Purch Sale Agmt Sansome Pacific Amdt 3

Home

IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO RESOLUTION NO. 2016-027 RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE A PURCHASE AND SALE AGREEMENT WITH SANSOME PACIFIC PROPERTIES, INC. FOR SALE OF THE CITY-OWNED PARKING LOT AT 1188 EAST 14TH STREET (APN 077-0447-007-01) AT A PRICE OF $1.29 MILLION WHEREAS, the City of San Leandro wishes to facilitate private development of the opportunity site located at the northeast comer of East 14th Street and Callan A venue (the "Project Site"); and WHEREAS, the City of San Leandro and CVS Health jointly made two properties located at the Project Site available for sale to a developer and marketed the Project Site publicly; and WHEREAS, Sansome Pacific Properties, Inc. submitted an offer to purchase the two properties from CVS Health and the City of San Leandro; and WHEREAS, City staff has determined that Sansome Pacific Properties, Inc. possesses the resources and experience necessary to complete a successful development at the Project Site consistent with the vision established in the Downtown San Leandro Transit-Oriented Development Strategy; and WHEREAS, the City of San Leandro commissioned an appraisal of the City-owned Parking Lot which determined the market value of the parcel to be $1,280,000; and WHEREAS, the City of San Leandro and Sansome Pacific Properties, Inc. have negotiated a purchase price for the City-owned parking lot of $1,290,000; and WHEREAS, Sansome Pacific Properties, Inc. also intends to execute a Purchase and Sale Agreement with CVS Health to acquire the adjacent parcel that comprises the remainder of the Project Site; and WHEREAS, a draft agreement between the City of San Leandro and Sansome Pacific Properties, Inc. has been presented to this City Council; and WHEREAS, the City Council is familiar with the contents thereof; and WHEREAS, the City Manager recommends approval of said agreement. NOW, THEREFORE, the City Council of the City of San Leandro does RESOLVE as follows: 1. The sale of the City property at 1188 East 14th Street is approved; and