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thanked Mr. Ingram and Mr. Bell for their work with the union leadership. Mayor Foust <br /> thanked the labor groups as well as staff. There was an acknowledgment of the <br /> collaborative effort needed to reach a balanced budget and that this needs to continue in <br /> order to address the structural imbalance. Mr. Bell also announced quarterly meetings with <br /> all the unions. Mayor Foust said this is Redwood City Pride in action. She formally <br /> thanked each of the leaders from the unions. One Council Member thanked the <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 /> M/S Bain/Ira to approve the side letters. Motion carried by electronic vote 6-0 with <br /> Vice Mayor Howard absent. <br /> A. 2. City Manager's Update on City's Budget (oral report). <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 /> 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 CaIPERS and prepayment issues came up. She would like some additional <br /> information. <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 /> B. Purchase of Real Property commonly known as 1402 to 1450 Maple Street. <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 /> 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 /> JOINT CITY COUNCIL/REDEVELOPMENT AGENCY MEETING APRIL 27, 2009 <br /> MINUTES PAGE 6 <br /> MINUTE BOOK NO. 62 <br /> Page No. 359 <br />