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have value for a private sector buyer and any potential transfer to a private buyer would be <br />inconsistent with the site's core use as a park. <br />The Successor Agency proposes that the parcel be sold to the City of San Leandro at fair market <br />value as calculated above. The proceeds would then be distributed to the taxing entities. <br />Given the current condition of the sign, estimating a value of the parcel is difficult. Although <br />modern signs with freeway visibility can generate significant revenue, this particular sign is <br />dated and not presently functioning. Additionally, the sign has display dimensions of 20 x 30 <br />feet, whereas the industry standard, preferred by advertisers, is 14 x 48 feet. The Successor <br />Agency intends to conduct full appraisal for the property prior to sale and the appraisal cost will <br />be deducted from escrow as part of the closing. The value shown represents only a rough <br />estimate. <br />Advancement of planning objectives of the successor agency <br />Successful redevelopment of the Pacific High School property was a goal of the 1994-1999 <br />Implementation Plan for the City of San Leandro -Alameda County Joint Redevelopment Project <br />Area. <br />History of previous development proposals and activity <br />None. The site is zoned Commercial Recreation and therefore not suitable for private <br />development. <br />Description of property's potential for transit oriented development <br />None. <br />25 1 San Leandro I Long Range Property Management Plan I November 2015 <br />