Laserfiche WebLink
REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />OCTOBER 1, 2007 <br />TITLE: <br />PURCHASE AGREEMENTS FOR <br />818 S. BRISTOL STREET <br />(PROJECT 06-1500) <br />/ CITY MANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />^ As Recommended <br />^ As Amended <br />^ Ordinance on 15` Reading <br />^ Ordinance on 2"d Reading <br />^ Implementing Resolution <br />^ Set Public Hearing For_ <br />CONTINUED TO <br />FILE NUMBER <br />Direct the City Attorney to prepare and authorize the City Manager <br />and Clerk of the Council to execute agreements with: <br />R. Barbara Farkas, Trustee of the Farkus Trust dated December <br />20, 1988 for the purchase of the residential property located <br />at 818 S. Bristol in the amount of $635,000. <br />DISCUSSION <br />On~May 7, 2007, 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, landscaping in the parkways and the median islands, and other <br />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 value <br />prepared by an appraiser licensed in the State of California. <br />On March 19, 2007, the City Council authorized the City Manager and <br />Clerk of the Council to execute a purchase contract on the subject <br />real property for $620,000. Since then, unforeseen title and legal <br />issues have resulted in increased closing cost to complete the <br />transaction. The revised acquisition agreement, for $635,000, will <br />allow the City to complete the transaction necessary for the road <br />widening project. <br />25C-1 <br />