Laserfiche WebLink
4 <br />THE~CITY OF <br />~~'~ ~ <br />n~ <br />-~- <br />~L~£~S~4NTONo <br />CITY COUNCIL AGENDA REPORT <br />June 17, 2008 <br />City Manager's Office <br />TITLE: PURCHASE OF THE ALAMEDA COUNTY TRANSPORTATION <br />CORRIDOR <br />SUMMARY <br />Recently City staff reached agreement in principal with Alameda County staff <br />concerning the City's purchase, for $7.5 million, of approximately ten gross acres of <br />vacant property located between Bernal Avenue and Stanley Boulevard adjacent to <br />First Street in the Downtown area known as the Alameda County Transportation <br />Corridor (Corridor). <br />RECOMMENDATION <br />Staff recommends that City Council approve the attached Purchase Agreement <br />between the City and the County for the acquisition of the Corridor and authorize the <br />City Manager to sign the final agreement on behalf of the City. If the terms in the final <br />agreement vary substantively from what is in the attached Purchase Agreement, staff <br />will return the matter to the Council for further discussion. <br />FINANCIAL STATEMENT <br />The City has approximately $8,229,790 available to purchase land and construct <br />parking facilities and other improvements in the Downtown Area. The payments to the <br />County under the Purchase Agreement can be funded from existing monies on hand. <br />