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REQUEST FOR COUNCIL ACTION CITY COUNCIL MEETING DATE: MARCH 3, 2008 TITLE: PURCHASE AND RELOCATION AGREEMENTS FOR 1019 S. BRISTOL STREET (PROJECT 06-1500) e ' ~ ~/ CITY MANAGER RECOMMENDED ACTION CLERK OF COUNCIL USE ONLY: APPROVED ^ As Recommended ^ As Amended ^ Ordinance on 15f Reading ^ Ordinance on 2"d Reading ^ Implementing Resolution ^ Set Public Hearing For_ CONTINUED TO FILE NUMBER Authorize the City Manager and Clerk of the Council to execute the attached purchase agreement with the Taing Family Trust in the amount of $816,795 and execute an acquisition settlement agreement with Star Bagel Inc. for $240,000 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 and Pine Street. 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, it is necessary to acquire a portion of the Taing property, located at 1019 S. Bristol Street, including the building occupied by Star Wok Express (Exhibit 1). Public Works has been negotiating with the property owner and tenant for the past six months, including a plan to rebuild a new replacement restaurant at their adjacent location. As a result of the proposed acquisition, relocate to their new facility, and the approximately 30 percent, due to savings and loss of business goodwill. the restaurant City's costs in the cost of will be able to are reduced by the acquisition 25K-1