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City of San Leandro <br />Meeting Date: December 1, 2014 <br />Resolution - Council <br />Agenda Section:File Number:14-493 CONSENT CALENDAR <br />Agenda Number: <br />TO:City Council <br />FROM:Chris Zapata <br />City Manager <br />BY:Uchenna Udemezue <br />Engineering & Transportation Director <br />FINANCE REVIEW:David Baum <br />Finance Director <br />TITLE:RESOLUTION Authorizing the City Manager, by Order of the City Council <br />Pursuant to San Leandro Municipal Code section 1-6-105, to Purchase 777 <br />Alvarado Street (APN 075 0155 009 00) and to Appropriate $300,000 from <br />General Fund Reserves for the Purchase (provides for the purchase of 777 <br />Alvarado Street and appropriation of $300,000 from General Fund Reserves) <br />Recitals <br />WHEREAS, the City of San Leandro (the “City”) is guarantor on a lease agreement for <br />777 Alvarado Street, APN 075 0155 009 00 (the “Property”); and <br />WHEREAS, the State Department of Finance objected to the lease guarantee on the <br />Recognized Obligations Payment Schedule based on a determination that the <br />Redevelopment Agency was not the sole Guarantor of the lease for 777 Alvarado Street, APN <br />075 0155 009 00; and <br />WHEREAS, the City does not wish to continue to incur costs of approximately <br />$300,000 over the nine remaining years of the lease; and <br />WHEREAS, in accordance with the option to purchase provided by the Lease <br />Agreement, the City was provided three broker opinions of value, of which the median value <br />was $275,400; and <br />WHEREAS, the City desires to purchase the Property. <br />NOW, THEREFORE, the City Council of the City of San Leandro does RESOLVE as <br />follows: <br />1.The recitals above are hereby true and correct and incorporated herein. <br />2.Pursuant to City of San Leandro Municipal Code section 1-6-105, the City <br />Page 1 City of San Leandro Printed on 11/25/2014