Special Notice / Hearing: Publication (3 Weeks)__
Vote Required: 4/5ths
To: Honorable Board of Supervisors
From: Michael P. Callagy, County Executive
Subject: Purchase and Sale Agreement for County Acquisition of 1500 & 1510 Fashion Island Blvd., City of San Mateo
RECOMMENDATION:
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Recommendation to:
A) Adopt a resolution:
1. Declaring the Board of Supervisors' intent to purchase the real property described as 1500 & 1510 Fashion Island Boulevard, located within the City of San Mateo, San Mateo County Assessor's Parcel Number 035-550-040, ("Property"), for the total purchase price of $42,000,000; and
2. Authorizing the President of the Board of Supervisors to execute a Real Estate Purchase and Sale Agreement ("Agreement") with the owners of the Property, RREF II Bridgepointe, LLC ("Sellers"), for the County's acquisition of the Property; and
3. Authorizing the County Executive, or their designee, to execute a Certificate of Acceptance upon satisfaction of certain conditions in escrow, to be recorded with the Grant Deed transferring title to the Property to the County, as well as any and all notices, escrow instructions, and documents required to facilitate the purposes of the Agreement; and
B) Approve the following Appropriation Transfer Requests:
1. Recognizing unanticipated trust fund revenue in the amount of $10,826,856, transferring $11,130,791 from Human Services Agency Departmental Reserves, and recognizing corresponding expenditures of $21,957,647 in Misc. Other Contributions as a lump-sum payment for the Agency's cost share of the acquisition of the Property; and
2. Recognizing $21,957,647 in unanticipated revenue from the Human Services Agency and corresponding expenditures in Non-Departmental Services Fixed Assets to partially fund the acquisition of the Property.
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BACKGROUND:
The Property, an executive office park, commonly known as the Bridgepointe Office Park, is comprised of a parcel of approximately six acre...
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