Laserfiche WebLink
REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />MAY 2, 2017 <br />TITLE: <br />APPROVE TENANT - INTEREST <br />PURCHASE AGREEMENT WITH AKBAR <br />HEIDARINIA DMD, INC. FOR BRISTOL <br />STREET IMPROVEMENTS PHASE 4 <br />(PROJECT NO. 116741, <br />NON - GENERAL FUND) <br />(STRATEGIC PLAN NOS. 6, 1G; 3,2C) <br />6ftY MANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1st 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 purchase agreement of Tenant <br />Interest in the property listed below and goodwill (if any) with the following property tenant, <br />subject to nonsubstantive changes approved by the City Manager and City Attorney: <br />No. Tenant <br />Akbar Heidarinia DMD, <br />Inc. <br />DISCUSSION <br />Property commonly <br />known as / location <br />Acquisition Amount <br />""""' Tenant <br />2231 South Bristol Street Interest $520,000 <br />(APN 015- 194 -36) <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 summer 2017, and <br />construction is anticipated to begin in fall 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 of their tenancy interest <br />including loss of goodwill for the listed purchase price. Purchase price was made based on the <br />appraised value prepared by a State - licensed appraiser, and the offer was accepted by the <br />251 -1 <br />