Title
Final Passage of Ordinance Approving and Authorizing an Option and Purchase Agreement Between the City of Alameda and Alameda Housing Authority and Authorizing the Interim City Manager to Execute All Necessary Documents. [Requires Four Affirmative Votes] (Community Development 481005)
Body
CITY OF ALAMEDA ORDINANCE No. _______
New Series
APPROVING AND AUTHORIZING AN OPTION AND PURCHASE AGREEMENT BETWEEN THE CITY OF ALAMEDA AND ALAMEDA HOUSING AUTHORITY AND AUTHORIZING THE INTERIM CITY MANAGER TO EXECUTE ALL NECESSARY DOCUMENTS (REQUIRES FOUR AFFIRMATIVE VOTES)
WHEREAS, The City of Alameda ("City") is the legal and beneficial owner of approximately 0.4 acres of real property identified as assessor's parcel numbers 072-0383-001 and -002 ("Property") located at the northeast corner of the intersection of Buena Vista Avenue and Sherman Street in the City of Alameda, Alameda County, California; and
WHEREAS, City and the Housing Authority acknowledge and agree that this Option and Purchase Agreement is entered into pursuant to the terms of that certain Development Agreement (Del Monte Warehouse Project) dated January 15, 2015 (the "DA"), entered into between City and TL Partners I, LP, a California limited partnership ("Developer") with respect to the development of the Del Monte property located at 1501 Buena Vista Avenue in Alameda, directly adjacent to the Property. More specifically, this Option and Purchase Agreement is entered into pursuant to a written request from Developer to City to have the Property transferred directly to the Housing Authority in accordance with Section 7.c. of the DA; and
WHEREAS, Housing Authority desires to obtain from City, and City desires to grant an exclusive option to purchase the Property to Housing Authority, and each has entered into the Option and Purchase Agreement for this purpose; and
WHEREAS, In negotiating the terms of the DA, City provided notice to Housing Authority (...
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