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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />CLERK OF COUNCIL USE ONLY: <br />MPaY 7, 2007 <br />TITLE: <br />PVRCHA3E AGREEMENT3 FOR <br />BRISTOL STREET CORRIDOR (PROJECT <br />06-1500) <br />APPROVED <br />^ As Recommended <br />^ As Amended <br />^ Ordinance on 1~' Reading <br />^ Ordinance on Intl Reading <br />^ Implementing Resolution <br />^ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />RECOMMENDED ACTION <br />Direct the City Attorney to prepare and authorize the City Manager <br />and Clerk of the Council to execute agreements with: <br />Luis Tamalatzi & Monica Cervantes for the purchase of the <br />residential property located at 1242 W. Highland in the amount <br />of $585,000; <br />Myrtis Maddox for the purchase of the residential property <br />located at 1301 Raymar in the amount of $680,000; <br />Raul and Rosa E. Cibrian for the purchase of the residential <br />property located at 717 S. Bristol in the amount of $690,000; <br />Vision 123 Property Management for the purchase of the <br />commercial property at 1003 S. Bristol in the amount of <br />$750,000. <br />On May 7, 2007 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 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 walla, and other <br />amenities as outlined in the Specific Plan. To accommodate the <br />widening, the acquisition of entire properties, as listed above, are <br />required (Exhibit 1). The purchase amounts are the appraised value <br />prepared by an appraiser licensed in the State of California. <br />25B-1 <br />