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6.1.F. - Page 5 <br />Trust Termination Lands Parcel 2: <br />---TRUST <br />TERMINATION <br />\LANDS <br />PARCEL 2 <br />AREA 166,709 S.F. <br />3.8271 AC. <br />Next Steps in Process <br />If the City and State Lands Commission (SLC) both approve the exchange agreement, <br />both parties shall initiate a closing. The City will convey the Trust Termination Lands <br />and the Trust Addition Lands to the State. The State will then convey back to the City <br />the Trust Termination Lands, free of the Public Trust, and will lease the Trust Addition <br />Lands to the City on an interim basis (BIAC will continue via a sub -license agreement), <br />pending the enactment of State legislation amending the granting statute to include the <br />Trust Addition Lands, after which the lands will be conveyed to the City subject to the <br />Trust. In order to resolve any title issues as part of the exchange, the State will also <br />disclaim any interest in the .51 acres of the Bradford Street site that is not in the public <br />trust — described as the "Rancho Parcel" — and, at the City's request, will quitclaim the <br />State's interest in the privately -owned parcels to the north — described as the "Upland <br />Parcel" — in connection with boundary line agreements between the City and those <br />owners. <br />ALTERNATIVES <br />