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• • <br /> appearance of the Property and its vicinity, and establish an aesthetically pleasing <br /> gateway to the Project Area and the community. <br /> (c) The provision of improvements to and the maintenance of a certain area adjacent <br /> to the property (the "Adjacent City Property ") will enhance the appearance and <br /> utility of publicly owned land within the Project Area. <br /> (d) The sale of the Property for the high level of development referred to under the <br /> terms and conditions of the Agreement will help to eliminate economic and social <br /> deficiencies by expanding employment opportunities, help to halt declining or <br /> stagnant property values in the area, provide first -class office space and assist in <br /> effectuating other economic development programs for commercial uses in the <br /> area by stimulating other private investment. <br /> II. The City Council finds that, on the basis of the following specific findings, the sale of the <br /> Property, which was purchased in whole or in part with tax increment revenues, set forth <br /> in the Agreement between the Agency and Creekside is consistent with the <br /> Implementation Plan for the Plaza Redevelopment Project. <br /> (a) The Implementation Plan identifies the existence of the Property in a vacant state <br /> for over a decade as a factor which has contributed to blight in the Project Area <br /> and discouraged further private investment in the Davis Street and San Leandro <br /> Boulevard corridors. The successful implementation of the Agreement will create <br /> a high- quality office complex at a major entryway to the community, with a plaza <br /> • and related amenities, with improved and maintained creekside open space, and <br /> with the provision of landscape buffering for the benefit of adjacent residents as <br /> more particularly set forth in the Agreement. <br /> III. The City Council finds that, on the basis of the following specific finding, the sale of the <br /> Property, which was purchased in whole or in part with tax increment revenues, set forth <br /> in the Agreement between the Agency and Creekside is for an amount of consideration <br /> not less than fair consideration given the restrictions, conditions and covenants requiring <br /> a high level of quality of construction and the obligation to maintain the Property and the <br /> Adjacent City Property as more particularly provided in the Agreement. <br /> (a) The Agency has caused Keyser Marston Associates, Incorporated, to prepare a <br /> reuse appraisal of the Property to evaluate the fair value of the Property given the <br /> restrictions, conditions and covenants of the Agreement. The reuse appraisal has <br /> been performed in a manner consistent with normally accepted procedures of <br /> practitioners in the same field. The reuse appraisal has concluded that Two <br /> Million Seven Hundred Sixty Three Thousand Four Hundred Twenty One Dollars <br /> (52,763,421.00) is the fair market value and fair reuse value for the interests to be <br /> conveyed to Creekside given the Agreement's covenants and conditions requiring <br /> a high level of quality of construction and the obligation to maintain the Property <br /> and the Adjacent City Property as more particularly provided in the Agreement. <br /> 3 <br /> DOCSOCV 50474vi V 4258.0001 <br />