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ATTY/RESO.0130/CC RESO APPROVING PURCHASE AND SALE AGREEMENT OF REAL PROPERTY <br />REV: 12-18-25 VR <br />Page 1 of 2 <br />RESOLUTION NO. ____ <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD <br />CITY APPROVING A PURCHASE AND SALE AGREEMENT BETWEEN <br />THE CITY OF REDWOOD CITY, AS BUYER, AND THE SUCCESSOR <br />AGENCY TO THE REDWOOD CITY REDEVELOPMENT AGENCY, AS <br />SELLER, FOR THE PURCHASE OF REAL PROPERTY IDENTIFIED AS <br />ASSESSOR’S PARCEL NUMBER 053-182-030 <br /> <br />WHEREAS, the Successor Agency to the Redwood City Redevelopment Agency <br />(”Successor Agency”) desires to sell certain real property identified as Assessor's Parcel <br />Number 053-182-030 (the “Property”) which is currently improved with stormwater <br />infrastructure; and <br /> <br />WHEREAS, the City of Redwood City (“City”) desires to purchase the Property to <br />maintain the current stormwater infrastructure and develop wastewater infrastructure <br />improvements and/or outdoor recreational space, or for other governmental use to be <br />determined by the City; and <br /> <br />WHEREAS, the disposition of Successor Agency property is subject to review and <br />approval by the San Mateo County Oversight Board (“Oversight Board”) and the State <br />Department of Finance (“DOF”) pursuant to Dissolution Law; and <br /> <br />WHEREAS, the Successor Agency will sell the property to the City for $900,000, <br />which is the fair market value as established pursuant to the appraisal for the Property <br />dated May 6, 2025; and <br /> <br />WHEREAS, the City appropriated funds in the adopted Fiscal Year 25/26 budget <br />from the Wastewater Fund to acquire the Property. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF <br />REDWOOD CITY AS FOLLOWS: <br /> <br />1. The City Council approves the Purchase and Sale Agreement <br />(“Agreement”) between the City of Redwood City and Successor Agency to the Redwood <br />City Redevelopment Agency for the purchase of real property identified as Assessor's <br />Parcel Number 053-182-030 in the amount of $900,000, substantially in the form attached <br />as Exhibit A to this Resolution, and authorizes up to an additional $5,000 for incidental <br />costs related to conveyance. <br /> <br />2. The Mayor, or their designee, is hereby authorized to do all things that they <br />may deem necessary or proper to effectuate the purposes of this Resolution and <br />implement the Agreement after the Successor Agency has obtained Oversight Board and <br />DOF approval, including the execution and recordation of deeds and documents <br />contemplated by the Agreement, and taking other appropriate actions to perform the <br />obligations and exercise the rights of the City under the terms detailed in Agreement. <br /> <br />8.K. - Page 5 of 105 <br />255