Title
Resolution authorizing the City Manager to execute a Third Amendment to the Purchase and Sale Agreement with Eden Housing for the former City-owned parcel at 201 Baden Avenue.
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WHEREAS, in November 2021, the City and Eden Housing, Inc executed a Purchase and Sale Agreement (the "PSA") pursuant to which Eden would purchase approximately 0.3-acre portion of a former City-owned property located at 201 Baden Avenue (the "Eden Parcel") for a senior affordable housing project (Exhibit A); and
WHEREAS, the PSA specified a purchase price of $1.00 and a close of escrow date of no later than December 31, 2022, to comply with the State Surplus Land Act; and
WHEREAS, the PSA required Eden to execute a purchase agreement with the owner of the adjacent property, 199 Airport Boulevard, on which an existing KFC restaurant is located (the "KFC Parcel"), to build a larger 82-unit project; and
WHEREAS, the KFC Parcel is owned by a private owner and Harman, one of the largest franchisers of KFCs in the United States, owns the KFC franchise restaurant on the KFC Parcel; and
WHEREAS, as the deadline of December 31, 2022, approached to close escrow with Eden on the Eden Parcel it became clear that Harman would not obtain title to the KFC Parcel and therefore would not be able to execute the purchase agreement they had negotiated with Eden; and
WHEREAS, on December 14, 2022, City Council adopted Resolution 221-2022 approving a First Amendment to the PSA allowing Eden one more year (until December 31, 2023) to execute a purchase agreement with Harman (Exhibit B); and
WHEREAS, Eden wished to move forward with a smaller, one-site, 68-unit project, which is consistent with the alternative option contemplated under the First Amendment, and has sought a Second Amendment to the PSA; and
WHEREAS on November 8, 2023, City Council adopted Resolution 172-2023 approving the Second Amendment to the PSA allowing Eden Housing to move forward with the smaller, one site, 68-unit pro...
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