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<br /> <br />leadership within the unions for their desire to work together and be part of the solution. <br />One Council Member believes this is a place for opportunity and another thanked Mr. <br />Ingram, Mr. Ponty and Mr. Bell for their credibility. <br /> <br />M/S Bain/lra to approve the side letters. Motion carried by electronic vote 6-0 with <br />Vice Mayor Howard absent. <br /> <br />A. 2. City Manager's Update on City's Budget (oral report). <br /> <br />Mr. Ingram made some introductory remarks adding that the value of the salary freeze is <br />estimated at $3.5 million for two years and if all funds are included it will be closer to $4.5 <br />million. He thanked the executive team and Mr. Bell for their support and this approach. <br />The City Manager also explained that the Executive Team agreed to also join in the salary <br />freeze. He provided details on how the projected revenues came in lower than expected. <br />He said the deficit that was projected at $6.9 million in February is now at $8.6 million. Mr. <br />Ingram said the budget reductions have been painful especially because of the volatility <br />the economic market. He explained the number of positions possibly impacted and the <br />vacancies that will not be filled. Council will be given some options to work with when staff <br />comes back, but there is no easy fix. He said that this will have a serious impact on the <br />future of the organization. <br /> <br />One Council Member asked about the dates for budget sessions and Mr. Ingram provided <br />that information. One Council Member spoke about a recent meeting where issues <br />relating to CalPERS and prepayment issues came up. She would like some additional <br />information. <br /> <br />Mr. Ingram added that the County Assessor's office just sent out 40,000 notices <br />countywide for the valuation of properties. One Council Member said that this was the <br />residential assessment and the commercial is still to come. Mayor Foust thanked the prior <br />Councils who put away reserves and which are helping tremendously at this time. <br /> <br />B. Purchase of Real Property commonly known as 1402 to 1450 Maple Street. <br /> <br />Recommendation: <br />1. Approve by motion, the Agreement of Sale and Purchase between the City of <br />Redwood City ("City") and Lonestar California, Inc., a Delaware corporation, <br />an affiliate of CEMEX Corp (Seller, hereinafter referred to as "CEMEX"); <br /> <br />2. Authorize the City Manager to amend the purchase agreement (except for <br />price) in the event that issues arise during the feasibility and/or escrow periods <br />that require resolution via an amendment; <br /> <br />3. Approve by motion, Amendment No. 1 to the Professional Services <br />Agreement, dated November 6,2008, with the Sares Regis Group of Northern <br />California, L.P. ("Consultant"); <br /> <br />4. Approve by motion, the Brokerage Fee Agreement with NAI BT Commercial <br />Real Estate ("Broker"); Minute Order 09-079 <br /> <br />JOINT CITY COUNCIUREDEVELOPMENT AGENCY MEETING <br />MINUTES <br /> <br />APRIL 27,2009 <br />PAGE 6 <br />