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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />CLERK OF COUNCIL USE ONLY: <br />SEPTEMBER 18, 2006 <br />TITLE: <br />PURCHASE AGREEMENTS FOR <br />BRISTOL STREET CORRIDOR (PROJECT <br />06-1500) <br />APPROVED <br />^ As Recommended <br />^ As Amended <br />^ Ordinance on 151 Reading <br />^ Ordinance on 2"d Reading <br />^ Implementing Resolution <br />^ Set Public Hearing For_ <br />CONTINUED TO <br />FILE NUMBER <br />RECOMMENDED ACTION <br />Direct the City Attorney to prepare and authorize the City Manager <br />and Clerk of the Council to execute agreements with: <br />Hani Tabello for the purchase of the commercial property <br />located at 313 S. Bristol in the amount of $295,000; <br />Hani Tabello for the purchase of the commercial property <br />located at 317-323 S. Bristol in the amount of $785,000; <br />Rafael Elizalde for the purchase of the single-family <br />residence located at 518 S. Bristol in the amount of $600,000; <br />Antonio Matias for the purchase of the single-family residence <br />located at 303 S. Bristol in the amount of $570,000. <br />DISCUSSION <br />On March 6, 2006 the City Council approved the cooperative agreement <br />between the City and the Orange County Transportation Authority to <br />fund Bristol Street improvements between McFadden Avenue and Pine <br />Street. Improvements include widening of the street from four lanes <br />to six, construction of landscaping in the parkways and the median <br />islands, traffic improvements, drainage structures, sound walls, and <br />other amenities as outlined in the Specific Plan. To accommodate the <br />widening, the acquisition of entire properties as listed above are <br />required (Exhibit 1). The purchase amounts are the appraised values <br />prepared by an appraiser licensed in the State of California. <br />25B-1 <br />