My WebLink
|
Help
|
About
|
Sign Out
Home
8G Consent 2014 1201
CityHall
>
City Clerk
>
City Council
>
Agenda Packets
>
2014
>
Packet 2014 1201
>
8G Consent 2014 1201
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
12/9/2014 2:33:14 PM
Creation date
11/25/2014 7:13:46 PM
Metadata
Fields
Template:
CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
12/1/2014
Retention
PERM
Document Relationships
_CC Agenda 2014 1201 CS+RG
(Reference)
Path:
\City Clerk\City Council\Agenda Packets\2014\Packet 2014 1201
Reso 2014-133
(Reference)
Path:
\City Clerk\City Council\Resolutions\2014
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
18
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Download electronic document
View images
View plain text
File Number: 14-492 <br />·The lease does not provide terms for early termination <br />On March 5, 2001, the Redevelopment Agency adopted a resolution whereby the City <br />guaranteed the Friends of San Leandro Creek lease. Funding for the lease was provided by <br />the Creekside Plaza developer who placed $250,000 in a fund to pay the lease. It was <br />originally envisioned that when this funding was depleted in 2013, either Alameda County or <br />the Agency would purchase the property for Friends of San Leandro Creek. <br />In 2008-09 Friends of San Leandro Creek, working in conjunction with Alameda County Flood <br />Control, were in serious negotiations with the Oliver Partnership for purchase of the site for <br />$550,000 to be paid by Alameda County. The purchase, however, was not finalized and the <br />vision for the site as an environmental education center did not materialize. <br />When the dissolution of the Redevelopment Agency began in February 2012, the Lease <br />Guarantee for Friends of San Leandro Creek was placed on the semi-annual Recognized <br />Obligations Payment Schedule (ROPS). <br />Analysis <br />In May 2012, with the knowledge that the $250,000 set aside to pay the lease was <br />approaching depletion, Friends of San Leandro Creek’s Chairperson and City staff met with <br />Mr. Steve Oliver to discuss the possibility of terminating the lease or having the Oliver <br />Partnership donate the land to Friends of San Leandro Creek. <br />On May 17, 2013 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 because the City was also a guarantor. <br />Combined with Friends of San Leandro Creek’s inability to make lease payments, this <br />determination made the lease a responsibility of the City. The City has been paying the lease <br />out of the General Fund since early 2014. As of March 2014, the projected remaining cost of <br />the lease over the next nine years is approximately $300,000. <br /> <br />777 Alvarado Street is envisioned in the Downtown Transit Oriented Development Strategy as <br />part of a future residential development on the former World Savings parcels on Alvarado <br />currently owned by Wells Fargo. Density of 65 - 100 units per acre is envisioned and 777 <br />Alvarado Street, along with the fire training facility, could provide a linear park along the creek, <br />similar to the Cherrywood linear park. Based on the cost of the remaining lease and the future <br />value of the property, staff pursued the process of property acquisition. <br />The Lease Agreement provides a process whereby three qualified brokers (one selected by <br />the City, one selected by the Oliver Partnership and one selected by both parties) would <br />provide written opinions of the value of the property. The purchase price would be the median <br />of the brokers’ opinions of value. The brokers’ opinions of the value of the property ranged <br />from $242,535 to $375,500 with a median price of $275,400. <br />The current projected cost breakdown for the acquisition of 777 Alvarado Street is as follows <br />(all costs are approximate): <br />Page 2 City of San Leandro Printed on 11/25/2014
The URL can be used to link to this page
Your browser does not support the video tag.