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7/23/07 LES <br />E. The 22,050 square foot Remnant Parcel has been appraised at <br />$350,000.00 by an independent fee appraiser. The highest and best use <br />of the Remnant Parcel is assemblage to the adjacent southerly parcel <br />owned by Buyer. <br />F. The Agency has agreed, subject to the approval of the City Council, <br />to sell said Remnant Parcel at its current appraised value, pursuant to the <br />terms and provisions of a Sale Agreement (hereinafter referred to as the <br />"Agreement ") between the Agency and the Buyer, which is on file in the <br />office of the Executive Director of the Agency, in which said Remnant <br />Parcel is described. <br />G. The Agreement contains all of the provisions, terms, conditions and <br />obligations required by state and local laws. <br />H. The proposed sale of the Remnant Parcel is exempt from further <br />review and in accordance with the California Environmental Quality Act, <br />categorical exemption ER No.'s 2007 -105 will be filed for this project. <br />I. Pursuant to the provisions of the California Redevelopment Law, the <br />Agency and the City Council have held a duly noticed joint public hearing on <br />the proposed sale of the Remnant Parcel pursuant to the Agreement. <br />Section 2. The Sale Agreement is hereby approved, and the Executive Director <br />of the Agency is hereby authorized to execute the Agreement, with such non- substantive <br />changes as may be approved by Agency's General Counsel. <br />Section 3. The Executive Director of the Agency is hereby authorized to take all <br />steps, and to sign all documents and instruments necessary to implement and carry out <br />the Agreements on behalf of the Agency. <br />2 <br />5 -9 <br />