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Purchase and Sale Agreements — RFP 20-159 Sale of City -Owned Vacant Properties <br />December 21, 2021 <br />Page 4 <br />Environmental Quality Act to account for several minor design modifications in Phase <br />11113. <br />FISCAL IMPACT <br />The revenue generated will be used to reimburse project expenditures and replenish <br />grants used on acquisition costs, as well as fund additional public improvements along <br />Bristol Street. The sale of these properties would lead to other significant economic <br />activity spurred from the development of various projects on each parcel ID, such as <br />creating local jobs, sales tax boosts, and increased property tax that will be realized by <br />the City in perpetuity. In addition, the City will be relived from the continued maintenance, <br />clean up, and liability from owning these vacant parcels. <br />Approval of the recommended Appropriation Adjustment (Recommended Action No. 3) <br />will recognize the receipt of $1,189,750 into the Select Street Construction Fund, Sale of <br />Land revenue account (No. 05917002-57071) and appropriate the same into the OCTA <br />Bristol Street Corridor Improvements Fund, Improvements Other Than Building <br />expenditure account (No. 05917661-66220). These funds will be available for expenditure <br />on the Bristol Street Corridor Improvement Projects. <br />The remaining proceeds of $660,250 will be received in the Measure M Street <br />Construction Fund (Account No. 03201001-20215) for disbursement to OCTA, consistent <br />with Cooperative Agreement C-1-2783. <br />The table below summarizes the sales price, Bristol revenue and payments to OCTA. <br />Parcel ID <br />Sale Price <br />Bristol Improvement <br />Fund (Account No. <br />05917661-66220) <br />Reimburse Funding <br />Agency (Account No. <br />03201001-20215 <br />C-1 <br />$950,000 <br />$289,750 <br />$660,250 <br />C-6 <br />$900,000 <br />$900,000 <br />$0 <br />Total <br />$1,850,000 <br />$1,189,750 <br />$660,250 <br />EXHIBIT(S) <br />1. Location Map(s) <br />2. Purchase and Sale Agreement — C1 Southwest Group Properties, LLC <br />3. Purchase and Sale Agreement — C6 Santana Green Development, LLC <br />Submitted By: Nabil Saba, P.E., Executive Director — Public Works Agency <br />Approved By: Kristine Ridge, City Manager <br />