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Title:
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Resolution 1) approving and authorizing the Director of Property, on behalf of the Department of Homelessness and Supportive Housing (“HSH”), to acquire certain property located at 333-12th Street (“Property”) for $145,000,000 plus up to $2,250,000 in interest, payable in two installments, plus an estimated $290,000 for typical closing costs, for a total anticipated amount not to exceed $147,540,000; 2) approving and authorizing HSH, on behalf of the City, to apply to the California Department of Housing and Community Development for a Homekey Grant; 3) approving and authorizing an Agreement of Purchase and Sale for Real Estate for the acquisition of the Property from City Gardens Bridge, LLC (“Purchase Agreement”), which includes a liquidated damages clause of up to $5,000,000 as well as certain other remedies, in case of default by the City; 4) authorizing the Director of Property to execute the Purchase Agreement, make certain modifications, and take certain actions in furtherance of this Resolution and the Purchase Agreement, as defined herein; 5) affirming the Planning Department’s determination under the California Environmental Quality Act; and 6) adopting the Planning Department’s findings that the Purchase Agreement, and the transaction contemplated therein, is consistent with the General Plan, and the eight priority policies of Planning Code, Section 101.1.
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