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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />JUNE 16, 2020 <br />TITLE: <br />APPROVE AN APPROPRIATION <br />ADJUSTMENT OF $91,047 TO <br />RE-ESTABLISH AN ESCROW ACCOUNT <br />FOR THE BRISTOL STREET <br />IMPROVEMENTS PROJECT <br />(NON -GENERAL FUND) <br />/s/ Kristine <br />CITY MANAGER <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1" Reading <br />❑ Ordinance on 2ntl Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />1�1��►U1�1:3q;7 <br />RECOMMENDED ACTION <br />Approve an appropriation adjustment to recognize $91,047 of escrow funds refunded to the City in <br />the Select Street Construction Fund, Miscellaneous Revenues account and appropriate the same <br />amount to the OCTA Bristol Street Corridor Improvements, Land expenditure account, to re- <br />establish an escrow account for redevelopment of portions of the parcels of land at 400 and 421 <br />South Bristol Street. <br />DISCUSSION <br />Bristol Street is a major north -south transportation corridor, which is designated as a major arterial <br />in the City's Circulation Element of the General Plan. Improving the 3.9-mile Bristol Street segment <br />from Warner Avenue to Memory Lane is a high -priority project that will be constructed in several <br />phases. Over the years, property acquisitions have been needed to allow room for the widening <br />project. <br />In 2009, portions of the parcels at 400 and 421 South Bristol Street (Exhibit 1) were acquired as <br />part of the Bristol Street Widening Project from McFadden Avenue to Pine Street (Project 06-1500). <br />The owners at the time were interested in relocating on site and only entertained a partial <br />acquisition from the City. On January 5, 2009, the City Council approved the partial acquisition <br />and the properties were acquired through a Purchase and Sale Agreement (PSA) of the Real <br />Property (Exhibit 2). The parties also entered into an Acquisition Settlement Agreement (ASA) to <br />mitigate damage to the building and avoid displacement of the business (Exhibit 3). <br />Under the ASA, the property owner was required to redevelop the site and to meet certain <br />development milestones in order to receive installment payments amounting to $695,000. The <br />property owner was unable to meet these obligations and the parcel was subsequently sold. <br />The ASA will now be assigned to the new owner, who is entitled to receive the remaining funds to <br />develop the property. Public Works Agency and City Attorney's Office staff have been monitoring <br />20B-1 <br />