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FINANCIAL STATEMENT
<br /> The total cost to acquire the property is estimated to be up to $2,345,150. The cost of
<br /> the property itself including $90,000 deposit is $2,000,000. Other costs include
<br /> environmental review ($2,650), the relocation consultant ($32,500), and relocation
<br /> expenses (estimated to range from $92,500 to $310,000) would be paid from the
<br /> existing Capital Improvement Program (CIP) project for the renovation of Lions Wayside
<br /> Park. There is currently approximately $4.5 million in the Lions Wayside Park CIP
<br /> budget. Staff will present final tenant relocation costs to the City Council at a
<br /> subsequent special or regular City Council meeting. All property acquisition costs
<br /> borrowed from the Lions Wayside Park CIP budget will be reimbursed from a new
<br /> 2019/2020 CIP project in July of 2019. It is anticipated that building removal and interim
<br /> site maintenance will cost up to an additional $70,000, which would also be funded by
<br /> the new CIP project. Future CIP budgets would fund the eventual selected uses and
<br /> improvements for the parcel to improve the parcels.
<br /> BACKGROUND
<br /> lanson Holdings, LLC and Malakoff& McIntyre, Inc. are the owners of an 18,200 square
<br /> foot parcel commonly known as 4363 and 4377 First Street.' The site is developed with
<br /> two commercial buildings totaling 6,154 square feet which were constructed in 1971.
<br /> The subject site is zoned central-commercial (C-C) with a General Plan land use
<br /> designation of retail/highway/service commercial, business and professional office. The
<br /> buildings are currently occupied by six tenants: Express Liquor, Yan's Massage, Roots
<br /> of Eastern Medicine (acupuncture), Team EdServe (marriage and family counseling),
<br /> Urban Realty Services, and the lease of a storage unit.
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<br /> While the street addresses for the buildings are 4363 and 4377 First Street, the Alameda County
<br /> Assessor's Office also refers to the property as 4375 First Street and APN 094-0106-007-02.
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