Title??
Report regarding a Resolution approving Budget Amendment Number 26.036 appropriating $25,294,527.52 in proceeds from the sale of DNA Way, Point San Bruno Boulevard, and a portion of Cabot Road to Genentech. (Sharon Ranals, City Manager)
label??
RECOMMENDATION??
Staff recommends City Council adopt a Resolution approving Budget Amendment Number 26.036 appropriating $25,294,527.52 in proceeds from the sale of DNA Way, Point San Bruno Boulevard, and a portion of Cabot Road to Genentech. Specifically, the associated Resolution appropriates $25 million for the replacement of Fire Station 63, $200,000 for road maintenance, $85,000 to offset the food insecurity gift card program, and $9,527.52 returned to the unassigned General Fund balance.
Body??
BACKGROUND/DISCUSSION
On June 25, 2025, the City Council approved the sale of DNA Way, Point San Bruno Boulevard, and a portion of Cabot Road to Genentech for a purchase price of $25 million. The Purchase and Sale Agreement between the City and Genentech also required Genentech to reimburse the City all expenses associated with preparing the Purchase and Sale Agreement, associated agreements, and completing the sale. This amounted to $94,527.52. Additionally, the Maintenance and Public Access License Agreement required Genentech to prepay for five years of maintenance by the City of the roads sold to Genentech. This amounted to $200,000. Any additional maintenance requested by Genentech and undertaken by the City will be reimbursed on a time and materials basis. The City and Genentech closed escrow on November 21, 2025, and the $25,294,527.52 in sale proceeds were transferred to the City.
Anticipating the receipt of these sale proceeds, staff presented a report to Council at its special meeting on October 29, 2025, regarding potential uses of the sale proceeds. Council directed staff to allocate the sale proceeds to the new Fire Station 63 at 71-73 Camaritas, replacing the existing Fire Station 63 located...
Click here for full text