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.~., 28016-4 r JHHW:WHM:mcb or '~1/86 M4633 :mcb O~. ..;2/86 :mcb OS/22/86 ORIGINAL ORDINANCE NO. 1932 JUN 1 6 1986 AN ORDINANCE AUTHORIZING AND DIRECTING THE CONVEYANCE OF CERTAIN REAL PROPERTY OF THE CITY OF REDWOOD CITY AND AUTHORIZING AND DIRECTING EXECUTION OF A LEASE AGREEMENT IN CONNECTION THEREWITH WHEREAS, the City has heretofore determined to acquire and construct a fire station, a library, the renovation of city hall, the installation of a culvert, a telephone system and other public improvements (the "Projects") and related improvements; and WHEREAS, to commence acqu i sit i on and construction of the Projects and related improvements, it is necessary to authori ze the conveyance of certa in real property attached hereto as Exhibit A (the "Leased Premises") to the highest qualified bidder therefor (the "Purchaser") at a purchase price of not less than $13,912,000, payable at a date to be mutually agreed upon between the City and the Purchaser. THE COUNCIL OF REDWOOD CITY DOES ORDAIN AS FOLLOWS: SECTION 1. The foregoing recitals are true and correct and the Council so finds and determines. SECTION 2. The sale of the Leased Premises to the Purchaser at a purchase pri ce of not less than $13,912,000 is hereby approved so long as: (1) the Purchaser is a public agency or nonprofit corporation; (2) the Purchaser agrees to purchase all of the Leased Premises; and (3) the Purchaser agrees to lease the Leased Premises to the City pursuant to that certain Lease Agreement, dated as of June 15, 1986 (the "Lease Agreement"), a copy of which is on file with the City Clerk. The City Manager and City Clerk are hereby authorized and directed to execute, attest and del iver to the Purchaser grant deeds of the Leased Premises, in the form approved by the City Attorney, in consideration for payment of the purchase price therefor, payable at the closing. Bids for the purchase of the Leased Premises shall be received in the City Manager's office, 1017 Middlefield Road, Redwood City, California, at or before 10:00 a.m. California time, on July 21, 1986. The City Council will award the sale within 24 hours of receipt of bids. The City Council reserves the right to reject any and all bids and the Lease Premises may be readvertised. SECTION 3. The Lease Agreement 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, so long as the principal amount of the Lease Agreement does not exceed $16,500,000 and so long as the amount of Lease Payments payable thereunder in any fiscal year does not exceed $1,800,000, but with such changes, modifications, additions or deletions therein as shall to the City Attorney seem necessary, desirable or appropriate, the execution thereof to constitute conclusive evidence of their approval of any and all changes, modifications, additions or deletions therein from the form and content of the Lease Agreement 1,·932 -'---.-'..