OB Reso 2017-03 PSA Bay ARea Urban Development LLC (BAU)

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RESOLUTION NO. 2017-03 OB RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO APPROVING THE PURCHASE AND SALE AGREEMENT FOR 2101 MARINA BLVD BETWEEN THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO AND BAU BAY AREA URBAN DEVELOPMENT, LLC WHEREAS, on February 1, 2012, the Redevelopment Agency of the City of San Leandro was dissolved pursuant to Assembly Bill x 126; and WHEREAS, on February 1, 2012, the City of San Leandro became the Successor Agency to the Redevelopment Agency; and WHEREAS, pursuant to Health and Safety Code Section 34191.5(c), property shall not be transferred to a successor agency, city, county or city and county, unless the Long Range Property Management Plan has been approved by the Oversight Board to the Successor Agency (the "Oversight Board") and the Department of Finance; and WHEREAS, the Long Range Property Management Plan was approved by the Oversight Board to the Successor Agency to the Redevelopment Agency on November 5, 2015 and by the California Department of Finance on December 30, 2015; and WHEREAS, the Long Range Property Management Plan establishes a plan for transferring or selling the real property assets that were owned by the Redevelopment Agency; and WHEREAS, the Successor Agency is the owner of certain real property with an address of 2101 Marina Boulevard, San Leandro, CA, also known as Alameda County Parcel Number 079A- 0568-005-00 (the "Property"); WHEREAS, the Property is included as a "for sale" property in the Long Range Property Management Plan prepared by the Successor Agency and approved by the California Department of Finance; WHEREAS, the Successor Agency previously issued a public request for proposals for the purchase and development of the Property; WHEREAS, BAU Bay Area Urban Development, LLC submitted a proposal to the Successor Agency offering to pay the Successor Agency Five Hundred Thirteen Thousand Dollars ($513,000) for the Property ("Purchase Price"); WHEREAS, Successor Agency staff has determined that BAU Bay Area Urban Development, LLC possesses the resources and experience necessary to complete a successful development at the Property consistent with the Long Range Property Management Plan;