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

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EXHIBIT 5 • Blight Elimination: Acquiring and maintaining the Property helps prevent blighting conditions by ensuring it remains in use and well maintained. This proactive measure supports the physical and economic health of the area. • Promoting Future Development: While the City does not have immediate development plans, holding the Property enables strategic planning for future redevelopment. This aligns with the Implementation Plan's goal to promote the highest and best use of available land. • Encouraging Investment: The City's management of the Property demonstrates a commitment to redevelopment, which can attract private sector investment to the area. This aligns with the Implementation Plan's objective of fostering economic growth through public -private partnerships. • Public Infrastructure: Future redevelopment of the Property could include public infrastructure improvements, enhancing the area's overall appeal and functionality. This supports the Implementation Plan's goal of improving public facilities and infrastructure. • Economic Development: The Property's future redevelopment potential supports long-term economic development goals by creating opportunities for new businesses and jobs, stimulating the local economy. • Strategic Land Use Planning: Acquiring the Property allows the City to plan its use strategically, ensuring that any future development aligns with the community's needs and the General Plan's objectives. By acquiring the Property, the City aligns with the Implementation Plan's goals, ensuring compliance with existing agreements, supporting future strategic planning, and contributing to the long-term redevelopment and revitalization of the area. This transaction promotes a vibrant, economically robust, and well -planned community.