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IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO <br />RESOLUTION NO. 96 - 20 (1006/1313-c) <br />RESOLUTION APPROVING AN OPTION <br />AGREEMENT WITH SHELL OIL COMPANY <br />AND APPROVING A DISPOSITION AND <br />DEVELOPMENT AGREEMENT BASED THEREON <br />WHEREAS, the Redevelopment Agency of the City of San Leandro <br />("Agency") prepared and provided to the City Council a Reuse Report, as required by <br />Health and Safety Code section 33433, for the disposition of Agency owned property <br />purchased with tax increment, to Shell Oil Company for the development of a Shell <br />automobile service station and Burger King Restaurant; and <br />WHEREAS, the City Council held a properly noticed public hearing to <br />consider the Reuse Report and the proposed Option Agreement for the disposition of <br />the subject property; and <br />WHEREAS, the consideration paid by Shell Oil Company pursuant to the <br />terms of the Option Agreement is not less than the fair market value at its highest <br />and best use in accordance with the Redevelopment Plan; and <br />WHEREAS, a copy of the Option Agreement is attached hereto and the City <br />Council is familiar with the contents thereof, and <br />WHEREAS, the City Manager has recommended the approval of said <br />agreement. <br />NOW, THEREFORE, the City Council of the City of San Leandro does <br />RESOLVE as follows: <br />1. That said Option Agreement is hereby approved and execution thereof is <br />hereby authorized. <br />2. That a Disposition and Development Agreement, to be negotiated by <br />the Agency Executive Director based upon the terms of the Option <br />Agreement, is hereby approved and execution thereof is hereby <br />authorized. <br />