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RESOLUTION NO. XX – 2023
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF EAST PALO ALTO
AUTHORIZING THE CITY MANAGER TO AMEND THE PURCHASE AND SALE
AGREEMENT BETWEEN THE EAST PALO ALTO YOUTH ARTS & MUSIC CENTER
LLC FOR THE POTENTIAL ACQUISITION OF THE SITE LOCATED AT THE CORNER OF BAY ROAD AND PULGAS AVENUE (APN 063-240-490) FOR
POTENTIAL FUTURE DEVELOPMENT OF A NEW PUBLIC LIBRARY
WHEREAS, on December 7, 2021, the City Council adopted a Resolution Authorizing the City Manager to execute a Purchase and Sale Agreement (“PSA”) between the City of East Palo Alto and the East Palo Alto Youth Arts & Music Center, LLC (an affiliate of the John and Marcia Goldman Foundation) for the potential acquisition of the Site for potential future development of a new public library; and WHEREAS, the term of the PSA expired on January 31, 2023, but both parties have agreed to extend the term to March 31, 2023; and
WHEREAS, staff also seeks delegated authority to the City Manager to extend the time periods in the PSA, as needed, with Owner agreement, to appropriate additional funds to compensate the seller for agreeing to extend the term of the PSA.
NOW, THEREFORE, BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF EAST PALO ALTO HEREBY AUTHORIZES:
1. The City Manager to execute an amendment to the Purchase and Sale Agreement (“PSA”), in a form approved by the City Attorney, between the City of East Palo Alto and the East Palo Alto Youth Arts & Music Center, LLC for the potential acquisition of the property located near the corner of Bay Road and Pulgas Avenue (APN: 063-240-490) (“Site”) to extend the term to March 31, 2023; and
2. The City to compensate the seller for agreeing to extend the term of the PSA in the amount of $50,000 to be paid when the amendment to the PSA is fully executed; and
3. The Finance Director to appropriate $10,000 from the General Fund Reserve to cover the additional amount needed to cover the $50,000 prepayment; and
4. The City Manager, in consultation with the City Attorney, to extend the term of the PSA for up to 90-days in the event of unforeseen issues prior to the close of the transaction.
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PASSED AND ADOPTED this 7th day of February 2023 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
Lisa Gauthier, Mayor
ATTEST: APPROVED AS TO FORM:
James Colin, City Clerk John D. Lê, City Attorney