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RESOLUTION THE CITY COUNCIL OF THE CITY OF SAN LEANDRO <br /> <br />RESOLUTION NO. 2023-XXX <br /> <br />RESOLUTION OF THE CITY OF SAN LEANDRO CITY COUNCIL TO APPROVE AND AUTHORIZE THE <br />CITY MANAGER TO EXECUTE AMENDMENT NO. 5 TO THE PURCHASE AND SALE AGREEMENT <br />(PSA) FOR THE NIMITZ MOTEL LOCATED AT 555 LEWELLING BOULEVARD (APN: 412-1-4-1) <br /> <br />WHEREAS, the City of San Leandro ("City") desires to acquire and rehabilitate improved <br />real property in the City in order to convert that property to permanent or interim housing for <br />homeless persons within the City; and <br /> <br />WHEREAS, Parshotam Inc. ("Owner") is the owner of that certain real property located <br />at 555 Lewelling Boulevard, San Leandro, California ("Property"), which is currently improved <br />with a building that is used for the operation of the Nimitz Motel, and also includes a small <br />restaurant and a billboard; and <br /> <br />WHEREAS, the City desires to acquire the Property, including the furniture, fixtures and <br />equipment located therein, for conversion to a navigation center and temporary shelter for <br />homeless persons within the City, and future conversion to permanent affordable supportive <br />housing for homeless persons, pursuant to plans and specifications that are to be determined; <br />and <br /> <br />WHEREAS, City staff and the Owner negotiated the terms and conditions of a Standard <br />Offer, Agreement and Escrow Instructions for Purchase of Real Estate ("Purchase and Sale <br />Agreement"), under which the City would agree to acquire the Property from the Owner for <br />the purchase price of Six Million One Hundred Fifty Thousand Dollars ($6, 150,000); and <br /> <br />WHEREAS, the purchase price of the Property under the Purchase and Sale Agreement <br />does not exceed the appraised value of the Property, as determined by an updated appraisal <br />of the Property conducted by CohnReznick, LLP, in February 2023; and <br /> <br />WHEREAS, the City Manager and Owner executed Amendment No.1 to extend the <br />Agreement through August 29, 2022 and the City deposited an additional $25,000 from its <br />Affordable Housing Trust Fund to escrow; and <br /> <br />WHEREAS, the City Manager and Owner executed Amendment No.2 to extend the <br />Agreement through September 28, 2022 and the City deposited an additional $50,000 from its <br />Affordable Housing Trust Fund to escrow; and <br /> <br />WHEREAS, the City Manager and Owner executed Amendment No.3 (which was the final <br />extension allowed under the Purchase and Sale Agreement approved by City Council on March