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ATTY/RESO.0051/CC RESO CONDITIONALLY VACATING SPRING STREET SEGMENT (PURCHASE AND SALE AGR) REV: 07-21-26 MI Page 2 of 4 three locations not more than 300 feet apart, and notice was mailed to property owners within a 300-foot radius of the Spring Street Segment; and WHEREAS, pursuant to authority granted under California Government Code Section 37350, the City may purchase, control and dispose of City property for the common benefit; and WHEREAS, on August 13, 2024, pursuant to the Surplus Land Act (Government Code Sections 54220 et seq.), the State of California of Housing and Community Development confirmed that the City had properly found the disposition of the City Property to be exempt surplus land pursuant to Government Code Section 54221(f)(1)(B) as the parcels of the Spring Street Segment are less than one-half acre and are not contiguous to land owned by a state or local agency that is used for open space or low- and moderate-income housing purposes; and WHEREAS, pursuant to the DA, Developer agreed to purchase the Spring Street Segment from City for the determined fair market value of Ten Million, Seven Hundred and Fifty Thousand Dollars ($10,750,000) (“Purchase Price”), subject to the terms and conditions of the Purchase Agreement of Remnant Properties By and Between City of Redwood City and 1900 Broadway Owner, LLC, (“Purchase Agreement”) attached hereto as Exhibit 2; and WHEREAS, the City Council held a public hearing on July 27, 2026, to hear evidence offered by interested persons and to determine from all of the evidence submitted at the hearing whether the Spring Street Segment is unnecessary for present or prospective public use, and that that this resolution approving the vacation of the Spring Street Segment shall not be certified and recorded by the City Clerk until such time that the following conditions have been satisfied: (1) that all conditions of closing of the escrow, as set forth in Section 5 of the Purchase Agreement, as determined by City Attorney, have been met; (2) the existing utility franchise facilities located within the Spring Street Segment and operated by Pacific Gas and Electric (PG&E) have been relocated to the satisfaction of the City Engineer; and (3) a permit has been issued by the City for the demolition of the Spring Street Segment; and WHEREAS, concurrently with the consideration of the vacation of the Spring Street Segment, on July 27, 2026, the City Council held a public hearing to consider the purchase and sale of the Spring Street Segment to Developer, pursuant to the terms and conditions of the Purchase Agreement attached as Exhibit 2. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY AS FOLLOWS: Section 1. The recitals set forth above are true and correct, and are hereby incorporated herein by this reference as if fully set forth in their entirety.