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ADOPT: Resolution Authorizing the City Manager to Execute a Disposition and Development Agreement by and Between the City of San Leandro, in Its Capacity as the Successor Agency to the San Leandro Redevelopment Agency, and Innisfree Ventures II, LLC for the Sale and Development of 1550 East 14th Street (APN 077 0540 009) (provides for the sale and development of the Village Marketplace)
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WHEREAS, staff to the Successor Agency has negotiated and prepared a draft Disposition and Development Agreement (the "Agreement") pursuant to which the property known as 1550 East 14th Street (APN 077 0540 009) (the "Property") would be conveyed to Innisfree Ventures II, LLC for construction of a retail development that includes specified public amenities; and
WHEREAS, pursuant to Assembly Bill x1 26, the disposition of the Property is subject to the approval of the Successor Agency Oversight Board; and
WHEREAS, pursuant to California Health and Safety Code Section 34177(e), the proceeds of the sale of property owned by the Successor Agency must be provided to the County Auditor-Controller for distribution to the taxing entities if such proceeds are not needed for approved development projects or to otherwise wind down the affairs of the former San Leandro Redevelopment Agency, each as determined by the Oversight Board.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of San Leandro acting in its capacity as the governing board of the Successor Agency to the San Leandro Redevelopment Agency, as follows:
1. Subject to approval by the Oversight Board, the City Manager, acting in his capacity as Executive Director of the Successor Agency is authorized to execute the Agreement substantially in the form presented, with such modifications as may be approved by the City Manager in consultation with the City Attorney.
2. The City Manager is authorized to execute such other instruments and to take such other actions necessary to carry out the intent of this Resolution and to implement the terms of the Agreement.