Agmt26 1900 Broadway Owner, LLC - Laserfiche WebLink

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E. On August 13, 2024, pursuant to the Surplus Land Act (Government Code Sections 54220 et seg.), the State of California Department of Housing and Cominunity 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 City Property 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. F. As part of the land assembly for the 1900 Broadway Development Project, the Development Agreement contemplates the sale of the City Property from the City to Buyer for the fair market value of Ten Million Seven Hundred and Fifty Thousand Dollars ($10,750,000) (hereinafter referred to as "Sale"), and further requires that prior to the time Buyer requests a final map for the 1900 Broadway Development Project, a purchase and sale agreement for such Sale and purchase shall be executed, and Buyer shall submit an application to the City to vacate and abandon the portion of Spring Street and any associated public easements thereon pursuant to California Streets and Highway Code Section 8300 et sect. (hereinafter referred to as the "Vacation"). G. Subject to terms of this Agreement and approval by the City Council of the Vacation by resolution as set forth in Section 5.1(a) below, the City desires to sell, and Buyer desires to purchase, fee ownership of the City Property on the terns set forth herein. H. With respect to the Spring/Marshall Parklet portion of the City Property, the City has determined in accordance with the applicable provisions of its Charter and Municipal Code that transfer of this long underutilized parcel is in the best interest of the City because it will relieve the City of its maintenance obligations and potential liability associated with ownership of such parcel. I. The City has determined that the Vacation and Sale of the City Property to Buyer for inclusion in the 1900 Broadway Development Project is exempt from environmental review under the California Environment Quality Act ("CEQA") Guidelines Sections 15312 and 15183, pursuant to that Notice of Exemption identified as State Clearinghouse Number 2024111044. NOW, THEREFORE, in consideration of the foregoing Recitals, which are incorporated herein by reference, the mutual covenants contained in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the City and Buyer agree as follows: AGREEMENT 1. Agreement to Sell and Purchase. Subject to all of the terms and conditions of this Agreement, the City agrees to sell, transfer and convey to Buyer, and Buyer agrees to acquire and purchase from the City, the City Property upon the terms and for the consideration set forth herein. 2. Purchase Price. The total purchase price for the City Property shall be Ten Million, Seven Hundred and Fifty Thousand Dollars ($10,750,000) (the "Purchase Price"), payable by Buyer to the City as follows: 2 ATTY/AGR.2026.203/KILROY 1900 BROADWAY CITY PARCELS PURCHASE AND SALE AGREEMENT REV: 07-14-26 VR