AgdaPkt 2014-10-06 Closed and Joint with SA

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7.3.B. - Page 2 Plan. The Commission determined that the sale of the property for housing, especially transit oriented development, was consistent with both documents. ANALYSIS Based on the property appraisal, the agreed sales price is $3.59 million. Staff informed SamTrans and Greystar of the appraisal on August 20, 2014 and August 21, 2014, respectively, and the City has received no objection to the valuation of the property to be transferred. Greystar is acquiring approximately 11,900 square feet of the City's total 17,800 square feet of property. The remainder parcel will be retained by the City, as it is the sloping, landscaped portion that does support the transportation project for which it was acquired. Upon the close of escrow, 50% of the sales price will be transferred to SamTrans pursuant to the Grant Agreement. The Property Disposition Agreement details the terms of the purchase and sale of City property and defines the obligations of the Developer and the City. It sets a schedule of performance for the delivery of the property through escrow. The Property Disposition Agreement establishes that the property will not be transferred by the City to the Developer until planning permits for the project (Downtown Planned Community Permit and Tentative Parcel Map) have been issued. If the Developer should default on the Property Disposition Agreement, the City can collect liquidated damages for this failure. The Property Disposition Agreement also provides the Developer the opportunity to return to the Council for amendments to the Property Disposition Agreement, should changes become necessary. In addition to purchasing the property, the Developer is providing funding to local non- profit organizations in the amount of $150,000. The Developer recognized that the City is working on a Partnership Redwood City program and voluntarily offered these funds that support the City Council's Strategic Initiatives of Public Safety, Economic Development and A Community of All Ages, specifically education. The developer has posted a $100,000 deposit to cover all City costs associated with the preparation of the Property Disposition Agreement and the review of the project. Additionally, the developer is required to prepare the legal documents and legal description of the new land parcels for recordation with the Property Disposition Agreement and the final project. ALTERNATIVES The City Council may determine not to proceed with the Property Disposition Agreement. In which case the developer would need to redesign the project and develop without the City property.