13B Action Items - Laserfiche WebLink

Home

File Number: 22-450 become viable. Environmental Review The requirement for environmental review will be determined as part of the entitlement process as plans for the site are further developed. Legal Analysis The Fifth Amendment to the Purchase and Sale Agreement and Joint Escrow Instructions with Beam Development, LLC, was reviewed by the City Attorney and approved as to form. Beam Development, LLC. has agreed to the terms of the amendment to the PSA. Financial Impacts The proposed amendment does not alter the sales price for the properties. The sale of these Successor Agency- and City-owned properties will result in new, unrestricted revenue to the City’s General Fund once the transaction is completed and Put Option time frame is expired. Proceeds from the sale of the six parcels will be allocated on a per-square-foot basis. Proceeds from the sale of the Successor Agency-owned properties at 290 Davis Street, 250 Davis Street, 222 Davis Street, 212 Davis Street, and 1199 East 14th Street will be remitted to the Alameda County Auditor-Controller for distribution to the local taxing entities, with the City of San Leandro receiving approximately 12%. Proceeds from the sale of the City-owned property at 262 Davis Street will be paid to the City. Based upon this, the estimated revenue to the City of San Leandro is expected to be approximately $850,000, less a broker’s commission and applicable closing costs. Because the Put Option would require the purchase price proceeds to be held in escrow until the put option period has expired, the proposed amendment would result in a delay in the timing of the City’s receipt of the purchase price proceeds. ATTACHMENT(S) Attachment A: Resolution Authorizing the City Manager to Execute the Fifth Amendment to the Purchase and Sale Agreement and Joint Escrow Instructions between the Successor Agency to the Redevelopment Agency of the City of San Leandro, the City of San Leandro, and Beam Development, LLC, for Sale of Real Property Owned by the City Located at 262 Davis Street Attachment B: Resolution Authorizing the Executive Director of the Successor Agency to Execute a Fifth Amendment to the Purchase and Sale Agreement and Joint Escrow Instructions between the Successor Agency to the Redevelopment Agency of the City of San Leandro, the City of San Leandro, and Beam Development, LLC, for Sale of Real Property Owned by the Successor Agency Located at 290 Davis St, 250 Davis St, 222 Davis St, 212 Davis St, and 1199 E. 14th St . Attachment C: Fifth Amendment to the Purchase and Sale Agreement and Joint Escrow Instructions between the Successor Agency to the Redevelopment Agency of the City of San Page 6 City of San Leandro Printed on 7/13/2022