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6.3.C. - Page 7 <br /> AGREEMENT FOR PURCHASE AND <br /> SALE OF REMNANT PROPERTIES <br /> THIS AGREEMENT FOR PURCHASE AND SALE OF REMNANT PROPERTIES <br /> ("Agreement") is made by and between BUTLER REALTY III, LLC, a California limited <br /> liability company ("Buyer"), and the CITY OF REDWOOD CITY, a charter city and <br /> municipal corporation ("City"), as of the Execution Date indicated under the City's <br /> signature block, below (each a "Party" and collectively the "Parties"). <br /> RECITALS <br /> A. City owns certain underutilized real property located in the City of Redwood <br /> City, County of San Mateo, State of California, comprising four separate parcels totaling <br /> approximately 6,219 square feet, as shown and more particularly described in Exhibit A <br /> attached hereto and incorporated herein by reference ("City Property"). The first City <br /> Property parcel ("Parcel 1") is an approximately 1,064 square foot triangular remnant <br /> area located within the Spruce Street right-of-way; the second City Property parcel <br /> ("Parcel 2") is an approximately 731 square foot remnant area located within the Hancock <br /> Street right-of-way; the third City Property parcel ("Parcel 3") is an approximately 3,466 <br /> square foot remnant area located within the Hancock Street right-of-way; and the fourth <br /> City Property parcel ("Parcel 4") is an approximately 958 square foot triangular remnant <br /> created when Main Street was re-aligned more than 100 years ago. <br /> B. Parcel 4 was donated to the City by Geo. R. Williams in 1905 for the <br /> purposes of a municipal park, with the provision that "should said block of land ever be <br /> used for other than park purposes, then the title to the same shall revert to me, my heirs, <br /> executors and assigns." Transcription of the Deed appears in Exhibit C. Parcel 4 has <br /> never been used as a park. Buyer has acquired a majority interest in this reversionary <br /> right from the heirs of Geo. R. Williams. <br /> C. Buyer owns certain real property located at 1629 Main Street, City of <br /> Redwood City, County of San Mateo, State of California, designated as Assessor Parcel <br /> Numbers 053-341-010 and 053-341-040, as more particularly described in Exhibit D <br /> attached hereto and incorporated by reference herein ("Buyer Property"). <br /> D. Buyer has submitted an application proposing to construct on the Buyer <br /> Property a mixed-use building with approximately 25,000 square feet of commercial and <br /> 2,138 square feet of residential space ("Development") and to incorporate the City <br /> Property as part of the Development. <br /> E. In order for Buyer to incorporate Parcel 1, Parcel 2, and Parcel 3 into its <br /> Development, Buyer has applied for, concurrent with this Agreement the vacation of the <br /> public rights-of-way on Parcel 1, Parcel 2, and Parcel 3 ("Vacation") in conformity with <br /> California Streets and Highway Code Section 8300 et. seq. <br /> OAK#4848-2211-8201 v3 <br /> Page 1 of 29 <br /> ATTYIAGR12016.297/BUTLER MAIN STREET PURCHASE&SALE AGREEMENT FOR 4 REMNANT PROPERTIES <br /> REV: 10-10-16 VR <br />