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28016-4 JHHW:WHM:mcb ul/11/86 :mcb 07/21/86 : cb 07/22/86 M4809 ORIGINAL 10267 AUG 4 1986 RESOLUTION NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY AUTHORIZING AND DIRECTING THE SALE OF CERTAIN PROPERTY AND THE EXECUTION OF CERTAIN DOCUMENTATION IN CONNECTION THEREWITH WHEREAS, the City has heretofore determi ned to acqu i re and construct a fire station, a library, the renovation of city hall, the installation of a culvert, a telephone system and other publ ic improvements (the IIProjectsll) and related improvements through the Redwood City Public Facilities and Infrastructure Authority (the IIAuthorityll); and WHEREAS, to commence acquisition and construction of the Projects and related improvements, it is necessary to authorize the conveyance of certain real property attached hereto as Exhibit A (the II Leased Premisesll) to a purchaser to be designated after receipt of bids for the Leased Premises in conformity with Section 3-1/2 of the City1s Charter (the IIPurchaserll) at a purchase price of not less than $13,912,000, payable on a date to be mutually agreed upon between the City and the Purchaser, so long as the Purchaser authorizes execution of the Lease Agreement (the IILeasell), dated as of June 15, 1986, by and between the Ci ty and the Purchaser, whereby the Purchaser wi 11 lease the Leased Premises to the City for lease payments specified therein, which conveyance and Lease have been approved by Ordinance No. 1932, adopted by the City on June 16, 1986 (the 1I0rdinancell); WHEREAS, the Ordinance authorizes the sale of the Leased Premises to the highest qualified bidder subject to the conditions set forth in the Ordinance; and WHEREAS, the Authority has on the date hereof submitted a bid for the purchase of the Leased Premises complying with the requirements of the Ordinance, including the requirement that the purchase price contained in the offer equal at least $13,912,000. NOW, THEREFORE, the City Council of the City of Redwood City DOES HEREBY RESOLVE AND ORDER as follows: SECTION 1. The foregoing recitals are true and correct and the Council so finds and determines. SECTION 2. The City hereby accepts the Authority's offer to purchase the Leased Premises, and that certain Acquisition Agreement, dated as of June 15, 1986, by and between the City and the Authority, pursuant to which the City agrees to sell the Leased Premises to the Authority, is hereby approved, and the City Manager and City Clerk are hereby authorized and directed to execute, attest and seal the same on behalf of the City, in substantially the form now before this Council, but with changes, modifications, additions or deletions therein from the form and content of the Acquisition Agreement now before this Council, and that from and after the execution, attestation, sealing and lU~ti7