Reso 2014-133 - Laserfiche WebLink

Home

IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO RESOLUTION NO. 2014-133 RESOLUTION AUTHORIZING THE CITY MANAGER, BY ORDER OF THE CITY COUNCIL PURSUANT TO SAN LEANDRO MUNICIPAL CODE SECTION 1-6-105, TO PURCHASE 777 ALVARADO STREET (APN 075 0155 009 00)AND TO APPROPRIATE$300,000 FROM GENERAL FUND RESERVES FOR THE PURCHASE Recitals WHEREAS,the City of San Leandro (the "City") is guarantor on a lease agreement for 777 Alvarado Street, APN 075 0155 009 00 (the"Property"); and WHEREAS,the State Department of Finance objected to the lease guarantee on the Recognized Obligations Payment Schedule based on a determination that the Redevelopment Agency was not the sole Guarantor of the lease for 777 Alvarado Street, APN 075 0155 009 00; and WHEREAS,the City does not wish to continue to incur costs of approximately $300,000 over the nine remaining years of the lease; and WHEREAS, in accordance with the option to purchase provided by the Lease Agreement, the City was provided three broker opinions of value, of which the median value was $275,400; and WHEREAS,the City desires to purchase the Property. NOW, THEREFORE,the City Council of the City of San Leandro does RESOLVE as follows: 1. The recitals above are hereby true and correct and incorporated herein. 2. Pursuant to City of San Leandro Municipal Code section 1-6-105,the City Manager is hereby authorized and directed to negotiate the purchase of the Property and the drafting of a purchase and sale agreement for such sale, subject to approval of said agreement as. to form by the City Attorney. 3. The City Council appropriates $300,000 from General Fund Economic Uncertainty Reserve for this purchase. *****