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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />DECEMBER 20, 2016 <br />TITLE: <br />APPROVE TENANT -INTEREST <br />PURCHASE AGREEMENT FOR BRISTOL <br />STREET IMPROVEMENTS PHASE 4 <br />(PROJECT NO. 116741, NONGENERAL <br />FUND) <br />(STRATEGIC PLAN NOS. 6, 1G; 3,2C) <br />CITY MANAG <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />:-•e• :-p <br />El <br />As Recommended <br />M <br />As Amended <br />® <br />Ordinance on 151 Reading <br />El <br />Ordinance on 2nd Reading <br />CJ <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 of Tenant <br />Interest in the property listed below and goodwill (if any) with the following property owner, <br />subject to nonsubstantive changes approved by the City Manager and City Attorney: <br />No. Property Owner Property commonly Amount <br />known as / location <br />Botanica Sol <br />1 Mike Otero 2123 South Bristol Street $31,335 <br />(APN Nos. 015-194-20, -21, -22) <br />DISCUSSION <br />Bristol Street is a north -south transportation facility which is designated as a major arterial <br />highway in the City's Circulation Element of the General Plan. Improving the 3.9 -mile Bristol <br />Street segment from Warner Avenue to Memory Lane has been a long-term priority project that is <br />being constructed in several phases. Improvements include widening the street from two to three <br />lanes in each direction, raised landscape medians, and adding bike lanes. The City is acquiring <br />properties for the development of Phase 4, bounded by Warner Avenue and Saint Andrew Place. <br />Property acquisitions for this phase are expected to be completed by spring 2017, and <br />construction is anticipated to begin in summer 2017. <br />The acquisition of the tenant interest (Exhibit 1) is necessary to accommodate the improvements <br />and widening for Phase 4. The above listed tenant agreed to quitclaim all tenant interest, <br />including loss of goodwill, for the listed purchase price. The purchase price, as listed in the <br />corresponding agreement (Exhibit 2), was based on the appraised value prepared by a State - <br />licensed appraiser, and the offer was accepted by the respective tenant -seller. <br />251-1 <br />