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REDEVELOPMENT AGENCY OF <br />THE CITY OF SAN LEANDRO <br />STAFF REPORT <br />DATE: May 3, 2004 <br />TO: John Jermanis, Executive Director <br />Redevelopment Agency <br />FROM: Luke Sims, Business Development Manager <br />City Manager's Office ke <br />BY: Amalia Lorentz, Senior Development Specialist <br />City Manager's Office <br />SUBJECT PROJECT/PROJECT DESCRIPTION: <br />APPROVED AND <br />FORWARDED TO <br />REDEVELOPMENT <br />AGENCY <br />Jo . Jermanis <br />tive Director <br />g .Z� 0 ¢ -Ou ,POA <br />01iP. 125?37/ 01367) <br />RESOLUTION AUTHORIZING ACQUISITION OF 290 DAVIS ST. (APN: 075-0001-010-02) <br />SUMMARY AND RECOMMENDATION <br />Staff recommends that the Redevelopment Agency of the City of San Leandro approve the <br />attached resolution authorizing the purchase of 290 Davis Street and appropriating $515,000 <br />from the 2002 Plaza Project Area Tax Allocation Bonds for the transaction. <br />BACKGROUND <br />Analysis <br />The owner of the business and property located at 290 Davis Street retained a broker to market <br />the site for sale. The property, within the Plaza Project Area, is at a strategic location at Davis <br />and Hays Streets, and would be required to be obtained as part of any future project in the area. <br />Land -banking the site now in a voluntary transaction preserves the flexibility of the Agency's <br />options for future development. <br />The property, about 4,300 square feet, and the liquor license will be sold to the Agency. The <br />liquor license will be resold in escrow to a different business in Alameda County. The business <br />will cease to operate prior to close of escrow, and the building will be secured indefinitely. It's <br />possible some of the business fixtures (for example, dartboards) will be of use to City <br />departments; Purchasing staff is currently evaluating the inventory. <br />Current Redevelopment Agency Policy <br />N/A. <br />