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Reso 2005-108
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Reso 2005-108
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8/6/2009 10:10:07 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Resolution
Document Date (6)
7/18/2005
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33433 Report-1103 Davis Street <br />INTRODUCTION <br />July 2005 <br />The Redevelopment Agency of the City of San Leandro owns one parcel, containing an <br />estimated 25,972 square feet, at 1103 Davis Street in the Plaza Project Area. The vacant <br />property is an imperfect trapezoid shape, with street frontage on three sides and a surface parking <br />lot owned by a private party on the fourth side. The Agency has owned the property since the <br />1980s, when it was acquired for a street improvement project and the small houses on it <br />demolished. The Agency's disposal of this property for context-sensitive development will <br />greatly improve the appearance of Davis Street and help generate revenue for the City and <br />Agency. <br />Section 33433 of the State of California Health and Safety Code governs the disposal of <br />redevelopment agency-owned property such as this parcel on Davis Street. Agencies are <br />required to prepare a report on the disposal that contains a copy of the proposed sale (or lease) <br />and a summary which describes and specifies all of the following: <br />(i) The cost of the agreement to the agency (including land acquisition costs, <br />clearance costs, relocation costs, the costs of any improvements to be provided by <br />the agency, plus the expected interest on any loans or bonds to finance the <br />agreements); <br />(ii) The estimated value of the interest to be conveyed or leased, determined at the <br />highest and best uses permitted under the plan; <br />(iii) The estimated value of the interest to be conveyed or leased, determined at the use <br />and with the conditions, covenants, and development costs required by the sale <br />(using the purchase price). If the sale price is less than the fair market value of <br />the interest to be conveyed, determined at the highest and best use consistent with <br />the redevelopment plan, then the agency shall provide as part of the summary an <br />explanation of the reasons for the difference. <br />(iv) An explanation of why the sale or lease of the p~erty will assist in the <br />elimination of blight, with reference to all supporting is and materials relied <br />upon in making this explanation. <br />All this information is covered in the following pages of this report, which has been prepared by <br />Redevelopment Agency staff. The report was made available to the public at the time of <br />publication of the first notice of the public hearing to review it and the Disposition and <br />Development Agreement (DDA) on which it is based. <br />SUMMARY OF COST OF AGREEMENT TO THE AGENCY <br />The Agreement has no cost to the Agency, other than minimal staff and counsel time. There are <br />no remediation or clearance costs attributable to the Agency under the contemplated agreement. <br />The Agency has no responsibilities or performance obligations other than the preparation of <br />transaction documents including this report and the Agreement, and completion of transfer <br />documents following the approval of the DDA. Escrow fees will be shared with the buyer and <br />taken out of the net proceeds in escrow; that amount is the only net cost to Agency. <br />Page 2 <br />
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