Resolution No.
STOCKTON CITY COUNCIL
RESOLUTION AUTHORIZING THE ACQUISITION OF REAL PROPERTY LOCATED AT 303 NORTH EL DORADO STREET AND ESTABLISHING A REDEVELOPMENT UNRESTRICTED SUB-FUND The City Council (Council) adopted the Economic Development Strategic Action Plan on January 25, 2022. A key strategy identified as part of the plan was investment and revitalization of downtown Stockton, recognizing the need for infrastructure. The City’s Envision Stockton 2040 General Plan, adopted in December 2018, relies on strategic infill development. As such, the Economic Development Department has been positioning, and successful, in capturing grant funds for environmental clean-up, setting a precedent for future success in regard to redevelopment projects; and Strategically, acquiring the parcel located at 303 North El Dorado Street (APN 139-080-03) would allow the City to have site control of two full city blocks comprised of the Wells Fargo Bank, the Permit Center, the buildings attached to the permit Center, and City Hall. The reuse and redevelopment of these two City blocks is a critical building block for downtown revitalization; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF STOCKTON, AS FOLLOWS:
The Council hereby authorizes the acquisition of real property located at 303 North El Dorado Street, Stockton California, APN 139-080-03, (Property) from Wells Fargo Bank in the amount of up to $425,000.
The Council hereby authorizes, upon acquisition of the Property, a lease-back of a portion of the Property to Seller pursuant to terms substantially similar in form to Exhibit 1 of this resolution. The Council acknowledges notice of this proposed lease was made in conformity with City Charter Section 510.
The Council hereby approves The Establishment of a Redevelopment Unrestricted Sub-Fund within the General Fund as a mechanism for use in the City’s redevelopment efforts including acquisition, blight abatement, demolition, and other actions to support the City’s development.
The Council hereby authorizes a budget amendment and transfer in the amount of $1.94 million from the Economic Development Department’s General Fund to the Redevelopment Fund.
The Council hereby authorizes the appropriation of Downtown Infill Infrastructure Reimbursement Program funds from Economic Development Budget to the Redevelopment fund to be used for property acquisition, demolition, and environmental clearance to include the acquisition and related costs of 303 North El Dorado Street.
That the acquisition of the Property is exempt from the requirements of the California Environmental Quality Act (CEQA) and has been determined to conform to the City’s General Plan.
That the City Manager is hereby authorized to execute a purchase and sale agreement substantially similar in form to Exhibit 2 of this resolution, any needed lease agreements associated with this transaction substantially similar in form to Exhibit 1 of this resolution, as well as any due diligence costs associated with the purchase of the Property and take actions necessary and appropriate to carry out the purpose and intent of this resolution.
PASSED, APPROVED, AND ADOPTED May 14, 2024 .
KEVIN J. LINCOLN II
Mayor of the City of Stockton
ATTEST:
ELIZA R. GARZA, CMC
City Clerk of the City of Stockton