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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />DECEMBER 3, 2007 <br />TITLE: <br />PURCHASE AGREEMENT FOR <br />PORTION OF 1007 AND 1011 <br />BRISTOL STREET (PROJECT <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />^ As Recommended <br />S . ^ As Amended <br />^ Ordinance on 151 Reading <br />06-1500) ^ Ordinance on 2"d Reading <br />^ Implementing Resolution <br />^ Set Public Hearing For_ <br />CI Y MANAGER <br />RECOMMENDED ACTION <br />Direct the City <br />and Clerk of the <br />for the purchase <br />1007 and 1011 S. <br />DISCUSSION <br />CONTINUED TO <br />FILE NUMBER <br />Attorney to prepare and authorize the City Manager <br />Council to execute an agreement with Aurora Angel <br />of a portion of the commercial property located at <br />Bristol in the amount of $937,Q00. <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 <br />Street. Improvements include widening of the street from four lanes <br />to six, construction of landscaping in the parkways and the median <br />islands, traffic improvements, drainage structures, sound walls, and <br />other amenities as outlined in the Specific Plan. <br />To accommodate the widening, the acquisition of a portion of the <br />above property is required (Exhibit 1). The purchase amount is the <br />appraised value prepared by an appraiser licensed in the State of <br />California. <br />25Z-1 <br />