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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />JUNE 1, 2009 <br />TITLE: <br />PURCHASE AGREEMENTS FOR BRISTOL <br />STREET CORRIDOR (PROJECT NO. 08- <br />1700-C) <br /> <br />CITY MANAGER <br />:' RECOMMENDED ACTION <br />~, <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />^ As Recommended <br />^ As Amended <br />^ Ordinance on 15Y Reading <br />^ Ordinance on 2"d Reading <br />^ Implementing Resolution <br />^ Set Public Hearing For_ <br />CONTINUED TO <br />FILE NUMBER <br />Authorize the City Manager and Clerk of the Council to execute the <br />attached acquisition agreements, subject to nonsubstantive changes <br />approved by the City Manager and City Attorney, with In Saba Inc. for the <br />following: <br />• Purchase of the property located at 315 N. Bristol Street and 1244 W. <br />Santa Ana Blvd. in the amount of $1,360,055. <br />• Purchase of the property located at 303 N. Bristol Street and 1247 W. <br />Third Street in the amount of $1,325,490. <br />• Purchase of the property located at 1302 W. Santa Ana Blvd. in the <br />amount of $1,705,605. <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 Third Street to Civic Center Drive. <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, acquisition of the properties referenced <br />above (Exhibit 1) is required. The purchase amounts are the appraised <br />values prepared by an appraiser licensed in the State of California. <br />25H-1 <br />