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

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EXHIBIT 5 • Ensuring Compliance with Existing Agreements: By acquiring the Property from the Successor Agency, the City ensures compliance with the Parking Lease Agreement dated May 18, 1993, which mandates the provision of 60 parking spaces for the Builders Exchange Building. Maintaining these parking spaces supports the functionality and attractiveness of the adjacent office building, preventing the area from falling into disuse and neglect. • Positioning for Future Development: While the City is not immediately developing the Property, holding the Property allows for strategic planning and future development opportunities. This proactive approach ensures that the Property can be developed in alignment with broader redevelopment goals when the timing and circumstances are optimal. • Preventing Further Blight: By maintaining control over the Property, the City can prevent further blighting conditions from developing. The Property's upkeep and availability for future productive use help ensure that it does not become a neglected or underutilized area that could contribute to blight. • Encouraging Private Investment: The City's acquisition of the Property demonstrates a commitment to the area's redevelopment, which can encourage private sector investment. Potential investors may be more inclined to invest in nearby properties, knowing that the City is actively managing key parcels for future development. • Supporting Public Infrastructure: Although immediate development is not planned, the City's control over the Property means that future redevelopment can include necessary public infrastructure improvements. These improvements are essential for long-term blight elimination and enhancing the area's overall appeal and functionality. • Economic Development Potential: Holding the Property allows the City to plan for future economic development projects that could create jobs and stimulate the local economy. This potential aligns with the goals of economic growth and revitalization outlined in the Redevelopment Five -Year Implementation Plan. By addressing these aspects, the acquisition of the Property from the Successor Agency significantly contributes to the elimination of blight within the Central City Redevelopment Project Area. This transaction ensures compliance with existing agreements, supports strategic planning for future development, and aligns with the goals and objectives of the Redevelopment Implementation Plan, promoting a more vibrant, safe, and economically robust community. VII. CONFORMANCE WITH THE AB1290 IMPLEMENTATION PLAN The acquisition of the Property by the City aligns with the objectives of the Implementation Plan. This transaction supports the Implementation Plan's goals through the following ways: