25J - 1003 S BRISTOL ST - Laserfiche WebLink

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REQUEST FOR COUNCIL ACTION CITY COUNCIL MEETING DATE: CLERK OF COUNCIL USE ONLY: FEBRUARY 4, 2008 TITLE: ACQUISITION AND RELOCATION OF BANK'S LIQUOR AT 1003 S. BRISTOL STREET (PROJECT 06-1500) R APPROVED ^ As Recommended ^ As Amended ^ Ordinance on 15f Reading ^ Ordinance on 2"d Reading ^ Implementing Resolution ^ Set Public Hearing For_ CONTINUED TO FILE NUMBER COMMENDED authorize the City Manager and Clerk of the Council to execute the attached agreement with In Boun Kim, Yoon Seo Howang, Y.S. Howang, Rim Youn Seo and Mo Youn Hyun in the amount of $400,000, subject to non-substantive changes approved by the City Manager and City Attorney. DISCUSSION On March 6, 2006 the City Council approved the cooperative agreement between the City and the Orange County Transportation Authority to fund Bristol Street improvements from McFadden Avenue to Pine Street. The improvements include widening of the street from four lanes to six, construction of landscaping in the parkways and the median islands, traffic improvements, drainage structures, sound walls, and other amenities as outlined in the Specific Plan. To accommodate the widening, the acquisition of the entire property at 1003 S. Bristol was necessary. The real property acquisition process was completed by the City on August 8, 2007 (Exhibit 1). Consequently, the City's acquisition resulted in the displacement of Bank's Liquor. The California Relocation Assistance Law requires the City to pay just compensation to the business owner associated with the relocation of the displaced businesses. The settlement agreement with the business owners will authorize the purchase of the tenant's immovable fixtures and equipment, payment for accumulated bonus value, loss of business goodwill and relocation benefits, totaling $400,000. 25J-1