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7.3.B. - Page 1 <br /> REPORT <br /> To the Honorable Mayor and City Council <br /> From the City Manager <br /> October 6, 2014 <br /> SUBJECT <br /> A Resolution Approving and Authorizing the City Manager to Execute a Property <br /> Disposition Agreement with Greystar GP II, LLC, for City -owned Property <br /> RECOMMENDATION <br /> Adopt a resolution of the City Council of the City of Redwood City approving, and <br /> authorizing the City Manager to execute, a property disposition agreement between the <br /> City of Redwood City and Greystar GP II, LLC for APNs 053 - 171 -060 & 070 <br /> BACKGROUND <br /> On June 23, 2014 the City Council authorized the City Manager to negotiate a Property <br /> Disposition Agreement with Greystar for the two City -owned parcels that front Jefferson <br /> Street (APNs 053 - 171 -060 & 070). Subsequent to that authorization, staff proceeded <br /> with obtaining an appraisal of the property and the City, Developer and SamTrans have <br /> conceptually agreed to an arrangement whereby SamTrans and the Transportation <br /> Authority provide a quitclaim deed with reservation of an easement. Staff is informed <br /> that the SamTrans Board will not have an opportunity to formally consider the quitclaim <br /> deed until November. The quitclaim provides clear title to the property as SamTrans has <br /> contractual interest in the property along with the City. Should Developer opt to continue <br /> with the purchase of the City -owned parcels without such a quitclaim, Developer will be <br /> moving forward at its sole risk and will indemnify the City for any claims that may result. <br /> Greystar is under contract to acquire all of the properties surrounding the City's property <br /> in order to construct a 175 unit housing project. The project is located within the <br /> Downtown Precise Plan Area and is tentatively scheduled for Planning Commission <br /> review on October 14 2014. One of the properties contains a house identified in the <br /> Downtown Precise Plan as a resource to be evaluated and therefore the developer <br /> presented the plans to the Historic Resource Advisory Committee (HRAC). Under the <br /> Downtown Precise Plan, the house, located at 103 Wilson can be altered, relocated or <br /> removed subject to mitigation measures. The HRAC recommended the house for <br /> removal, consistent with the DTPP. <br /> The Planning Commission, on September 9, 2014, reviewed the proposed sale of the <br /> property to Greystar for conformance with the General Plan and Downtown Precise <br />