Agda Pkt 2025.12.22 Joint SA PFA

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Page 3 of 4 City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org Additionally, staff recommend that the City Council adopt the resolution approving the Purchase and Sale Agreement and authorize the Mayor to take such actions as may be necessary or appropriate to complete the purchase pursuant to the terms detailed in the Purchase and Sale Agreement. ANALYSIS Under the proposed transaction terms detailed in the Purchase and Sale Agreement, the Successor Agency will sell, and the City will buy, the Property at its fair market value of $900,000, as determined by an appraisal dated May 6, 2025 commissioned by the City. The resolution also includes an appropriation of up to an additional $5,000 for incidental costs related to closing. Should the City Council approve the resolutions accompanying this staff report, the Oversight Board would consider a resolution approving the Purchase and Sale Agreement. After obtaining the Oversight Board’s approval, Successor Agency or Oversight Board staff will then transmit the Oversight Board resolution to DOF for final review. After obtaining DOF approval, the Successor Agency would proceed with the sale to the City. Net proceeds of the sale would be transmitted from the Successor Agency to the County Auditor- Controller for distribution to the affected taxing entities in compliance with the Dissolution Law. FISCAL IMPACT The acquisition cost for the City is $900,000, plus up to an additional $5,000 for incidental costs related to closing, as needed. Because the Property is already improved with stormwater infrastructure and is further intended to be improved with wastewater infrastructure, the acquisition would be funded by using the Wastewater Fund. If wastewater infrastructure has not been developed on the site within ten years of the property transfer date and the City instead intends to use the Property for other municipal purposes, the City intends to reimburse the Wastewater Fund as appropriate. After the Successor Agency realizes sales proceeds from the transaction, it will distribute such proceeds proportionately among the taxing entities that previously contributed incremental property tax revenue to the Former Agency. As one of the affected taxing entities, the City would receive an unknown portion of the Property sales proceeds as General Fund revenue. ENVIRONMENTAL REVIEW This activity is not a project under California Environmental Quality Act (CEQA) as defined in CEQA Guidelines, section 15378, because it has no potential for resulting in either a direct or reasonably foreseeable indirect physical change in the environment. 8.K. - Page 3 of 105 253