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File Number: 23-393 However, the Restaurant informed the City over a year ago that it was interested in relinquishing its lease with the motel owner. The City has been in voluntary negotiations with the Restaurant owner and hired a certified Restaurant appraiser in early 2023 to assist in valuing the business. The appraiser’s final report valued the Restaurant at $147,270, which reflects the City’s offer price. The Restaurant owner has agreed to this price. The transaction with the Restaurant is separate from the current escrow to purchase the motel and must occur by or before close of escrow. Previous Actions ·March 21, 2022 - City Council approved a purchase and sale agreement for acquisition of the Nimitz Motel at 555 Lewelling Blvd. ·October 17, 2022 - City Council approved extension of the PSA to March 15, 2023. ·June 5, 2023 - City Council approved resolutions to apply for State Project Homekey Round 3 funding and a Final Anti-Displacement/Relocation Plan. Applicable General Plan Policies ·Goal 58: Special Needs Populations - Proactively address the special housing needs of the community, including seniors, disabled individuals, single parents, large families, and the homeless. o Action 58.09-B Transitional/Permanent Supportive Housing - Continue to provide financial support to develop and operate supportive and transitional housing facilities, including those located in nearby communities that are accessible to persons who are homeless or at risk of homelessness in San Leandro o Policy 58.11 Service Enriched Housing - Promote social services and programs in affordable housing projects that assist lower-income households in obtaining the financial resources needed to increase and stabilize their housing choices in the City. Environmental Review No review or approval of the Asset Purchase and Sale Agreement and Assignment of Lease Agreement is required under the California Environmental Quality Act ("CEQA") per the existing facilities exemption. Legal Analysis The City Attorney’s Office prepared the asset purchase and sale and assignment of lease agreement and has reviewed and approved the staff report and resolution. Financial Impacts The revenue source for the $147,270 will be the City’s Affordable Housing Asset Fund, (Fund 168), which has an available balance of over one million dollars. The Affordable Housing Asset Fund reflects revenue primarily from repayment of former Redevelopment Housing Set-Aside Page 2 City of San Leandro Printed on 8/30/2023