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(a) The Implementation Plan identifies the existence of the Property in a vacant state for over a decade as a factor which has contributed to blight in the Project Area and has discouraged further private investment in the Davis Street and San Leandro Boulevard corridors. The successful implementation of the Agreement will create ahigh-quality office complex at a major entryway to the community, with a plaza and related amenities, with improved and maintained creekside open space, and with the provision of landscape buffering for the benefit of adjacent residents as more particularly set forth in the Agreement. III. The City Council finds that, on the basis of the following specific finding, the sale of the Property, which was purchased in whole or in part with tax increment revenues, set forth in the Agreement between the Agency and creekside is for an amount of consideration not less than fair consideration given the restrictions, conditions and covenants requiring a high level of quality of construction and the obligation to maintain the Property and the Adjacent City Property as more particularly provided in the Agreement. (a) The Agency has caused Keyser Marston Associates, Incorporated, to prepare a reuse appraisal of the Property to evaluate the fair value of the Property given the restrictions, conditions and covenants of the Agreement. The reuse appraisal has been performed in a manner consistent with normally accepted procedures of practitioners in the same field. The reuse appraisal has concluded that Two Million Two Hundred Sixty-Five Thousand One Hundred Twenty Dollars ($2,265,120) is the fair market value and fair reuse value for the interests to be conveyed to creekside given the Agreement's covenants and conditions requiring ahigh level of quality of construction and the obligation to maintain the Property and the Adjacent City Property as more particularly provided in the Agreement. BE IT FURTHER RESOLVED that: Section 1. The Agreement between the Agency and creekside, copies of which are on file in the office of the City Clerk is hereby approved. Section 2. The Reuse Report required by Health and Safety Code § 33433, copies of which are on file in the office of the City Clerk, and all related documents, correspondence and transmittals are hereby approved. Section 3. The City authorizes and directs the City Manager to execute, on behalf of the City, the License Agreement at such time as may be requested by the Executive Director of the Agency consistent with the terms and conditions for the provisions of improvements by creekside under the Agreement following the conveyance of the Property by the Agency to creekside. g:\debbie\2000\creekside Business Pazk\Resolution approving the Reuse Report & DDA CC.DOC ~ r ~~,' pail