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Appropriation Adjustment to Re -Establish Escrow Account for 400 and 421 S Bristol Street <br />June 16, 2020 <br />Page 2 <br />both the ASA and the assignment to ensure the proper administration of the agreement, including <br />disbursements to the assignees at the appropriate development milestones. <br />The funds payable under the original ASA were deposited into an escrow account with First <br />American Title. The agreement with First American Title expired and staff transferred the escrow <br />responsibilities to a different escrow company, Commonwealth Title. The remaining escrow funds <br />were returned to the City. To meet the obligations of the new ASA, an appropriation adjustment is <br />needed to wire the funds to the new escrow company. The new owner of the property has already <br />submitted a site plan, and it is anticipated that they will meet the milestones described in the ASA <br />and receive the remaining monies due under the agreement. <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). Approval of this <br />item also supports the City's efforts to meet Goal #3 - Economic Development, Objective #2 (create <br />new opportunities for business/job growth and encourage private development through new <br />General Plan and Zoning Ordinance policies), Strategy C (support business development and job <br />growth along transit corridors through the completion of critical transit plans/projects). <br />ENVIRONMENTAL IMPACT <br />There is no environmental impact associated with this action. <br />FISCAL IMPACT <br />The requested Appropriation Adjustment will recognize $91,047 of escrow funds refunded to the <br />City in the Select Street Construction Fund, Miscellaneous Revenues account (No. 05917002- <br />57010) and appropriate the same amount to the OCTA Bristol Street Corridor Improvements, Land <br />expenditure account (No. 05917661-66100). Funds will be expended in FY 2020-21 as follows: <br />Accounting <br />Fiscal Year <br />Unit - Account <br />Fund <br />Accounting Unit - Account <br />Amount <br />No. <br />Description <br />No. Description <br />Project No. <br />FY 2020-21 <br />05917661- <br />Select Street <br />OCTA Bristol Street Corridor <br />$91,047 <br />July -June <br />66100 <br />Construction <br />Improvements - Land <br />Total <br />$91,047 <br />NS/EWG/JG/ST <br />Exhibits: 1. Location Map <br />2. Purchase and Sale Agreement <br />3. Acquisition Settlement Agreement <br />20B-2 <br />