RES 00011 - Laserfiche WebLink

2.6 Environmental Investigations. As soon as the bond measure passes, Pleasanton will have access to the Bemal Properly for environmental investigations pursuant to San Francisco's standard form of permit. 2.7 Release and Indemnity. Pleasanton will give San Francisco a release of all claims, and shall defend and indemnify San Francisco from and against all third party claims of any nature whatsoever, arising out of Pleasanton's use of the Bemal Property for treatment of its sewage sludge and effluent, including, without limitation, claims of bodily injury or property damage resulting from radionuclide contamination. 2.8 Closing. The closing will occur no later than June 30, 2000. At the closing, (1) San Francisco shall deliver a deed to Pleasanton for 430 acres of the Bemal Property, and a deed to the successful bidder for the 72 developable acres, and (2) San Francisco will be paid the purchase price in cash. Pleasanton and the successful bidder shall pay all closing costs and transfer taxes for the respective transactions. If the escrow for both conveyances does not close for any reason, Pleasanton will continue to process San Francisco' s development application as set out in Section 5 below. Process for Entitlement and Sale of 72 Acres. The 72 acres will be entitled and sold under the following process: 3.1 Request for Qualifications and Bids. Immediately upon endorsement of this Term Sheet, San Francisco will issue to San Francisco's existing bidders a Request for Qualifications and Bids (RFQ/B) consistent with the terms of this Term Sheet. The RFQ/B will be mutually developed by San Francisco and Pleasanton; however, San Francisco shall retain sole discretion to set the terms of the bidding process and selection of the bidder and Pleasanton shall retain sole discretion to set the terms of Exhibit A. The RFQ/B will describe the contemplated purchase transaction between San Francisco and Pleasanton, and it will ask all interested bidders to provide San Francisco, for both the 72 acre residential and commercial/office parcels, with a bid premised on Pleasanton's granting of vested entitlements to construct the development projects described in Exhibit A. 3.2 Bid Conference. Within two weeks of issuing the RFQ/B, San Francisco will hold a bidder's conference in Pleasanton to review the potential sale program. Pleasanton will attend and participate in the conference. 3.3 Bids. Initial bids shall be due within two weeks of the conference. The minimum bid shall be $50 million. San Francisco shall give the bidden an opportunity to make "best and final" bids. As soon as possible after submission of the best and final bids, San Francisco shall select the bidder with th9 highest bid. The successful bidder will be required to post a substantial purchase deposit at a time and in an amount as specified in the RFQ/B. If the successful bid exceeds $50 million, San Francisco and Pleasanton will split the excess 50% - 50%, and San 3 BRJqLTP~M8.D97