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<br />
<br />
<br />April 27, 2009
<br />
<br />SUBJECT
<br />Purchase of Real Property commonly known as 1402 to 1450 Maple Street
<br />
<br />ReCOMMENDA liON
<br />1. Approve by motion, the Agreement of Sale and Purchase between the City of
<br />Redwood City (UCity") and Lonestar California, Inc., a Delaware corporation, an
<br />affiliate of CEMEX Corp (Seller, hereinafter referred to as "CEMEX");
<br />2. Authorize the City Manager to amend the purchase agreement (except for price)
<br />in the event that issues arise during the feasibility and/or escrow periods that
<br />require resolution via an amendment;
<br />3. Approve by motion, Amendment No. 1 to the Professional Services Agreement,
<br />dated November 6,2008, with the Sares Regis Group of Northern California, LP.
<br />("Consultant");
<br />4. Approve by motion, the Brokerage Fee Agreement with NAI 8T Commercial Real
<br />Estate ("Broker");
<br />5. Approve by resolution, Inter-Fund Loan Agreement for the transfer of funds for
<br />the purchase of real property, 1402 to 1450 Maple Street;
<br />6. Authorize the City Manager to negotiate a lease with the Bair Island Aquatic
<br />Center (BIAC).
<br />
<br />BACKGROUND
<br />
<br />Agreement of Sale and Purchase
<br />
<br />The City wishes to acquire the real property at 1402 to 1450 Maple Street C'Property")
<br />from the current owner, CEMEX. The Property is approximately 9.563 acres and the
<br />total agreed purchase price is $4,450:000. The parcels of land included in the Property
<br />are:
<br />
<br />1. APN 052-392-170-8 CEMEX "GI Parcel", approx. 4.3 acres dry land
<br />2. APN 052-392-160-9 "BAIC Parcel", approx. 0.7 .acres dry land
<br />3. APN 052-392-560-0 Second "BAIC Parcel" of approx. 1.9 acres, under water
<br />4. APN 052-392-550-1 Creek parcel of approx. 2.7 acres, under water
<br />
<br />If the City is able to successfully conclude this transaction, the City Council will be able
<br />to secure prime bay-front land for public benefit, and give the City the ability to control
<br />land uses within/adjacent to the Marina development area. Potential future municipal
<br />uses include:
<br />. In the near future the City will need to add a 3 million gallon water tank to the
<br />drinking water system. The estimated cost for land acquisition (2 acres) is $4.1M
<br />and tank construction is $6.4M which is embedded in the City's infrastructure "fair
<br />share" cost allocation for the bay front area.
<br />
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