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Purchase Agreement for Real Property Acquisition Bristol Street Improvements Phase 4 December 19, 2017 Page 2 The property acquisition is necessary to accommodate the improvements and widening for Phase 4 (Exhibit 1). The purchase offer was determined based on appraised values prepared by a California State licensed appraiser and was accepted by the property owners. The compensation amount is listed above and shown in the attached agreement (Exhibit 2). The Castrejon family is currently in escrow for a replacement home. The approval of this item will also ensure they receive funds necessary to complete this transaction. From 2015, when the City was initially awarded grant funding based on the amount of $18,936,000 to acquire right of way for the Bristol Street Improvements Project — Phase 4, property values have increased over 30 percent. As a result, additional funding is required to settle the remaining acquisitions to move the project forward toward completion. Conversely, the property values of the remnant properties created by the acquisitions for the project will also be affected by this increase in value. The project is located within Transportation System Improvement Area Fund F (TSIA-F), which has an unencumbered balance of $1,000,000. Staff recommends appropriating these funds to the project to complete the right-of-way acquisition activities. STRATEGIC PLAN ALIGNMENT Approval of this item supports the City's efforts to meet Goal #6 — Community Facilities & Infrastructure, Objective #1 (establish and maintain a Community Investment Plan for all City assets), Strategy G (develop and implement the City's Capital Improvement Program in coordination with the Community Investment and Deferred Maintenance Plans). Approval of this item also supports the City's efforts to meet Goal #3 — Economic Development, Objective #2 (create new opportunities for business/job growth and encourage private development through new General Plan and Zoning Ordinance policies), Strategy C (support business development and job growth along transit corridors through the completion of critical transit plans/projects). ENVIRONMENTAL IMPACT In 1990, City Council approved the Bristol Street Final Environmental Impact Statement/Environmental Impact Report (FEIS/EIR No. 89-01). Due to several minor design modifications in Phase 4, which lies between Warner Avenue and St. Andrew Place, an Addendum to the FEIS/EIR was prepared and adopted pursuant to the California Environmental Quality Act by City Council on April 7, 2015. 20Ci-2