8N Consent 2008 0902 - Laserfiche WebLink

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REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO STAFF REPORT DATE: August 20, 2008 TO: John Jermanis, Executive Director Redevelopment Agency FROM: Luke Sims, Community Development Directo~ APPROVED AND FORWARDED TO REDEVELOPMENT AGENCY Jo ~Termanis Ex ' ive Director BY: Cynthia Battenberg, Business Development Manager SUBJECT PROJECT/PROJECT DESCRIPTION: RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO AUTHORIZING THE EXECUTIVE DIRECTOR TO ENTER INTO A LEASE WITH OPTION TO PURCHASE AGREEMENT WITH THE SAN LEANDRO CHAMBER OF COMMERCE FOR ACQUISITION OF 262 DAVIS STREET (APN: 075-0001-008-02) SUMMARY AND RECOMMENDATION Staff recommends that the Redevelopment Agency of the City of San Leandro (Agency) approve the attached resolution authorizing the Executive Director to enter into a Lease with Option to Purchase Agreement with the San Leandro Chamber of Commerce (Chamber) for the acquisition of 262 Davis Street (the "Property") and appropriation of funds from the Plaza Project Area fund balance for lease and relocation expenses as needed during the term of the agreement. BACKGROUND In July 2005, the Agency began discussions with the Chamber regarding Agency acquisition of the Chamber Property in San Leandro. The Property was identified as a priority because of its location in the downtown area, adjacent to other Agency owned property. The Property and the adjoining parcels were the focus of a specific planning effort to redevelop the entire block and create Town Hall Square. Preliminary design schematics for a mixed use development (retail on the ground floor and residential above) include the closure of Hays Street. The Chamber was open to selling the Property; however, they had specific criteria which needed to be met. The main criteria were the ability to relocate to another downtown location without significantly increasing costs. Numerous strategies have been pursued the past three years and a deal has been reached. Following are the major deal points: • The Agency will lease, with an option to purchase, the Property for a period of up to three (3) years at $2,900 per month.