Title
Resolution of the Successor Agency to the Redevelopment Agency of the City of San Leandro Authorizing the Executive Director to Execute a Purchase and Sale Agreement with BEAM Development, LLC, for Sale of the Successor Agency-owned Property at 290 Davis Street, 250 Davis Street, 222 Davis Street, 212 Davis Street, and 1199 E. 14th Street, San Leandro, California, also known as Alameda County Parcel Numbers APN: 075-0001-010-02; APN: 075-0001-008-02; APN: 075-0001-006-00; APN: 075-0001-005-00; and APN: 075-0001-004-00.
Body
WHEREAS, on February 1, 2012, the Redevelopment Agency of the City of San Leandro was dissolved pursuant to Assembly Bill x1 26; and
WHEREAS, on February 1, 2012, the City of San Leandro became the Successor Agency to the Redevelopment Agency (“Successor Agency”); and
WHEREAS, pursuant to Health and Safety Code Section 34191.5(c), property shall not be transferred to a successor agency, city, county or city and county, unless the Long Range Property Management Plan has been approved by the Oversight Board to the Successor Agency (the “Oversight Board”) and the Department of Finance; and
WHEREAS, the Long Range Property Management Plan was approved by the Oversight Board on November 5, 2015 and by the California Department of Finance on December 30, 2015; and
WHEREAS, the Long Range Property Management Plan establishes a plan for transferring or selling the real property assets that were owned by the former Redevelopment Agency; and
WHEREAS, the Successor Agency is the owner of certain real properties with addresses of 290 Davis Street, 250 Davis Street, 222 Davis Street, 212 Davis Street, and 1199 E. 14th Street, San Leandro, California, also known as Alameda County Assessor’s Parcel Numbers APN: 075-0001-010-02; APN: 075-0001-008-02; APN: 075-0001-006-00; APN: 075-0001-005-00; and APN: 075-0001-004-00 (the “Properties”); and
WHEREAS, the Properties are included as “for sale” properties in the Long Range Property Management Plan prepared by the Successor Agency and approved by the California Department of Finance; and
WHEREAS, the Successor Agency previously issued a public request for proposals (the “RFP”) for the purchase and development of the Properties; and
WHEREAS, the Successor Agency specified that as part of the RFP the Properties will only be sold concurrently with certain real property owned by the City of San Leandro (the “City”) located at 262 Davis Street, San Leandro, California, also known as Alameda County Assessor’s Parcel Number APN: 075-0001-009-02 (the “City Property”); and
WHEREAS, BEAM Development, LLC. submitted a proposal to the Successor Agency offering to pay Two Million One Hundred Thousand Dollars ($2,100,000) for the purchase of the Properties and the City Property (“Purchase Price”); and
WHEREAS, Successor Agency staff determined that BEAM Development, LLC possesses the resources and experience necessary to complete a successful development at the Properties consistent with the Long Range Property Management Plan; and
WHEREAS, the Successor Agency reviewed the sales price of comparable properties, as well as other responses to the RFP, and determined that the Purchase Price represents the fair market value of the Properties and the City Property; and
WHEREAS, a Purchase and Sale Agreement (the “Agreement”) has been presented to the Board of Directors of the Successor Agency of the Redevelopment Agency of the City of San Leandro (“Board of Directors”); and
WHEREAS, the Board of Directors is familiar with the contents thereof; and
WHEREAS, the City Manager, acting as the Executive Director of the Successor Agency, recommends approval of the Agreement.
NOW, THEREFORE IT IS RESOLVED THAT:
1. Subject to approval by the Oversight Board to the Successor Agency of the Redevelopment Agency of the City of San Leandro and subject to the approval by the City Council of the Sale of the City Property, the sale of the Properties by the Successor Agency to BEAM Development, LLC is hereby approved; and
2. That the Agreement substantially in the form presented is hereby approved and execution by the Executive Director is hereby authorized; and
3. That the Executive Director is authorized to make non-substantial revisions to the Agreement, subject to the approval of the Agency Counsel; and
4. That the original executed agreement shall be attached to and made part of this resolution.
5. The Executive Director and his designees are authorized and directed to execute all documents and take all actions necessary to implement this Resolution, including without limitation the execution of deeds, certificates of acceptance, and all other necessary instruments, as applicable.
2877954.1