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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />FEBRUARY 21, 2017 <br />TITLE: <br />APPROVE TENANT INTEREST PURCHASE <br />AGREEMENT FOR BRISTOL STREET <br />IMPROVEMENTS, PHASE 3A <br />(PROJ. NO. 136792 NONGENERAL FUND) <br />{STRATEGIC PLAN NOS. 6, 1G; 3,2C) <br />CITY ANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />.. ,0 70 <br />0 <br />As Recommended <br />[I <br />As Amended <br />0 <br />Ordinance on 1 B0 Reading <br />0 <br />Ordinance on 2"d Reading <br />® <br />Implementing Resolution <br />El <br />Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Authorize the City Manager and Clerk of the Council to execute an Agreement for Acquisition of <br />tenant -seller's interest in real property listed below and goodwill (if any), with the following tenant, <br />subject to nonsubstantive changes approved by the City Manager and City Attorney: <br />No. Tenant <br />1 Maria Piceno DBA <br />Blooming Flowers & Gifts <br />DISCUSSION <br />Property commonly <br />known as / location <br />1111 North Bristol Street, Suite M <br />(APN 405-274-10) <br />$6,530 <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 />On August 16, 2016, the City Council approved the purchase agreement for 1111 North Bristol <br />Street. In order to gain full possession and prepare the area for improvements and widening, <br />tenant interests acquisitions in 1111 North Bristol Street (Exhibit 1) are also necessary. The <br />tenant listed above agreed to quitclaim all of their tenancy interests including loss of goodwill for <br />the listed purchase price. The purchase price was made based on the appraised value prepared <br />by a State -licensed appraiser, and the offer was accepted by the respective tenant -sellers. The <br />purchase agreement (Exhibit 2) contains details of the property and price. <br />25C-1 <br />