Title
Recommendation to Authorize the City Manager to Execute a Purchase and Sale Agreement with Branagh Land, Inc., a California Corporation, for a Net Sales Price of $1,000,000 for the 0.82 Acre Vacant Parcel at 2350 Fifth Street. (Community Development 207)
Body
To: Honorable Chair and Members of the Successor Agency to the Community Improvement Commission
EXECUTIVE SUMMARY
Pursuant to the Long Range Property Management Plan (LRPMP), the parcel at 2350 Fifth Street is the only property owned by the former Community Improvement Commission (CIC) that is to be sold on the open market. Because the property is listed on the LRPMP and designated for sale, it is subject to the Surplus Lands Act, as recently amended; compliance with the Surplus Lands Act is discussed in more detail below. The Purchase and Sale Agreement with Branagh Land, Inc. for this 35,719 square foot (0.82 acres) undeveloped parcel with no utilities, has an "as-is" purchase price of $1,000,000. Staff recommends that the Successor Agency authorize the City Manager to execute the Purchase and Sale Agreement.
BACKGROUND
In February 2012, redevelopment agencies throughout the State were dissolved via State legislative action and successor agencies were established and charged with unwinding of the affairs of their respective redevelopment agencies. The City of Alameda's (City) Community Improvement Commission (CIC) was dissolved and succeeded by the Successor Agency to the CIC (Successor Agency).
Oversight Boards were created to oversee the activities of successor agencies. Effective July 1, 2018, all City oversight boards were disbanded and one oversight board per county was established to serve the oversight board function for local jurisdictions.
The Successor Agency prepared and submitted, with Oversight Board approval, a Long Range Property Management Plan (LRPMP) to the State Department of Finance (DOF). DOF approved the LRPMP, which now governs the disposition of real property asset...
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