Item 24 - Joint Public Hearing Adopt Resolution and Approve Purchase and Sale Agreement

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EXHIBIT 5 4. Closing Conditions: The Successor Agency shall satisfy various conditions, including title review, environmental approval, document delivery, and issuance of a title policy. 5. Title Review: The Successor Agency shall cause the Title Company to deliver a preliminary title report to the City within 10 days after the Purchase and Sale Agreement date, at the Successor Agency's cost. The Successor Agency shall provide indemnity for the Title Company to offer a mechanics' lien endorsement. 6. Cure Right: If the City provides a Termination Notice, the Successor Agency has five (5) business days to 1) remove or address any disapproved or conditionally approved exceptions, or 2) provide satisfactory assurances to the City that such exceptions will be resolved by the Closing Date. 7. Seller's Deliveries to Buyer: At least one (1) business day prior to the Closing Date, the Successor Agency shall deposit with the City the Grant Deed, possession of the Property free of any tenancies, proof of the Successor Agency's authority and authorization to consummate the transaction, and any other documents or items reasonably required to close the transaction as determined by the Title Company. If these items are not delivered timely, the City may terminate the Purchase and Sale Agreement, unless the Successor Agency delivers the items within five business days of receiving the City's notice. 8. Costs and Expenses: The Successor Agency shall bear its respective costs related to the transaction, including proration of revenues and expenses associated with the Property. II. COST OF THE AGREEMENT TO THE CITY The total cost to the City for the acquisition of the Property is detailed as follows: 1. Purchase Price: The City shall pay the Successor Agency a purchase price of $190,000 for the Real Property, as determined by the Appraisal. This amount represents the fair market value of the property under its current use as a parking lot. 2. Property Acquisition Costs (Previously -Incurred Cost): After Redevelopment Dissolution, the Property was transferred via quitclaim deed from the City to the Successor Agency at no cost. The Successor Agency is now responsible for managing its disposition. 3. Closing Costs and Expenses: There will be no additional closing costs incurred by the City for the Property acquisition. 4. Total Estimated Costs: As shown in Table 2, the City will incur a total cost of $190,000 for the Property acquisition, while the Successor Agency will receive $190,000 from the sale of the Property.