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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />APRIL 18, 2017 <br />TITLE: <br />APPROVE TENANT - INTEREST <br />SETTLEMENT AGREEMENT FOR BRISTOL <br />STREET IMPROVEMENTS PRASE 4 <br />(PROJECT NO. 116741) <br />(NON- GENERAL FUND) <br />(STRATEGIC PLAN NOS. 6, 1G; 3,2C) <br />- V/4 VA <br />• NEW <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1" Reading <br />❑ Ordinance on 2nd 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 Settlement Agreement of <br />Tenant Interest in the property listed below and goodwill (if any) with the following tenant, subject <br />to nonsubstantive changes approved by the City Manager and City Attorney: <br />No. Tenant Property commonly Acquisition Amount <br />known as / location Type <br />1 Outfront Media, LLC 2115 -2123 South Bristol Street Billboard $500,000 <br />(APN 015- 194 -20, 21, 22) <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 project that is being <br />constructed in several phases. Improvements include widening the street from two to three lanes <br />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 summer 2017, and <br />construction is anticipated to begin in fall 2017. <br />The settlement agreement for tenant interest is necessary to accommodate the improvements <br />and widening for Phase 4 (Exhibit 1). The settlement amount, based on the appraised value <br />prepared by a California State licensed appraiser, was accepted by the tenant. The settlement <br />amount is listed above and shown in the attached agreement (Exhibit 2). <br />25J -1 <br />