Agda Pkt 2025.12.22 Joint SA PFA

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ATTY/RESO.0131/SA RESO APPROVING PURCHASE AND SALE AGREEMENT OF REAL PROPERTY REV: 12-18-25 VR Page 1 of 2 RESOLUTION NO. ____ A RESOLUTION OF THE BOARD OF THE SUCCESSOR AGENCY TO THE REDWOOD CITY REDEVELOPMENT AGENCY APPROVING A PURCHASE AND SALE AGREEMENT BETWEEN THE CITY OF REDWOOD CITY, AS BUYER, AND THE SUCCESSOR AGENCY TO THE REDWOOD CITY REDEVELOPMENT AGENCY, AS SELLER, FOR THE SALE OF REAL PROPERTY IDENTIFIED AS ASSESSOR’S PARCEL NUMBER 053-182-030 WHEREAS, Assembly Bill x1 26 added Parts 1.8 and 1.85 to Division 24 of the California Health and Safety Code (“HSC”), as such laws were amended by Assembly Bill 1484 and by other subsequent legislation (together, as amended, the “Dissolution Law”), which caused the dissolution of all redevelopment agencies and wind down of the affairs of former agencies; and WHEREAS, as of February 1, 2012, the former Redwood City Redevelopment Agency (“Redevelopment Agency”) was dissolved under the Dissolution Law and the City of Redwood City (“City”) determined it would serve as the Successor Agency to the Redwood City Redevelopment Agency (”Successor Agency”); and WHEREAS, HSC Section 34179 provides that the oversight board has fiduciary responsibilities to holders of enforceable obligations and the taxing entities that benefit from distributions of property tax and other revenues pursuant to HSC Section 34188 of Part 1.85 of the Dissolution Law; and WHEREAS, the oversight board overseeing the Successor Agency is the San Mateo County Oversight Board (“Oversight Board”); and WHEREAS, the California Department of Finance (“DOF”) issued a decision letter dated as of December 31, 2015, requiring the Successor Agency’s assets be disposed pursuant to HSC Sections 34177(e) and 34181(a), including certain real property identified as Assessor's Parcel Number 053-182-030 (the “Property”), and requiring a separate Oversight Board action to be submitted to DOF for each property; and WHEREAS, the Successor Agency desires to sell the Property to the City for $900,000, which is the fair market value as established pursuant to the appraisal for the property dated May 6, 2025, with the proceeds of sale to be remitted to the county-auditor controller for distribution to the taxing entities; and WHEREAS, the Successor Agency considered and by this resolution desires to approve the Purchase and Sale Agreement (“Agreement”) and direct staff to submit the Agreement to the Oversight Board for review and approval; and WHEREAS, the sale of the Property to the City under the terms of the Agreement complies with Dissolution Law and is in the best interests of the taxing entities. 8.K. - Page 17 of 105 267