...Title
Actions Related to the Purchase and Sale of the Brandenburg and Sobrato North Coyote Properties.
...Recommendations
(a) Approve a Purchase and Sale Agreement and Escrow Instructions between the Brandenburg entities as Seller, the City as Buyer, and the Peninsula Open Space Trust (“POST”) for the purchase of approximately 572 acres of real property located in the Coyote Valley (“Brandenburg Property”) for a purchase price of $37,500,000, less a credit of $398,800 for relocation and demolition costs, with a contribution by the City in the amount of $32,441,200 (funded with Measure T bond proceeds) and the remaining $4,660,000 paid by POST (“Brandenburg PSA”).
(b) Approve a Purchase and Sale Agreement and Escrow Instructions between SI 5 LLC (i.e. a Sobrato entity) as Seller, the City as Buyer, and POST for the purchase of approximately 100 acres of real property located in the Coyote Valley (the “Sobrato North Property”) for a purchase price of $21,500,000 paid by POST, with no monetary contribution by the City (“Sobrato PSA”).
(c) Approve the Coyote Valley Master Transfer and Conservation Agreement (“MTA”) by and among POST, the City, and the Santa Clara Valley Open Space Authority (“OSA”), specifying:
(1) The rights and obligations of the parties related to the acquisition of the Brandenburg and Sobrato North Properties;
(2) The City’s transfer of approximately 276 acres of the Brandenburg Property (the “Brandenburg West Property”) to POST;
(3) The City’s transfer of the Sobrato North Property to POST; POST’s transfer of approximately 30 acres of property in the Coyote Valley known as “Fisher Flats” to the City (purchase price) at a cost to City in the amount of $5,860,000 (funded with Measure T bond proceeds);
(4) The possible future transfer of approximately 14.5 acres of property in the Coyote Valley known as the “Weyhe East Property” by POST to the City (provided POST acquires the property under an option being assigned to it by the Brandenburg enti...
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