Item 14 - Real Property Purchase Agreement - Warner Avenue Improvements, Phase 2

Home Browse Search

Real Property Purchase Agreement - Warner Avenue Improvements, Phase 2 {{meeting.date format="MMMM dd, yyyy"}} Page 2 measure, the City of Tustin agreed to partially fund the improvements on Warner Avenue between Main Street and Grand Avenue. The recommended property acquisition is necessary to accommodate the street improvements for Phase 2 (Exhibit 1). The purchase offer was determined based on the appraised value prepared by a California State licensed appraiser and accepted by the property owner (Exhibit 2). ENVIRONMENTAL IMPACT On September 1, 2015, City Council approved the Warner Avenue Final Environmental Impact Statement (SCH No. 2012101004). FISCAL IMPACT Approval of the requested Appropriation Adjustment will recognize $517,500 in the Measure M-Street Construction Fund, Measure M2 Competitive revenue account (No. 03217002-52332) and appropriate the same amount into the Measure M2 Competitive Street, Land expenditure account (No. 03217663-66100). With a $172,500 contribution from the City of Tustin already budgeted in the Warner Avenue Improvements Project (No. 18-6901), a total of $690,000 will be available for property acquisition expenditures in FY 2020-21 as follows: Fiscal Accounting Unit Accounting Unit, Year — Fund Description Account No. Amount Account No. Description PROPERTY ACQUISITION Measure M- Measure M2 2020-21 03217663-66100 Street Construction Competitive Street, $517,500 Land Select Street 2020-21 05917668-66100 Construction Warner Ave -Tustin $172,500 (City of Tustin CFD, Land Contribution TOTAL PROPERTY PURCHASE AGREEMENT: $690,000 EXHIBIT(S) 1. Location Map 2. Purchase Agreement — APN 016-103-22 Submitted By: Nabil Saba, Executive Dir Public Works Approved By: Kristine Ridge, City Manager