10. AUTHORIZE THE CITY MANAGER TO ACCEPT AN OFFER TO PURCHASE AT FAIR MARKET VALUE AND EXECUTE ALL NECESSARY DOCUMENTATION REQUIRED TO COMPLETE ESCROW FOR THE FINAL DISPOSITION OF EACH REAL PROPERTY AT 2061 VALHALLA DRIVE AND 11781 OUTLOOK LANE ACQUIRED FOR THE SIMON RANCH RESERVOIR, BOOSTER PUMP STATION, AND PIPELINE REPLACEMENT PROJECT (CIP NO. 60114) At the direction of the City Council, staff successfully negotiated acquisition agreements for the residential properties located at 2061 Valhalla Drive and 11781 Outlook Lane (the "Properties"), adjacent to the Simon Ranch Reservoir. The acquisition of the properties facilitated construction of the Simon Ranch Reservoir and Booster Pump Station Replacement Project (CIP No. 60114) which is now substantially complete and in service. Staff seeks City Council approval to authorize the City Manager to accept one or more purchase offers and to complete disposition of the Properties from the City, or either of them, at no less than fair market value, and to execute all necessary documentation to finalize and close escrow(s) in a timely manner for each real property, respectively. - City of Tustin, CA

Meeting: Regular Meeting of the City Council/ Closed Session at 5:30 pm/Regular Meeting at 7:00 pm

Meeting Time: July 19, 2022 at 5:30pm PDT

Agenda Item

10. AUTHORIZE THE CITY MANAGER TO ACCEPT AN OFFER TO PURCHASE AT FAIR MARKET VALUE AND EXECUTE ALL NECESSARY DOCUMENTATION REQUIRED TO COMPLETE ESCROW FOR THE FINAL DISPOSITION OF EACH REAL PROPERTY AT 2061 VALHALLA DRIVE AND 11781 OUTLOOK LANE ACQUIRED FOR THE SIMON RANCH RESERVOIR, BOOSTER PUMP STATION, AND PIPELINE REPLACEMENT PROJECT (CIP NO. 60114) At the direction of the City Council, staff successfully negotiated acquisition agreements for the residential properties located at 2061 Valhalla Drive and 11781 Outlook Lane (the "Properties"), adjacent to the Simon Ranch Reservoir. The acquisition of the properties facilitated construction of the Simon Ranch Reservoir and Booster Pump Station Replacement Project (CIP No. 60114) which is now substantially complete and in service. Staff seeks City Council approval to authorize the City Manager to accept one or more purchase offers and to complete disposition of the Properties from the City, or either of them, at no less than fair market value, and to execute all necessary documentation to finalize and close escrow(s) in a timely manner for each real property, respectively.