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Settlement Agreement with Nancy Fainbarg Chase & Steven Fainbarg <br />and East End Realty Partners, LP <br />April 17, 2018 <br />Page 2 <br />parking structure and buildings (Exhibit 2), staff recently discovered that the lot line adjustments <br />were not accomplished. As a result, the City's parking structure encroaches onto a parcel owned <br />by Nancy Fainbarg Chase and Steven Fainbarg, and the building at 201 East Fourth Street <br />encroaches onto a parcel owned by the City. <br />In order to gain ownership to the excepted portion of the parking structure, correct the lot <br />configurations within the block, and remove maintenance and liability obligations associated with <br />property the City cannot access, staff recommends approval of a settlement agreement to <br />transfer ownership of encroached -upon properties. Following the execution of the agreement, <br />staff will process lot mergers to consolidate each of the parcels and remove any lot lines through <br />buildings. <br />ENVIRONMENTAL IMPACT <br />There is no environmental impact associated with this action. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item allows the City to meet Goal #4 — City Financial Stability, Objective #1 <br />(Maintain a stable, efficient and transparent financial environment). <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action <br />Robert Zur Sch e I <br />Interim Executive n ctor <br />Community Development Agency <br />Exhibits: 1. Existing Configuration <br />2. Proposed Configuration <br />3. Settlement Agreement <br />25E-2 <br />