Item #07
Date: 16 December, 2025
To: Mayor and City Council
From: Dan Flores, Community & Economic Development Director Anissa Leung, Finance Director
Jim Schaad, City Manager
Subject: Approval of Resolution Authorizing the Reacquisition of Property at 308 C Street (APN 010-242-020) Pursuant to Option Agreement
Recommendation:
Staff recommends that the City Council approve Resolution 2025-XX authorizing the City Manager to execute all documents necessary for the reacquisition of the property located at 308 C Street (APN 010- 242-020) from Sandra Adams and Weldon Bell in exchange for repayment of $23,000, in accordance with the terms of the existing option agreement.
The City Council previously approved this action on October 21, 2025, and this staff report is being brought forward to adopt the accompanying resolution required to complete the transaction formally.
Rationale for Recommendation:
A resolution of the City Council is required in order to effectuate the transfer of the property back to the City under the terms of the option agreement. Adoption of the resolution will allow the property to be repurchased and placed back under City ownership in accordance with the previously approved direction.
Discussion & Analysis:
On October 21, 2025, the City Council approved the City’s exercise of the option agreement for the reacquisition of 308 C Street. Consistent with that action, staff has prepared the necessary resolution to authorize completion of the transaction.
The City Attorney has reviewed the Disposition and Development Agreement (DDA), the option agreement, and the resolution to ensure legal sufficiency and compliance with the terms previously approved by the City Council. No additional changes to the terms of reacquisition have been made.
Approval of the resolution will allow the City to proceed with the repayment and reacquisition and will restore the property to City ownership in accordance with the option rights.
Alignment with City Council Goal(s):
This action supports the City Council’s goal to expand economic development opportunities, as reacquiring the property will enable the City to reposition and pursue future development or revitalization consistent with broader community and economic development objectives.
Legal Review:
This staff report has been reviewed and approved by the City Attorney as to legal form.
Fiscal Impact:
Reacquisition of the property requires a payment of $23,000, as outlined in the staff report approved on October 21, 2025. A supplemental budget appropriation for fiscal year 2025-26 will be necessary to authorize this payment.
Funds for the reacquisition will be appropriated from the General Fund.
Attachment(s)
1. Disposition and Development Agreement
2. Draft Resolution – Reacquisition of Property at 308 C Street