Laserfiche WebLink
File Number: 17-342 <br />Property Management Plan prepared by the Successor Agency and approved by the <br />California Department of Finance; <br />WHEREAS, the Successor Agency previously issued a public request for proposals for <br />the purchase and development of the Property; <br />WHEREAS, BAU Bay Area Urban Development, LLC submitted a proposal to the <br />Successor Agency offering to pay the Successor Agency Five Hundred Thirteen Thousand <br />Dollars ($513,000) for the Property (“Purchase Price”); <br />WHEREAS, Successor Agency staff determined that BAU Bay Area Urban <br />Development, LLC. has the resources and experience necessary to complete a successful <br />development at the Property consistent with the Long Range Property Management Plan; <br />WHEREAS, the Successor Agency reviewed the sales price of comparable properties, <br />as well as other responses to the RFP, and determined that the Purchase Price represents <br />the fair market value of the Property; <br />WHEREAS, a Purchase and Sale Agreement (the “Agreement”) was presented to the <br />Board of Directors of the Successor Agency of the Redevelopment Agency of the City of San <br />Leandro (“Board of Directors”); <br />WHEREAS, the Board of Directors is familiar with the contents thereof; and <br />WHEREAS, the City Manager, acting as Executive Director of the Successor Agency, <br />recommends approval of the Agreement. <br />NOW, THEREFORE THE CITY COUNCIL FOR THE CITY OF SAN LEANDRO <br />RESOLVES THAT: <br />1. Subject to approval by the Oversight Board to the Successor Agency of the <br />Redevelopment Agency of the City of San Leandro, the sale by the Successor Agency to BAU <br />Bay Area Urban Development, LLC. of property, identified as property #8 in the Long Range <br />Property Management Plan, is hereby approved; and <br />2. That the Agreement substantially in the form presented is hereby approved and <br />execution by the Executive Director is hereby authorized; and <br />3. That the Executive Director is authorized to make non-substantial revisions to the <br />Agreement, subject to the approval of the Agency Counsel; and <br />4. That an original executed agreement shall be attached to and made part of this <br />resolution. <br />5. The Executive Director and his designees are authorized and directed to execute all <br />documents and take all actions necessary to implement this Resolution, including without <br />limitation the execution of quitclaim deeds, certificates of acceptance, and all other necessary <br />instruments, as applicable. <br />Page 2 City of San Leandro Printed on 6/13/2017 <br />322