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WHEREAS, upon filing suit, the City recorded a lis pendens on the property, which clouds the title for any sale of the property. The lis pendens was recorded on August 5, 2019; and WHEREAS, LoanStream has an agreement in principle with the City to sell the property directly to the City at the CPI adjusted price as set forth in the Resale Agreement. NOW, THEREFORE, the City Council of the City of San Leandro does RESOLVE as follows: 1. That the agreement in principle to purchase 713 Bloom Street from LoanStream at the CPI adjusted price, as set forth in the Resale Agreement, is approved; and 2. Up to $415,000 in City Affordable Housing Asset Fund Balance shall be appropriated from the fund and used towards the purchase, and a purchase and sale agreement to be executed with an income eligible first time homebuyer is hereby approved and execution by the City Manager is hereby authorized, subject to approval as to form by the City Attorney; and 3. That the City Attorney is directed to recover all costs and fees, including attorneys' fees and costs, related to the purchase and resale of 713 Bloom Street from the defendants, Ms. Clark, and LoanStream. Introduced by Councilmember Ballew and passed and adopted this 7th day of October 2019, by the following vote: Members of the Council: AYES: Councilmembers Aguilar, Ballew, Cox, Hernandez, Lee, Lopez, Mayor Cutter (7) NOES: None (0) ABSENT: None ATTEST: Z� , _CJ_ e ici I. iguel, C' y Clerk RESOLUTION NO. 2019-161 2 (0)