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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />CLERK OF COUNCIL USE ONLY: <br />OCTOBER 6, 2008 <br />TITLE: <br />PURCHASE AGREEMENT FOR BRISTOL <br />STREET CORRIDOR (PROJECT 06-1500-C) <br />APPROVED <br />^ As Recommended <br />^ As Amended <br />^ Ordinance on 15t Reading <br />^ Ordinance on 2"d Reading <br />^ Implementing Resolution <br />^ Set Public Hearing For <br />~~ <br />CI MANAGER <br />RECOMMENDED ACTION <br />CONTINUED TO <br />FILE NUMBER <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, subject 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 />DISCUSSION <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 />To accommodate the widening, the acquisition of a portion of the 7-Eleven <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 />ENVIRONMENTAL IMPACT <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 />25F-1 <br />