AgdaPkt 2011-03-07 - Laserfiche WebLink

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6.1F Page 1 FREPORT To the Honorable Mayor and City Council and The Redevelopment Agency Board From the Executive Director March 7, 2011 SUBJECT Agreement with Sares Regis Group of Northern California, L.P., ( "Sares Regis ") for the due diligence coordination for the purchase of Real Property commonly known as 1548 Maple Street RECOMMENDATION By motion, authorize the Executive Director of the Redevelopment Agency to execute the agreement for real estate consultation services for the planning, site acquisition and due diligence for the purchase of Real Property. BACKGROUND The Agency is exploring a real property purchase at 1548 Maple Street ( "Property ") from the current owners, Salaman & Associates, LLC, and Janice Salaman. A half - interest of the property is in foreclosure with a sheriff's sale pending, which means that the Agency must act quickly to acquire the site if it wishes to purchase it. A new owner of half of the property raises questions for tenants about preservation of and effect on the floating home community located there which provides very low, low, and moderate income housing. The Bay front area an important area of the City, requiring thoughtful, inclusive, and deliberate planning. Accordingly, the Agency is interested in purchasing the entire 8.24 -acre parcel. Agency ownership of the entire property would provide some certainty for the tenants while also allowing the City to shape and influence the future of area. The purchase would be accomplished by using the low and moderate housing fund with the intent to use the property in furtherance of redevelopment purposes relative to the community's supply of affordable housing. If purchased, the community and the tenants will be engaged in discussion about the future use of this site including affordable housing, open space, parks, and other options. The Agency would like to retain a professional real estate firm, the Sares Regis Group, to assist with site acquisition and due diligence for 1548 Maple Street. The scope of the work is to negotiate the purchase, provide project management and coordination, and acquisition - related services. ALTERNATIVES The Council could elect not to authorize the Executive Director to execute the agreement with Sares Regis.