TO: Board of Supervisors
FROM: Steven Lederer - Director of Public Works
REPORT BY: Leigh Sharp - Deputy Dir. Of PW - General Services
SUBJECT: Acceptance of bid for purchase of 2344 Old Sonoma Road
RECOMMENDATION
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County Executive Officer and Director of Public Works request adoption of a resolution taking the following actions related to sale of County Surplus Property located at 2344 Old Sonoma Road (Property):
1. Waiving any irregularities in the bid received by SN Management Corp. and finding the sole bid responsive;
2. Accepting the bid from SN Management Corp. in the amount of $7.5 million and with a commitment to construct at least 15% of the total residential units for sale at affordable cost or for rent at affordable rent for low income households, for the purchase of Property and authorizing the sale of Property to SN Management Corp. at that price;
3. Authorizing the Chair of the Board to execute a purchase and sale agreement and grant deed for conveyance of the Property to SN Management Corp. on terms and conditions consistent with the Resolution of Intent and at the respective bid/purchase prices accepted above;
4. Authorizing the Director of Public Works or designee to negotiate and execute any agreements or documents necessary to facilitate the purchaser's research and investigation of the Property during the due diligence period; and
5. Authorizing the County Executive Officer (CEO) or designee, for a period of 120 calendar days from the date that the Chair of the Board executes the Purchase Agreement with SN Management Corp., to take any other steps and to sign any other documents that are necessary to consummate the sale of the Property to SN Management Corp., including without limitation the execution of escrow documents and delivery of the County's grant deed to the purchaser and/or to an escrow holder agreed to by the CEO's office.
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EXECUTIVE SUMMARY
Approval of the proposed resolution will waive any irregularities in the b...
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