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ATTY/RESO.0088/CC RESO APPROVING PROPERTY PURCHASE AGREEMENT (1475 VETERANS BLVD) REV: 08-14-25 VR Page 1 of 2 RESOLUTION NO. 16345 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY APPROVING THE PROPERTY PURCHASE AGREEMENT BETWEEN THE CITY OF REDWOOD CITY, AS BUYER AND FN VETERANS LLC, AS SELLER, FOR THE PURCHASE OF A FEE PARCEL, PERMANENT ACCESS RIGHTS AND A TEMPORARY CONSTRUCTION EASEMENT OVER REAL PROPERTY IDENTIFIED AS ASSESSOR'S PARCEL NUMBER 052-431-010, (1475 VETERANS BLVD) IN THE AMOUNT OF $11,100 WHEREAS, as part of the City of Redwood City's (“City”) State Route 84 (Woodside Road)/U.S. 101 Interchange Reimagined Project, the City has identified the need to acquire certain real property rights from the referenced property for public use to construct the project; and WHEREAS, City requires real property rights from the subject property for a public use for which City has the authority to exercise the power of eminent domain. Seller is compelled to sell, and City is compelled to acquire the subject property; and WHEREAS, the fee title parcel being acquired by Grant Deed is required for construction of project improvements including sidewalk, curb, gutter, bike lane and roadway improvements; and WHEREAS, the Temporary Construction Easement (TCE) being acquired by Grant of Temporary Construction Easement in, over and to the area described in the grant is required for construction activities, including but not limited to, all purposes connected with the laying down, construction, rehabilitation and installation of the Project, and the use and storage of tools, machinery, materials and equipment, and or temporary staging together with the right of ingress and egress to and from the TCE area, for the purposes aforesaid; and WHEREAS, the term of the TCE shall be thirty-six (36) months effective with notice of commencement of physical possession given in writing by City to Seller prior to commencement, unless extended pursuant to agreement by Seller and City. Said 36- month period shall terminate upon project construction completion or June 30, 2029, whichever is earlier; and WHEREAS, the access rights being acquired by Grant Deed – Access Rights Only is required for public safety to reduce the number of access points to and from Veterans Boulevard along the subject property’s frontage; and WHEREAS, FN Veterans LLC (Seller) has agreed to sell the real property rights described herein and more specifically in the Property Purchase Agreement to the City for the purchase price of $11,100, which is the fair market value of the real property