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City of San Leandro <br />Meeting Date: May 21, 2012 <br />Resolution - SA <br />File Number: 12 -257 Agenda Section: PUBLIC HEARINGS — CITY <br />COUNCIL <br />Agenda Number: <br />TO: City Council <br />FROM: Chris Zapata <br />City Manager <br />BY: Luke Sims <br />Community Development Director <br />FINANCE REVIEW: Not Applicable <br />TITLE: ADOPT: Resolution Authorizing the City Manager to Execute a Disposition <br />and Development Agreement by and Between the City of San Leandro, in Its <br />Capacity as the Successor Agency to the San Leandro Redevelopment <br />Agency, and Innisfree Ventures II, LLC for the Sale and Development of 1550 <br />East 14th Street (APN 077 0540 009) (provides for the sale and development <br />of the Village Marketplace) <br />WHEREAS, staff to the Successor Agency has negotiated and prepared a draft <br />Disposition and Development Agreement (the "Agreement') pursuant to which the property <br />known as 1550 East 14th Street (APN 077 0540 009) (the "Property ") would be conveyed to <br />Innisfree Ventures II, LLC for construction of a retail development that includes specified <br />public amenities; and <br />WHEREAS, pursuant to Assembly Bill x1 26, the disposition of the Property is subject <br />to the approval of the Successor Agency Oversight Board; and <br />WHEREAS, pursuant to California Health and Safety Code Section 34177(e), the <br />proceeds of the sale of property owned by the Successor Agency must be provided to the <br />County Auditor - Controller for distribution to the taxing entities if such proceeds are not needed <br />for approved development projects or to otherwise wind down the affairs of the former San <br />Leandro Redevelopment Agency, each as determined by the Oversight Board. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of San Leandro <br />acting in its capacity as the governing board of the Successor Agency to the San Leandro <br />Redevelopment Agency, as follows: <br />1. Subject to approval by the Oversight Board, the City Manager, acting in his <br />capacity as Executive Director of the Successor Agency is authorized to execute the <br />Agreement substantially in the form presented, with such modifications as may be approved <br />by the City Manager in consultation with the City Attorney. <br />City of San Leandro Page 1 Printed on 511512012 <br />