REPORT TO OVERSIGHT BOARD OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA CLARA
SUBJECT
Title
Adopt a Resolution Approving a Purchase and Sale Agreement and Other Documents as Necessary Related to the Sale of the North-South Parking Parcel located at 4911 Great America Parkway [APN: 104-43-051]
Report
BACKGROUND
In February 2018, the Oversight Board authorized the Successor Agency to engage the services of Eastdil Secured (Eastdil) to provide brokerage and real estate advisory services for the North South Parcel located at 4911 Great America Parkway [APN: 104-43-051] and authorized the Evaluation Team to approve the sales process for the property based upon recommendations from Eastdil.
Following a solicitation and bidding effort conducted by Eastdil, on April 26, 2018, the Evaluation Team determined that Jamestown Realty Co., LLC (Jamestown) made the best offer with a combination of the highest purchase price of $5,150,000.49 with competitive terms. A Purchase and Sale Agreement with Jamestown was presented to the City Council acting as the Successor Agency on May 8, 2018. The Council referred the item back to staff.
On May 18, 2018, the Santa Clara Oversight Board discussed the sale process of the North South Property. The Oversight Board was advised of the City of Santa Clara's interest in purchasing the Property and following, directed staff to schedule a special meeting of the Oversight Board as soon as possible to consider the Jamestown offer.
On May 22, 2018, the Santa Clara City Council noted and filed the Jamestown report and authorized the City Manager to make an offer to the Successor Agency to purchase the property. The Council also authorized City Manager execute a Purchase and Sale Agreement on behalf of the City as the Buyer of the Property and on behalf of the Successor Agency as the Seller and minor modifications to the form of agreement subject to the approval of the City Attorney.
An offer to purchase ...
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