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File Number: 17-623 <br />The attached Resolution authorizes the City Manager, acting as the Executive Director of the <br />Successor Agency, to execute a Purchase and Sale Agreement between the Successor Agency <br />and BEAM Development, LLC, for sale of Successor Agency-owned properties at 290 Davis <br />Street, 250 Davis Street, 222 Davis Street, 212 Davis Street and 1199 E 14th Street, in keeping <br />with the Successor Agency’s Long Range Property Management Plan. Later this month, the <br />Purchase and Sale Agreement will be brought before the Oversight Board of the Successor <br />Agency to the Redevelopment Agency of the City of San Leandro for approval. <br />A second Resolution authorizes the City Manager to execute a Purchase and Sale Agreement <br />with BEAM Development, LLC, for sale of City-owned property at 262 Davis Street, which is <br />adjacent to the Successor Agency-owned properties. <br />Following execution of the agreement, BEAM Development, LLC, will begin its due diligence <br />period, during which it will perform additional investigations of the properties and further planning <br />for redevelopment, including purchase of the neighboring properties. City project review will likely <br />involve major site plan review, which will evaluate elevations, floor plans, exterior materials, <br />landscaping details, and engineering plans. Mixed-use residential, with ground floor retail, is <br />permitted in the DA-1-Downtown Mixed-Use Zoning District, so no additional planning <br />entitlements are anticipated unless exceptions are requested. <br />Previous Actions <br />·On November 2, 2015, the Successor Agency approved the Long Range Property <br />Management Plan, establishing a plan for transferring or selling the real property assets that <br />were owned by the Redevelopment Agency. <br />Environmental Review <br /> <br />The requirement for environmental review will be determined as part of the entitlement process as <br />plans for the site are further developed. <br />Legal Analysis <br />The Purchase and Sale Agreement with BEAM Development, LLC, was reviewed by the City <br />Attorney and approved as to form. <br />Fiscal Impacts <br />The sale of these Successor Agency- and City-owned properties will result in new, unrestricted <br />revenue to the City’s General Fund once the transaction is completed. Proceeds from the sale of <br />the six parcels will be allocated on a per-square-foot basis. Proceeds from the sale of the <br />Successor Agency-owned properties at 290 Davis Street, 250 Davis Street, 222 Davis Street, <br />212 Davis Street, and 1199 East 14th Street will be remitted to the Alameda County <br />Auditor-Controller for distribution to the local taxing entities, with the City of San Leandro <br />receiving approximately 12%. Proceeds from the sale of the City-owned property at 262 Davis <br />Street will be paid to the City. Based upon this, the estimated revenue to the City of San Leandro <br />Page 5 City of San Leandro Printed on 10/30/2017 <br />139