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RESOLUTION NO. 2017-03 OB <br />RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF <br />THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO <br />APPROVING THE PURCHASE AND SALE AGREEMENT FOR 2101 MARINA BLVD <br />BETWEEN THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF <br />THE CITY OF SAN LEANDRO AND BAU BAY AREA URBAN DEVELOPMENT, LLC <br />WHEREAS, on February 1, 2012, the Redevelopment Agency of the City of San Leandro <br />was dissolved pursuant to Assembly Bill x 126; and <br />WHEREAS, on February 1, 2012, the City of San Leandro became the Successor Agency <br />to the Redevelopment Agency; and <br />WHEREAS, pursuant to Health and Safety Code Section 34191.5(c), property shall not be <br />transferred to a successor agency, city, county or city and county, unless the Long Range Property <br />Management Plan has been approved by the Oversight Board to the Successor Agency (the <br />"Oversight Board") and the Department of Finance; and <br />WHEREAS, the Long Range Property Management Plan was approved by the Oversight <br />Board to the Successor Agency to the Redevelopment Agency on November 5, 2015 and by the <br />California Department of Finance on December 30, 2015; and <br />WHEREAS, the Long Range Property Management Plan establishes a plan for <br />transferring or selling the real property assets that were owned by the Redevelopment Agency; and <br />WHEREAS, the Successor Agency is the owner of certain real property with an address of <br />2101 Marina Boulevard, San Leandro, CA, also known as Alameda County Parcel Number 079A- <br />0568-005-00 (the "Property"); <br />WHEREAS, the Property is included as a "for sale" property in the Long Range Property <br />Management Plan prepared by the Successor Agency and approved by the California Department <br />of Finance; <br />WHEREAS, the Successor Agency previously issued a public request for proposals for the <br />purchase and development of the Property; <br />WHEREAS, BAU Bay Area Urban Development, LLC submitted a proposal to the <br />Successor Agency offering to pay the Successor Agency Five Hundred Thirteen Thousand Dollars <br />($513,000) for the Property ("Purchase Price"); <br />WHEREAS, Successor Agency staff has determined that BAU Bay Area Urban <br />Development, LLC possesses the resources and experience necessary to complete a successful <br />development at the Property consistent with the Long Range Property Management Plan; <br />