25E - BRISTOL STREET CORRIDOR - Laserfiche WebLink

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REQUEST FOR COUNCIL ACTION CITY COUNCIL MEETING DATE: AUGUST 2, 2010 TITLE: SETTLEMENT AGREEMENTS FOR BRISTOL STREET CORRIDOR (PROJECT NO. 08-1700) CITY MANAGER RECOMMENDED ACTION CLERK OF COUNCIL USE ONLY: APPROVED ? As Recommended ? As Amended ? Ordinance on 1s` Reading ? Ordinance on 2nd Reading ? Implementing Resolution ? Set Public Hearing For_ CONTINUED TO FILE NUMBER Authorize the City Manager and Clerk of the Council to execute the attached agreements, subject to nonsubstantive changes approved by the City Manager and City Attorney: • Luna Family Trust for the purchase of the property located at 304-306 North Bristol in the amount of $1,145,000. • Fa Chou Ung Trust, U.D.T., dated April 15, 2005, for the purchase of the property located at 510 North Bristol in the amount of $1,700,000. • Rafael C. Ramos and Yolanda Ramos for the purchase of a portion of property located at 415 - 417 North Bristol, in the amount of $150,000. • Tony's Lock and Safe for relocation settlement for the property located at 304-306 North Bristol in the amount of $255,000. DISCUSSION On March 6, 2006, the City Council approved the cooperative agreement between the City and the Orange County Transportation Authority to fund Bristol Street improvements from Warner Avenue to Seventeenth Street. The first phase of the project, between Pine Street and McFadden Avenue, is under construction and is expected to be completed by September 2010. Public Works is acquiring property for the second phase of the project, between Third Street and Civic Center Drive. To accommodate the widening for the second phase, acquisition of the property located at 304-306, 415-417, and 510 North Bristol is required (Exhibit 1). In addition, a settlement agreement has been reached with the tenant, Tony's Lock and Safe at 304-306 North Bristol for relocation benefits. Compensation amounts are the appraised values prepared by an appraiser licensed by the State of California. 25E-1