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File Number: 16-047 <br />the Agreement, refundable only until the close of a 60-day due diligence review period; <br />·A requirement to close escrow within 10 days after issuance of full entitlements for the <br />project, but no later than June 30, 2017 unless the extensions are exercised; <br />·The option, at the buyer’s discretion, of one six-month extension and two subsequent <br />three-month extensions; and <br />·Additional deposit requirements of $10,000 for the second and third extensions; <br />·A requirement that the property will be conveyed by Seller to Buyer in an “As Is” <br />condition, with no warranty as to the physical condition including, but not limited to, the <br />soil, its geology, or the presence of hazardous materials. <br />Next Steps <br />Should the Purchase and Sale Agreement be authorized by the City Council, staff will work to <br />execute the agreement concurrent with Sansome Pacific’s parallel agreement with CVS. At <br />that point, City staff and Sansome Pacific will work on developing more detailed plans. <br />Sansome Pacific also intends to engage in further discussions with representatives from <br />PFSA, which may or may not result in the inclusion of the adjacent parcels in the project. <br />The completion of the design and the issuance of entitlements are likely to take the majority of <br />2016. Although the pending General Plan update is not expected to significantly alter the <br />zoning, it may result in slightly higher allowed residential density. If that occurs, Sansome <br />Pacific will need to consider whether it wishes to consider an expanded number of units in the <br />project. <br />As designs progress, Sansome Pacific will also increase outreach to potential retailers to <br />occupy the ground floor spaces. At this point, staff is confident that the development team <br />understands the types of retail uses that will advance community goals, but no specific <br />agreements have been reached with any potential tenants. <br />Previous Actions <br />·On January 20, 2015 and July 20, 2015, the City Council held executive sessions to <br />discuss Price and Terms of Payment related to the proposed sale of the property (APN <br />077-0447-007-01) <br />Environmental Review <br />An Environmental Impact Report, certified in conjunction with the adoption of the TOD <br />Strategy, contained an assessment of the environmental impacts related to development <br />throughout the study area including this project. Additional environmental review required, if <br />any, will be determined as part of the entitlement process as plans for the proposed project <br />are further defined in the coming months. <br />Legal Analysis <br />The Purchase and Sale Agreement with Sansome Pacific Properties, Inc. was reviewed by <br />the City Attorney and approved as to form . <br />Page 5 City of San Leandro Printed on 2/10/2016