AgdaPkt 2011-03-07 - Laserfiche WebLink

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Alternatives 1. The Council and Agency could elect not to approve the purchase and allow the half- interest to be sold to an unknown buyer. 2. The Council and Agency could elect not to approve the resolutions and thereby face the potential loss of the Property should the State dissolve the Agency and require liquidation of its assets. 3. The Council could delay consideration of the resolutions and provide additional or different direction to staff, which could result in unknown consequences depending on the sale of the property, when the State Legislature acts on the State Budget, and whether such action includes the elimination of redevelopment in California. Fiscal Impact The cost of acquisition of the Property if acquired by the City or Agency will be disclosed following closed session provided all parties agree to the terms. However, since that cost is already anticipated in the Purchase and Sale Agreement itself, the fiscal impact associated with approval of the Assignment and Assumption of Purchase and Sale and Funding Agreement would be limited to the additional $320,000 in due diligence costs to the Redevelopment Agency within any cost to the City's General Fund. Robert B. Bell, Interim City Manager Attachments 1. Council Resolution Approving and Authorizing the City Manager to execute an Assignment and Assumption of Purchase and Sale and Funding Agreement between the City of Redwood City and the Redwood City Redevelopment Agency 2. Agency Resolution Approving and Authorizing the Executive Director to execute an Assignment and Assumption of Purchase and Sale and Funding Agreement between the City of Redwood City and the Redwood City Redevelopment Agency 3. Assignment and Assumption of Purchase and Sale and Funding Agreement S: \STAFF REPORTS \Redacted Assignment and Assumption of Purchase and Sale and Funding Agreem 1548 Maple St.doc Page 3