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ATTY/RESO.0089/CC RESO APRROVING PROPERTY PURCHASE AGREEMENT (109 SEAPORT BLVD) REV: 08-14-25 VR Page 1 of 2 RESOLUTION NO. 16346 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 PENINSULA BUILDING MATERIALS CO. AND BUSHMONT COMPANY, AS SELLERS, FOR THE PURCHASE OF A FEE PARCEL AND A TEMPORARY CONSTRUCTION EASEMENT OVER REAL PROPERTY IDENTIFIED AS ASSESSOR'S PARCEL NUMBER 052-392-510, (109 SEAPORT BLVD) IN THE AMOUNT OF $33,100 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. Sellers are 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 roadway improvements on Bloomquist Street; 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 Sellers prior to commencement, unless extended pursuant to agreement by Sellers and City. Said 36- month period shall terminate upon project construction completion or June 30, 2029, whichever is earlier; and WHEREAS, Peninsula Building Materials Co. and Bushmont Company (Sellers) have 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 $33,100, which is the fair market value of the real property rights as established pursuant to the City’s approved appraisal for the subject property. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF REDWOOD CITY AS FOLLOWS: