25D - BRISTOL STREET CORRIDOR - Laserfiche WebLink

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REQUEST FOR COUNCIL ACTION CITY COUNCIL MEETING DATE: CLERK OF COUNCIL USE ONLY: APRIL 7, 2008 TITLE: PURCHASE AGREEMENT FOR BRISTOL STREET CORRIDOR (PROJECT 06 -1500) APPROVED o As Recommended o As Amended o Ordinance on 151 Reading D Ordinance on 2nd Reading o Implementing Resolution o Set Public Hearing For i / l jRECOMMENDED ACTION Authorize the City Attorney and Clerk of the Council to execute the attached agreement with Carrington Mortgage Services, LLC for the purchase of the property located at 1251 W. Camile Street in the amount of $260,000, subject to non-substantive changes approved by the City Manager and City Attorney. CONTINUED TO FILE NUMBER 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, the acquisition of the entire property listed above is required (Exhibit 1). The property was acquired by the bank through a foreclosure. The structure is vacant and the price of $260,000 reflects a distressed sale. ENVIRONMENTAL IMPACT In accordance with the California Environmental Quality Act, the proposed project has been determined to be adequately evaluated in the previously prepared Environmental Impact Report/Environmental Impact Assessment EIR No. 89-01 approved by City Council in 1990. 250-1