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THE CITY OF �•�!:; a mecLA . 1 3 CITY COUNCIL AGENDA REPORT pLEASANTONe December 20, 2016 City Manager TITLE: PURCHASE OF 3.18 ACRES LOCATED AT 401 AND 403 OLD BERNAL AVENUE IN PLEASANTON, CA FOR $4.2 r ILLION FROM THE SAN FRANCISCO PUBLIC UTILITIES COMMISSION (SFPUC) AND AUTHORIZE THE CITY MANAGER TO SIGN THE AGREEMENT FOR SALE OF REAL ESTATE SUMMARY The SFPUC owns a vacant 3 18 acre parcel of land located at 401 and 403 Old Bernal Avenue at the corner of Bernal Avenue across from the City's library in Pleasanton (Old Bernal Parcel) The SFPUC began accepting bids to sell the Old Bernal Parcel on October 13, 2016 Given the Old Bernal Parcel's proximity to Pleasanton's Civic Center and the ACE Train station, City staff submitted a bid to purchase the Old Bernal Parcel for the appraised value of $4 2 million The SFPUC notified City staff that the City's bid was the highest most responsive bid City staff have been working with SFPUC staff to finalize an Agreement for Sale of Real Estate (Agreement)for the purchase of the Old Bernal Parcel PLANNING COMMISSION RECOMMENDATION The Planning Commission concluded that the proposed Old Bernal Parcel acquisition conforms with the City's General Plan at its meeting on December 14, 2016 RECOMMENDATION Approve the attached Purchase Agreement between the City and the SFPUC for the acquisition of 3 18 acres located at 401 and 403 Old Bernal Avenue for $4 2 million from the SFPUC and authorize the City Manager to sign the Agreement FINANCIAL STATEMENT The Old Bernal Parcel price is $4 2 million In addition, the City would have to pay closing costs related to title insurance, environmental assessment, property transfer taxes, escrow fees, and recording charges These amounts will be due once the City and SFPUC close escrow on the property which will likely be in March or April of 2017 The City would use either Capital Improvement Program (CIP) reserves, an inter-fund loan or a combination thereof to pay for the Old Bernal Parcel As the property nears closing, staff will bring an item to City Council to allocate funds to purchase the property plus cover most of the closing costs