor <br />2019-20 <br />(Project No. 13-6792) <br />Construction <br />Improvements, Improvements Other <br />$11,600 <br />Than Building <br />New Transportation <br />New Transportation System <br />2019-20 <br />03517660-66220 <br />System <br />Improvement Area F, Improvements <br />$123,900 <br />(Project No.13-6792) <br />ImprovementArea <br />Other Than Building <br />F <br />Total <br />$135,500 <br />NS/EWG/JG/ST <br />Exhibits: 1. Location Map <br />2. Agreement <br />20B-2 <br />