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