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IN THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO <br />RESOLUTION NO. 2008- RDA <br />RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO <br />AUTHORIZING THE EXECUTIVE DIRECTOR TO ENTER 1NT0 <br />A LEASE WITH OPTION TO PURCHASE AGREEMENT WITH THE <br />SAN LEANDRO CHAMBER OF COMMERCE FOR ACQUISITION OF <br />262 DAMS STREET (APN: 075-0001-008-02) <br />WHEREAS the Executive Director has negotiated a Lease with Option to Purchase <br />Agreement between the Redevelopment Agency of the City of San Leandro and the San Leandro <br />Chamber of Commerce, a copy of which is attached hereto and incorporated herein by reference. <br />WHEREAS, terms of the Lease with Option to Purchase Agreement provide for an initial <br />three year lease of the property, with provision for a two year option to extend, at $2,900 per month, <br />some miscellaneous moving costs, and a maximum purchase price of $700,000 for the acquisition <br />of the property, building, and business at 262 Davis Street (collectively, the "Property") within the <br />Plaza Project Area; and <br />WHEREAS, the Lease with Option to Purchase Agreement provides that in lieu of <br />accepting cash for the purchase price, the Chamber of Commerce may elect to exchange the <br />Property for an office condominium in the proposed Callan Garage; and <br />WHEREAS the acquisition of Property is an authorized activity of the Redevelopment <br />Agency in the Plaza Redevelopment Plan, and payment of lease rates, acquisition costs and <br />associated fees is an authorized use of redevelopment funds; and <br />WHEREAS the Agency Board is familiar with the Lease with Option to Purchase <br />Agreement and the Property in question and the Executive Director has recommended approval of <br />said Lease with Option to Purchase Agreement. <br />