Agmt 2017 Beam Development, LLC PSA 3290

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�2_qo PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS THIS PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS (this"Agreement") is entered into as of_JY ,Z�, 1_20(1(the "Effective Date"), by and between the Successor Agency to the Redevelopment Agency of the City of San Leandro, a public agency (the "Agency") and the City of San Leandro, a California charter city (the "City," and together with the Agency, the "Seller") and Beam Development, LLC, a California limited liability company ("Buyer"). Seller and Buyer are collectively referred to herein as the "Parties." RECITALS A. Agency is the owner of certain real property with addresses of 290 Davis Street, 250 Davis Street, 222 Davis Street, 212 Davis Street and 1199 E 14th Street, Sari Leandro, California, also known as Alameda County Assessor Parcel Numbers 075-0001-010- 02, 075-0001-008-02, 075-0001-006-00, 075-0001-005-00 and 075-0001-004-00, as more particularly described in Exhibit A attached hereto and incorporated herein by this reference, (collectively, the "Agency Property"). B. The Agency Property is included as a "for sale" property in the long-range property management plan prepared by Agency and approved by the California Department of Finance. C. City is the owner of certain real property located 262 Davis Street, known as Assessor Parcel Number 075-0001-009-02, as more particularly described in Exhibit B attached hereto and incorporated herein by this reference, (the "City Property," and together with the Agency Property, the "Property"). D. Seller previously issued a public request for proposals for the sale and development of the Property (the "RFP"). E. Buyer submitted a proposal to Seller offering to pay the Seller Two-Million One-Hundred Thousand Dollars ($2,100,000) for the Property (the "Purchase Price"). F. Seller has reviewed the sales price of comparable properties, as well as other responses to the RFP, and other facts which are relevant to the fair market value of the Property and has determined that the Purchase Price represents the fair market value of the Property. G. The Agency has received approval from the Oversight Board to the Agency for the sale of the Agency Property to Buyer. H. Buyer desires to purchase the Property to construct a residential mixed use development (the "Project") on the Property and on either one or both of the Adjacent Properties (as defined in Recital I. below), I. In order,to best utilize the Property for the Project, City desires that Buyer purchase one or both of the properties that are adjacent to the Property known as 1145 East 14th Street and 234 Davis Street (the "Adjacent Properties"). 2870353.2