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4MURM <br />CITY COUNCIL MEETING DATE: <br />NOVEMBER 15, 2016 <br />TITLE: <br />APPROVE PURCHASE AGREEMENT FOR <br />BRISTOL STREET IMPROVEMENTS, <br />PHASE3A <br />(PROJ. NO. 136792, NON -GENERAL FUND) <br />(STRATEGIC PLAN NOS. 6, 1G; 3,2C) <br />CITY MANA R <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 13t Reading <br />❑ Ordinance on 2ntl 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 a purchase agreement with <br />Tenant -Seller Rodolfo C. Lamas DBA Rey Income Tax, for tenant interest in the property located <br />at 1111 North Bristol Street, Suite L (APN 405-274-10), for the full purchase price of said tenant - <br />interest and goodwill (if any) in the amount of $33,585, subject to nonsubstantive changes <br />approved by the City Manager and City Attorney. <br />DISCUSSION <br />Bristol Street is a north -south transportation corridor designated as a major arterial highway in the <br />City's Circulation Element of the General Plan. Improving the 3.9 -mile Bristol Street segment <br />from Warner Avenue to Memory Lane has been a long-term priority that is being constructed in <br />several phases. Improvements include widening the street from two to three lanes in each <br />direction, raised landscape medians, and bike lanes. The City is acquiring properties for the <br />development of Phase 3A bounded by Civic Center Drive and Washington Avenue. Property <br />acquisitions for this phase are expected to be completed by spring 2017 and construction is <br />anticipated to begin in summer 2017. <br />The acquisition of the tenant -interest in 1111 North Bristol Street, Suite L, (Exhibit 1) is necessary <br />to accommodate the improvements and widening for Phase 3A. The City Council approved the <br />purchase agreement for 1111 North Bristol Street, Suite L, on August 16, 2016. Rey Income <br />Tax, tenant of Suite L, agreed to quitclaim all of their tenancy interest including loss of goodwill <br />for the purchase price of $33,585. The purchase price was determined based on the appraised <br />values prepared by a State -licensed appraiser, and the offer was accepted by the tenant -seller. <br />The purchase price for the acquisition listed above is shown in the corresponding agreement <br />(Exhibit 2). <br />25J-1 <br />