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Purchase Agreements For <br />Bristol Street Corridor <br />March 19, 2007 <br />Page 2 <br />DISCU33ION <br />On March 6, 2006 the City Council approved the cooperative agreement <br />between the City and the Orange County Transportation Authority to <br />fund Bristol Street improvements from McFadden Avenue and Pine <br />Street. <br />Improvements include widening of the street from four lanes to six, <br />construction of landscaping in the parkways and the median islands, <br />traffic improvements, drainage structures, sound walls, and other <br />amenities as outlined in the Specific Plan. To accommodate the <br />widening, the acquisition of the entire properties listed above is <br />required (Exhibit 1). The purchase amounts are the appraised value <br />prepared by an appraiser licensed in the State of California. <br />ENVIRONMENTAL IMPACT <br />In accordance with the California Environmental Quality Act, the <br />proposed project has been determined to be adequately evaluated in <br />the previously prepared Environmental Impact Report/Environmental <br />Impact Assessment EIR No. 89-01 approved by City Council in 1990. <br />FISCAL IMPACT <br />Funds are appropriated in the Select Street Construction Fund <br />(account no. 59-553-6611). <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />1 ~ <br />~nQSS1S~~SlJ' ~~r.-y- <br />ames G. Ross Francisco Gutierrez <br />xecutive Director Executive Director <br />Public works Agency Finance & Mgmt. Services Agency <br />25H-2 <br />