Reso 2022-132 Town Hall Square PSA 5th Amnd - CC

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WHEREAS, the City Property is located adjacent to certain real property owned by the Successor Agency with addresses of 290 Davis Street, 250 Davis Street, 222 Davis Street, 212 Davis Street, and 1199 E. 14th Street, San Leandro, California, also known as Alameda County Parcel Numbers APN: 075-0001-010-02; APN: 075-0001-008-02; APN: 075-0001-006-00; APN: 075-0001-005-00; and APN: 075-0001-004-00 (the "Successor Agency Properties"); and WHEREAS, the Successor Agency previously issued a public request for proposals for the purchase and development of the Successor Agency Properties that required that the City Property be sold concurrently with the Successor Agency Properties (City and Successor Agency together as "Seller"); and WHEREAS, Beam Development, LLC. ("Buyer") submitted a proposal to the Successor Agency offering to pay the Two Million One Hundred Thousand Dollars ($2,100,000.00) for the purchase of the combined Successor Agency Properties and the City Property ("Purchase Price"); and WHEREAS, a Purchase and Sale Agreement and Joint Escrow Instructions (the "Original Agreement") was approved by the City Council of the City of San Leandro ("City Council") and the Successor Agency to the Redevelopment Agency of the City of San Leandro ("Successor Agency") for the sale of City Property and Successor Agency Properties on November 6, 2017 by City Resolution No. 2017-155 and Successor Agency Resolution No. 2017-006; and WHEREAS, Buyer and Seller entered into that certain Purchase and Sale Agreement and Joint Escrow Instructions dated as of December 7, 2017 (the "Original Agreement"), as amended by that certain First Amendment to Purchase and Sale Agreement dated as of December 4, 2018 (the "First Amendment"), that certain Second Amendment to Purchase and Sale Agreement dated as of January 30, 2020 (the "Second Amendment"), that certain Third Amendment to Purchase and Sale Agreement dated as of January 31, 2022 (the "Third Amendment") and that certain Fourth Amendment to Purchase and Sale Agreement dated as of May 31, 2022 (the "Fourth Amendment", and collectively with the Original Agreement, First Amendment, Second Amendment, Third Amendment and Fourth Amendment, the "Purchase Agreement"). WHEREAS, such Amendments did not change the economic terms of the Purchase Agreement, but provided only for the extension of the Due Diligence Period and timing of the close of escrow for the sale of the Properties, and such Amendments were approved pursuant to Section 10.16 of the Original Agreement, which permits the Seller's Executive Director to approve, waive or extend terms of the Purchase Agreement on behalf of the Successor Agency without further authorization if such changes do not otherwise reduce the Successor Agency's rights under the Purchase Agreement, or waive requirements under the Purchase Agreement; and WHEREAS, a Fifth Amendment to the Purchase and Sale Agreement (the "Fifth Amendment") has been presented to the City of San Leandro City Council ("City Council"); and WHEREAS, the City Council is familiar with the contents thereof; and WHEREAS, the City Manager recommends approval of the Fifth Amendment. RESOLUTION NO. 2022-132 2