...Title
Actions Related to the Acquisition of 447 South Almaden Boulevard. - TO BE HEARD CONCURRENTLY WITH SJFA Item 1
...Recommendations
(a) Adopt a resolution authorizing the City Manager, or her designee, to negotiate and execute:
(1) A Purchase and Sale Agreement with BXP Almaden Associates LP, a Delaware limited partnership, for the purchase by the City of approximately 3.56 acres of land commonly known as 447 South Almaden Boulevard, identified as Assessor’s Parcel Numbers 264-28-176, 264-28-175, 264-28-174, 264-28-173, 264-28-172, 264-28-149, 264-28-152, 264-28-167, 264-28-168, 264-28-169, 264-28-019, 264-28-153, 264-28-160, 264-28-022, 264-28-023, 264-28-024, 264-28-028, and 264-28-025, for a price of thirteen million five hundred thousand dollars ($13,500,000); and
(2) All other documents necessary to effectuate the transfer to the City.
(b) Adopt the following 2025-2026 Appropriation Ordinance and Funding Source Resolution amendments in the Convention Center Facilities District Revenue Fund:
(1) Establish a revenue estimate for Financing Proceeds in the amount of $13,500,000;
(2) Establish a revenue estimate for Transfers and Reimbursements in the amount of $200,000;
(3) Establish the Property Acquisition appropriation to the Office of Economic Development and Cultural Affairs in the amount of $13,600,000;
(4) Establish the Debt Service: Commercial Paper appropriation to the Finance Department in the amount of $2,600,000; and
(5) Decrease the Unrestricted Ending Fund Balance by $2,500,000.
(c) Adopt the following 2025-2026 Appropriation Ordinance amendments in the General Purpose Parking Fund:
(1) Establish a Transfer to the Convention Center Facility District Revenue Fund in the amount of $200,000; and
(2) Decrease the Non-Personal/Equipment appropriation to the Department of Transportation by $200,000.
CEQA: Not a Project, File No. PP17-003, Agreements/Contracts (New or Amended) resulting in no physical changes to the environment. Council District 3. (Economic Development and Cultural Affairs/City Manager)