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amount is very similar to the amounts paid per square foot to other proper owners on Johnson Drive, staff believes it to be a fair and reasonable price. Staff, therefore, recommends the City Council approve the two purchase agreements which will allow the sidewalk and landscaped parkway to be constructed along the length of Johnson Drive with no gaps in these improvements. The right-of-way acquired from these two properties is needed for "JDEDZ Street Improvements." Total Cost of Right-of-Way for the JDEDZ Project The total cost of acquiring the right-of-way to construct the five traffic mitigation measures, including these two final purchase agreements, is $2,852,252. Attachment 1 shows each of the 10 properties' purchase price including estimated title insurance and escrow fees. Attachment 1 also separates the $275,612 cost of the right-of-way needed for the "Stoneridge 1-680 On-Ramp" and the $2,576,641 cost of the right-of-way needed for the "JDEDZ Street Improvements." Funding the Right-of-Way Acquisition Stoneridge Drive and 1-680 On-Ramp Project, CIP No. 18531, was created during the CIP budget process to fund City obligations as defined in the 2018 Agreement for the "Stoneridge 1-680 On-Ramp," including right of way acquisition, design and construction. The funding sources are Traffic Impact Fees and a grant from the Alameda County Transportation Commission. Of the total amount paid to DSRSD for the needed right-of- way, $275,612 is the cost of the right-of-way needed for the "Stoneridge 1-680 On- Ramp" and was charged to CIP No. 18531. JDEDZ ROW and Misc. Project, CIP No. 21596, was created by the City Council at its meeting on May 4, 2021, to fund the City's acquisition of the right-of-way needed for the "JDEDZ Street Improvements." The initial balance of CIP No. 21596 was $1.8 million, and the source of funds was the Dublin Freeway Reimbursement Reserve, CIP No. 98590. The intent of the Dublin Freeway Reimbursement Reserve is to fund projects that improve circulation around, and ingress and egress for, 1-680 and 1-580 freeways. After transferring $1.8 million from the reserve to CIP No. 21596, the reserve balance was, and still is, approximately $2.3 million. At the same May 4, 2021, meeting, staff also stated that since the right-of-way needed for the JDEDZ Street Improvements was all from property owners along Johnson Drive, if a property owner decides to develop, and depending on timing, a credit against their permit fees may be used to acquire the needed right-of-way instead of a direct payment. Attachment 1 shows the right-of-way that has already been acquired for the JDEDZ Street Improvements has a total cost of$2,346,879. Payment for this amount has come from two sources. The right-of-way across the frontage of the Heritage Inn's property was acquired by providing a permit fee credit to the property owner consistent with the negotiated purchase agreement price of$594,788. This was possible because at the time of the purchase, the property owner was in the process of acquiring the permits needed for both hotels, which are now under construction. The remaining $1,753,091 cost of right-of-way from all properties other than the hotels has been charged against CIP No. 21596, leaving a balance available in the CIP of $44,124. Page 4 of 5