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REPORT <br /> To the Honorable Mayor /Chair and City Council/ <br /> Redevelopment Agency (Acting Jointly) <br /> From the City Manager /Executive Director <br /> March 7, 2011 <br /> Subject <br /> Proposed Assignment and Assumption of Purchase and Sale and Funding Agreement <br /> between the City and the Agency relating to the property at 1548 Maple Street. <br /> Recommendation <br /> By resolution: <br /> 1. Staff recommends that the Agency Board approve and authorize execution of the <br /> attached Assignment and Assumption of Purchase and Sale and Funding <br /> Agreement. <br /> 2. Staff recommends that the City Council approve and authorize execution of the <br /> attached Assignment and Assumption of Purchase and Sale and Funding <br /> Agreement. <br /> Background <br /> The Agency has negotiated and entered into a Purchase and Sale Agreement to <br /> acquire an approximately 8.24 -acre parcel located at 1548 Maple Street in the <br /> "Docktown" area of Redwood City's marina. The terms and conditions of the Purchase <br /> and Sale Agreement will be disclosed following the closed session on March 7, 2011, <br /> provided all parties agree to the terms. There will be a "feasibility period" during which <br /> time the Agency may evaluate the condition of the property and its feasibility for the <br /> Agency's intended purpose. Based on that evaluation the Agency can either proceed <br /> with closing or terminate the transaction and receive back its deposit. <br /> The Bay front area is an important area of the Agency, requiring thoughtful, inclusive, <br /> and deliberate planning. Currently, a half- interest of the 1548 Maple Street property is in <br /> foreclosure with a sheriff's sale pending. The foreclosure sale calls into question <br /> preservation of and effect on the floating home community located in the area. There <br /> are very low -, low- and moderate - income households residing in floating homes at the <br /> Docktown location. These affordable homes are not subject to any regulatory <br /> agreements or other protections to ensure their preservation as affordable housing over <br /> time. However, through purchase of the entire 8.24 acre site, the Agency has a unique <br /> opportunity to protect affordable housing stock as well as shape and influence the future <br /> of this important site on the Bay. <br /> S: \STAFF REPORTS \Redacted Assignment and Assumption of Purchase and Sale and Funding Agreem 1548 Maple St.doc <br /> Page 1 <br />