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File Number: 17-623 <br />majority of the block (excluding the gas station). <br />·The proposal follows the City’s Transit Oriented Development (TOD) strategy goals for <br />Downtown, which strives to ‘provide mixed-use retail and multi-family residential.’ <br />·The proposal’s primary goal is to provide high quality residential units and provide flexible <br />commercial space opportunities for specialty business, shopping and food service, which <br />are identified needs in Downtown San Leandro. <br />·The team’s experience working in San Leandro and the surrounding area producing other <br />high quality projects, including Garden Acres Condominiums, Ashland Place affordable <br />housing, and the 159th Street townhome community. <br />·A high quality design is proposed, which builds upon the strengths of the site’s location <br />and creates an attractive frontage in the central downtown location. An open entryway is <br />planned for the corner of East 14th and Davis Streets, and a public plaza is proposed <br />along Dan Niemi Way across from San Leandro Creek. <br />·The proposed residential units include a good share of two- and three-bedroom units, <br />which provides a variety of housing options for the community. <br />·BEAM offers a price that is competitive. <br />Terms of Purchase and Sale Agreement <br />Staff prepared a Purchase and Sale Agreement based upon the following key terms: <br />Purchase Price: $2,100,000 <br />Deposit: $200,000; $100,000 of which is applicable toward the sale price if the sale closes, <br />or refundable if it does not <br />Due Diligence: 12 months <br />Extensions: Five (5) twelve (12) month extension periods, each with a $25,000 <br />non-refundable deposit applicable towards the purchase price <br />Close of Escrow: Within 90 days of the last day of the extension periods or buyer’s acquisition <br />of entitlements, whichever comes first. <br />The proposed terms of the Purchase and Sale Agreement take into account the fact that <br />redevelopment of the Town Hall Square sites will be a difficult and complicated project. The <br />purchase of the adjacent properties at 1145 East 14th Street and 234 Davis Street (with <br />purchase of the gas station at 1117 East 14th Street not found to be feasible at this time) is <br />necessary in order to achieve a cohesive and complete development. The Purchase and Sale <br />Agreement requires that the developer purchase at least one of these properties prior to the sale <br />of the Successor Agency and City properties. <br />The long due diligence period is proposed in order to allow BEAM sufficient time to negotiate <br />with Union Bank, whose lease of the building at 1145 East 14th Street is understood to be <br />through early 2022. Staff recommends that a long due diligence period be provided in order to <br />give the developer sufficient time to ‘wait out’ the Union Bank lease, acquire both of the adjacent <br />parcels, and develop the best project possible. A $25,000 cost to each one year extension is <br />proposed to ensure BEAM’s continued commitment to the project. <br />Next Steps <br />Page 4 City of San Leandro Printed on 10/30/2017 <br />138