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<br />REQUEST FOR <br />COUNCIL ACTION <br /> <br /> <br />CITY COUNCIL MEETING DATE: <br /> <br />CLERK OF COUNCIL USE ONLY: <br /> <br />OCTOBER 6, 2008 <br /> <br />TITLE: <br />PURCHASE AGREEMENT FOR BRISTOL <br />STREET CORRIDOR {PROJECT 06-1500-C} <br /> <br />APPROVED <br /> <br />D As Recommended <br />D As Amended <br />D Ordinance on 151 Reading <br />D Ordinance on 2nd Reading <br />D Implementing Resolution <br />D Set Public Hearing For <br /> <br />~c2 <br /> <br />CI MANAGER <br /> <br />CONTINUED TO <br /> <br />FILE NUMBER <br /> <br />RECOMMENDED ACTION <br /> <br />Authorize the City Manager and Clerk of the Council to execute the <br />attached purchase agreement for the property located at 1020 S. Bristol <br />Street, subj ect to non-substantive changes approved by the City Manager <br />and City Attorney, with Bank of America, National Association, in its <br />capacity as Trustee of the 7-Eleven Employees' Trust for $155,000.00. <br /> <br />DISCUSSION <br /> <br />On March 6, 2006 the City Council approved the cooperative agreement <br />between the City and the Orange County Transportation Authority to fund <br />Bristol Street improvements from McFadden Avenue and pine Street. <br />Improvements include widening of the street from four lanes to six, <br />construction of landscaping in the parkways and the median islands, <br />traffic improvements, drainage structures, sound walls, and other <br />amenities as outlined in the Specific Plan. <br /> <br />To accommodate the widening, the acquisition of a portion of the 7-E1even <br />property located at the north-west corner of Bristol and McFadden is <br />required (Exhibit 1). The proposed partial acquisition will not impact the <br />building. <br /> <br />ENVIRONMENTAL IMPACT <br /> <br />In accordance with the California Environmental Quality Act, the proposed <br />project has been determined to be adequately evaluated in the previously <br />prepared Environmental Impact Report/Environmental Impact Assessment EIR <br />No. 89-01 approved by City Council in 1990. <br /> <br />25F-1 <br />