2024-052 - Purchase and Sale Agreement for the Acquisition of Property

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F. The Property is also subject to a Property Maintenance License and Revocable Access Easement Agreement entered into on October 11, 2019 (recorded with the County on October 16, 2019), for a three-year period, with automatic renewals every one-year period, for ingress and egress to provide entry to the parking lot. The Successor Agency and the successive owners of the Property are bound by this Property Maintenance License and Revocable Access Easement Agreement. G. Pursuant to the Long Range Property Management Plan attached to Oversight Board Resolution No. 2015-04, the Successor Agency intends to sell the Property to the City for the appraised market value. H. In furtherance of its wind -down of the Former Agency's affairs, the Successor Agency desires to transfer the Property to the City pursuant to HSC section 34181(a). I. The City and the Successor Agency have reviewed the fair market value of the Property and have concluded that the value of the Property is consistent with the purchase price as set forth in the draft "Purchase and Sale Agreement" in the form submitted to the City and Successor Agency concurrently herewith (the "Agreement")- J. The fair market value and purchase price was established as $190,000 by an appraisal conducted on October 3, 2023. K. A joint public hearing of the Successor Agency and City Council on the proposed Agreement was duly noticed in accordance with HSC section 33431. L. On September 17, 2024, 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 the information, testimony, and evidence presented during the joint public hearing. M. All actions required by all applicable law with respect to the proposed Agreement have been taken in an appropriate and timely manner. N. 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. O. The City Council has considered all of the terms and conditions of the proposed Agreement and believes that the sale of the Property 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. Resolution No. 2024-052 Page 2 of 4