REPORT TO THE CITY COUNCIL, SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF FRESNO AND THE FRESNO REVITALIZATION CORPORATION DATE: January 28, 2016 FROM: MARLENE MURPHEY, Executive Director SUBJECT ..Title Successor Agency to the Redevelopment Agency of the City of Fresno consider approving: 1. RESOLUTION - Amending previously approved purchase and sale agreements consistent with direction from Department of Finance for the following properties: 731 E. California Avenue (Boos Development West, LLC); 4007, 4017, 4025, 4061 and 4071 E. Ventura (FD Partners, LLC); 730 and 736 Van Ness (Bitwise Industries, LLC); 941 G Street (DFP Ltd., LP); northwest corner of Abby and Belmont Avenues (Mathews Harley Davidson); northwest corner of Fresno and H Streets (APEC International, LLC) (Agency action) ..Body EXECUTIVE SUMMARY In its review of our Long Range Property Management Plan, the Department of Finance has directed that certain language in previous purchase and sale agreements be deleted. The Successor Agency Board Approved seven (7) Purchase and Sale Agreements for certain real property owned by the former Redevelopment Agency. A resolution has been prepared that amends and removes this language from these purchase agreements consistent with direction from the Department of Finance. Agency staff recommends the Successor Agency Board approve the attached Resolution and direct staff to proceed with amending the Purchase and Sale Agreements. BACKGROUND The Successor Agency has previously approved seven purchase agreements for certain real property owned by the former Redevelopment Agency. These agreements are: 1. Boos Development - apn 467-246-01T 2. Moose Lodge - apn 493-020-29ST 3. Mathews HD - apn 452-301-25T, -26T, -27T, -30T 4. DFP Ltd, LP - 467-071-05T 5. Bitwise Industries - apn 468-253-11T, -15T 6. APEC International - apn 466-217-17T 7. FD Partners - apn 461-272-09T, -10T, -11T, -16T, -17T In its review of the Agency's LRPMP, the Department of Finance has directed that certain language in previous purchase and sale agreements be deleted as DOF believes it creates a new enforceable obligation on the part of the Agency, which is prohibited by Dissolution Laws. Therefore, the following language shall be struck from Paragraph 8 of the Purchase Agreements: "Seller shall also pay to Buyer the amount of any deductible and coinsurance under any policy." ENVIRONMENTAL FINDINGS N/A LOCAL PREFERENCE N/A FISCAL IMPACT N/A Attachment: Resolution