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File Number: 14-492 <br />Purchase Price $275,400 <br />Anticipated Administrative Costs <br />(not to exceed $24,600): <br />Closing Costs $4,000 <br />Broker’s Commission $5,000 <br />Phase I Report $5,000 <br />Staff Time $6,000 <br />TOTAL:$300,000 <br />Applicable General Plan Policies <br />Pursuant to Government Code section 65402, the proposed purchase of the subject property <br />by the City is in conformance with the General Plan. <br />Environmental Review <br />This action is exempt from the California Environmental Quality Act (CEQA). A Phase I <br />Environmental review will be conducted before the purchase is finalized. <br />Legal Analysis <br />This action and the process by which the property will be purchased has been reviewed and <br />approved by the City Attorney. <br />Fiscal Impacts <br />This purchase will not exceed $300,000, which will be funded by an appropriation from the <br />General Fund Economic Uncertainty Reserve to account 210-38-363. The cost of the <br />purchase is equivalent to the value of the lease over the next ten years. The purchase of the <br />property will enable the City to sell it in the future when development of the vacant properties <br />on Alvarado Street occurs. <br />Budget Authority <br />This project will be funded by General Fund Economic Uncertainty Reserve of $300,000 in <br />account 210-38-363, for which the appropriation is requested. <br />ATTACHMENT <br />·Purchase and Sale Agreement <br />PREPARED BY: Kirsten Foley, Administrative Services Manager, Engineering and <br />Transportation Department <br />Page 3 City of San Leandro Printed on 11/25/2014