HomeMy WebLinkAboutRDA Reso 21-2010RESOLUTION NO. 21-2010
REDEVELOPMENT AGENCY, CITY OF SOUTH SAN FRANCISCO,
STATE OF CALIFORNIA,
A RESOLUTION AUTHORIZING E:xECUTION OF A
PURCHASE AND SALE AGREEMENT, Al'~TD APPROVING A
BUDGET AMENDMENT AUTHORIZING THE
EXPENDITURE OF TAX INCREMENT' ]FUNDS FOR THE
ACQUISITION OF PROPERTY.
WHEREAS, the Redevelopment Agency of the City of South San Francisco ("Agency")
is a redevelopment agency formed, existing and exercising its powers pursuant to California
Community Redevelopment Law, Health and Safety Code Section 33000 et seq. ("CRL");
WHEREAS, by Ordinance No. 1056-89, the City Council of the City of South San
Francisco ("City Council") established the Downtown/Ce:ntral Redevelopment Project (the
"Project Area") and adopted the Redevelopment Plan for the Project Area (as subsequently
amended, the "Redevelopment Plan");
WHEREAS, Agency staff have been in negotiations with the owner of real property
located in the Project Area at 217-219 Grand Avenue (the "Property");
WHEREAS, as described in the Staff Report accompanying this Resolution, acquisition
of the Property will assist the Agency in implementing the goals of the Redevelopment Plan and
the Implementation Plan adopted in connection therewith;
WHEREAS, the owner of the Property and the Al;ency have negotiated a purchase and
sale agreement ("Purchase and Sale Agreement") a copy of which has been provided to the
Agency governing board and is on file with the Agency Secretary; and
WHEREAS, the Purchase and Sale Agreement provides for a purchase price of One
Million Five Hundred Thousand Dollars ($1,500,000) ("Purchase Price").
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of
South San Francisco that it hereby:
1. Approves a budget amendment to transfer One Million Five Hundred Thousand Dollars
($1,500,000) from the redevelopment tax increment reserves fund to the Redevelopment Capital
Improvement Budget.
2. Approves the expenditure of tax increment funds in the amount of One Million Five
Hundred Thousand Dollars ($1,500,000) for the acquisition of the Property.
3. Approves the Purchase and Sale Agreement and authorizes the Executive Director to
execute such agreement substantially in the form presented to the Agency Board with such
modifications as may be approved by the Executive Director in consultation with Agency
Counsel.
4. Authorizes the Executive Director to undertake such other actions and to execute such
other instruments as may be necessary or desirable in order to carry out the intent of this
Resolution, including without limitation, the execution ar~d recordation of a Certificate of
Acceptance for the Property and the procurement of a policy of title insurance.
I hereby certify that the foregoing Resolution was re-gularly introduced and adopted by
the Redevelopment Agency of the City of South San Francisco at a regular meeting held on the
l Ot" day of November, 2010 by the following vote:
AYES: Boardmembers Pedro Gonzalez Richard A. Garbarino, and Karyl Matsumoto,
Vice Chair Kevin Mullin and Chairman Mark .Addie~o
NOES: None
ABSTAIN:
ABSENT:
ATTI