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Purchase Agreements <br />February 20, 2007 <br />Page 2 <br />required (Exhibit 1). The purchase amounts are the appraised values <br />prepared by an appraiser licensed in the State of California, <br />On October 16, 2006 City Council approved a purchase agreement in the <br />amount of $550,000 to purchase the residential property at 446 S. <br />Bristol. Subsequent to this action, the appraiser discovered a <br />discrepancy in the report and after correction the total appraised <br />value increased to $565,000. The revised figure has been reviewed and <br />verified by another appraiser for consistency with other properties <br />along Bristol Street. Staff recommends amending the agreement to <br />increase the purchase price to $565,000, <br />ENVIRONMENTAL IMPACT <br />In accordance with the California Environmental Quality Act, the <br />proposed project has been determined to be adequately evaluated in the <br />previously prepared Environmental Impact Report/Environmental Impact <br />Assessment EIR No. 89-01 approved by City Council in 1990. <br />FISCAL IMPACT <br />Funds are appropriated in the Select Street Construction Fund (account <br />no. 59-553-6611). <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br /> <br />James G. Ross <br />Executive Director <br />Public Works Agency <br />~nctm~~v~c~ ~-+. <br />Francisco Gutierrez F~ <br />Executive Director ~' <br />Finance & Mgmt. Services Agency <br />25H-2 <br />