2022-074 - Sale Agreement for the Acquisition of Property From the Successor Agency

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H. The City and the Successor Agency have reviewed the fair market value of the Properties, as aggregated, and have concluded that the value of such Properties are consistent with the purchase price as set forth in the draft "Purchase and Sale Agreement" in the form submitted to the City and the Successor Agency concurrently herewith (the "Agreement"). I. The fair market value and purchase price was established as $598,000 by an appraisal conducted on April 29, 2022. J. A joint public hearing of the Successor Agency and City Council on the proposed Agreement was duly noticed in accordance with HSC sections 33431. K. On September 6, 2022, the governing board of the Successor Agency and the City Council held a joint public hearing on the proposed Agreement, at which time the City Council and the Successor Agency reviewed and evaluated all of the information, testimony, and evidence presented during the joint public hearing. L. All actions required by all applicable law with respect to the proposed Agreement have been taken in an appropriate and timely manner. M. The City Council has reviewed the staff report in connection with this matter and has evaluated other information provided to it pertaining to the findings proposed to be made hereunder. N. The City Council has considered all of the terms and conditions of the proposed Agreement and believes that the sale of the Properties pursuant to the Agreement is in the best interests of the City and the health, safety, and welfare of its residents, and in accord with the public purposes and provisions of applicable State and local laws and requirements. Section 2. The City Council hereby finds and determines that the disposition by sale of the Properties by the Successor Agency to the City pursuant to the Agreement will further the achievement of the City's public purposes by making property available for use by the City for park space. Section 3. The City Council finds and determines that, based upon substantial evidence provided in the record, the consideration for the Successor Agency's sale of the Properties to the City pursuant to the terms and conditions of the Agreement is not less than the fair market value of the Properties. Section 4. The City Council hereby approves the Agreement in substantially the form presented to the City Council, subject to such revisions as may be made by the City Manager, or designee. The City Manager is hereby authorized to execute the Agreement, as so revised (including without limitation all attachments thereto), on behalf