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RESOLUTION NO. 2012-003 OB <br />RESOLUTION OF THE OVERSIGHT BOARD <br />FOR THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE <br />CITY OF SAN LEANDRO <br />AUTHORIZING THE CITY MANAGER TO EXECUTE A DISPOSITION AND <br />DEVELOPMENT AGREEMENT BY AND BETWEEN THE SUCCESSOR AGENCY TO <br />THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO AND <br />INNISFREE VENTURES H, LLC FOR THE SALE AND DEVELOPMENT OF 1550 <br />EAST 14TH STREET (APN 077 0540 009) <br />WHEREAS, pursuant to Resolution 2012 -001, adopted by the City Council of the City of <br />San Leandro on January 9, 2012, the City of San Leandro agreed to serve as the Successor <br />Agency to the Redevelopment Agency of the City of San Leandro ( "Redevelopment Agency ") <br />commencing upon dissolution of the Redevelopment Agency on February 1, 2012 pursuant to <br />Assembly Bill xl 26 ( "AB 26 "); <br />WHEREAS, staff to the Successor Agency has negotiated and prepared a draft <br />Disposition and Development Agreement (the "Agreement") pursuant to which the property <br />known as 1550 East 14th Street (APN 077 0540 009) (the "Property ") would be conveyed to <br />Innisfree Ventures II, LLC for construction of a retail development that includes specified public <br />amenities; and <br />WHEREAS, pursuant to Assembly Bill xl 26, the disposition of the Property is subject to <br />the approval of the Successor Agency Oversight Board; and <br />WHEREAS, pursuant to California Health and Safety Code Section 34177(e), the <br />proceeds of the sale of property owned by the Successor Agency must be provided to the County <br />Auditor - Controller for distribution to the taxing entities if such proceeds are not needed for <br />approved development projects or to otherwise wind down the affairs of the former San Leandro <br />Redevelopment Agency, each as determined by the Oversight Board. <br />WHEREAS, the execution of the Agreement was approved by the Successor Agency by <br />resolution adopted on May 21, 2012. <br />NOW THEREFORE, BE IT HEREBY RESOLVED by the Oversight Board of the <br />Successor Agency to the Redevelopment Agency of the City of San Leandro that it hereby: <br />1. Approves the execution of the Agreement substantially in the form presented, with <br />such modifications as may be approved by the City Manager in consultation with the City <br />Attorney. <br />2. The City Manager is authorized to execute such other instruments and to take such <br />