...Title
Actions Related to the Acquisition of Real Property Located at 26-36 South First Street.
...Recommendations
Adopt a resolution authorizing the City Manager or her designee to:
(a) Negotiate and execute a purchase and sale agreement with UC Fountain Alley Owner LLC, for approximately 0.35 acres (15,042 square feet) of land across two contiguous parcels containing a combined 11,150 square feet of building space, now vacant, including the historic Knox-Goodrich building, known as 26-36 South First Street, identified as Assessor’s Parcel Numbers 467-22-167 and 467-22-004, for a price of $3,600,000, subject to an escrow holdback in the amount of $975,000 contingent on the satisfaction of a performance metric related to the vertical construction of 276 residential units at 470 West San Carlos Street, known as Gifford Apartments by December 31, 2026; and
(b) Negotiate and execute all other documents and agreements necessary to effectuate the transfer to the City.
CEQA: Addendum to the Downtown Strategy 2040 Final Environmental Impact Report (Resolution No. 78942) for the 26 - 36 S. First Street Fountain Alley Commercial Development Project, File Nos. H19-041, HP19-007, and T19-035 (Director of Planning, Building and Code Enforcement approval 7/30/2020). Council District 3. (Economic Development and Cultural Affairs/Housing/City Manager)