Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My Public Portal
About
01. 2009.05.11 - Staff Report, City and RDA
LIETIECAL1FORNIACITYCOUNCILREDEVELOPMENTAGENCYAGENDAREPORTTOHonorableMayorandCouncilmembersRedevelopmentAgencyChairpersonandMembersFROMMarcRobertsRedevelopmentAgencyCommunityDevelopmentDirectorgSUBJECTResolutionsauthorizingappropriationofHousingTrustFundsinanamountnottoexceed1370000executionofaCooperationandRepaymentAgreementbetweentheCityandtheRedevelopmentAgencyinanamountnottoexceed1360000executionofaPurchaseandSaleAgreementandFullSettlementandReleasewithGeorgeKiblerrelatedtotheacquisitionofpropertylocatedat2139RailroadAvenueandauthorizingexecutionofallrelateddocumentsRECOMMENDEDACTIONStaffrecommendstheCityCouncilandRedevelopmentAgencyeachadoptaresolutionauthorizing1Cityappropriateupto1370000inHousingTrustFundsF611toloantotheAgencyforthepurchaseof2139RailroadAvenue2CityandAgencyapprovalofaLoanofupto1370000inHousingTrustFundsF611fromtheCitytotheAgencyandexecutionofaCooperationandRepaymentAgreementtorepaytheCitysHousingTrustFundF6113AgencyauthorizationtoexecuteaPurchaseandSaleAgreementandFullSettlementandReleaseforthepurchaseof2139RailroadAvenueandtherelocationandbenefitservicesofthebusinesslocatedthereon4CityManagerandExecutiveDirectortosignallrelateddocumentsSUMMARYStaffhasnegotiatedapurchaseandsaleagreementwithGeorgeKiblerownerofthepropertylocatedat2139RailroadAvenueThepropertyisadjacentto20092111RailroadAvenuetheLivermoreVillageprojectwhichiscurrentlyownedbytheAgencyIfMEETINGDATEAGENDAITEM5110989 approvedbytheAgencythepropertywouldbepurchasedfor1230000withtheremainingappropriationusedforcostsassociatedwiththepurchaseofthepropertyandtherelocationbenefitsandservicesoftheonsitebusinessTheAgencywouldenterintoaCooperationandRepaymentAgreementwiththeCitytorepaytheloanThepropertywillbecomepartofthelargerLivermoreVillageprojectandincludeavarietyofhousingtypesmaximizingprojectaffordabilityandpotentialtaxincrementDISCUSSIONInAugust2008theRDAacquiredfeetitletothepropertylocatedat20092111RailroadAvenuetheformerLuckyShoppingCenteraspartofthelandassemblyfortheLivermoreVillageDevelopmentprojectTheprojectsiteisadjacentto2139RailroadAvenuePropertya7900squarefootparcelwithanexisting4000squarefootbuildingTheOwnerofthePropertyGeorgeKiblerhasvoluntarilyenteredintonegotiationswiththeAgencytosellthePropertytotheAgencyAsthePropertyislocatedwithintheRedevelopmentProjectAreatheAgencyhasundertakenanappraisalofthePropertyandtheexistingbusinessCircuitTestInctoestablishavaluationofthePropertyandsettlementbenefitsofthebusinessTheownerhasagreedtosellthepropertytotheRDA1230000andallclaimsforrelocationbenefitsandservicesofthebusinessincludingbutnotlimitedtoactualmovingexpensespotentiallossofgoodwillandcompensationforimmovablefurnishingsfixturesandequipment130000TheOwnershaveagreedtoacashsettlementforpurchaseofthepropertyandinlieuofrelocatingthebusinessUponpurchaseofthepropertytheOwnerwillbepermittedtoleasebackthepremisesforanominalleasepaymentforuptosixmonthstoallowtheOwnertoreduceinventoryonsiteThiswillnotimpactthedevelopmentoftheLivermoreVillageprojectasthedemolitionofthebuildingswillbeincludedwithdemolitionalreadyscheduledforotherareasoftheLivermoreVillagesiteIfapprovedbytheCouncilandAgencytheCitywillloantheAgencyanamountnottoexceed1370000inHousingTrustFundstofundacquisitionandrelatedescrowcostsTheAgencywillenterintoaCooperationandRepaymentAgreementoutliningtherepaymentoftheloanThePropertywouldbecomepartoftheLivermoreVillagedevelopmentandencompassalargerareaandwouldincludeavarietyofhousingtypeswhilemaximizingprojectaffordabilityandpotentialtaxincrementThepurchaseofthepropertywouldsquareoffthesiteenhancingcirculationoftheLivermoreVillageprojectFISCALANDADMINISTRATIVEIMPACTSTheCityisappropriating1370000inHousingTrustfundsF611whichwillbeloanedtotheAgencyataninterestratetiedtotheLocalAgencyInvestmentFundTheAgencyshallrepaytheloanin10annualinstallmentscommencinginFY20132014902 ATTACHMENTS1CooperationandRepaymentAgreement2PuraaseandSafeAgreementandFuflSettlemenandRelease3ResoluionsPredillySeibelHousingSpecialistApprovfayLidaBrtonCityanagerExecutiveDirector391 COOPERATIONANDREPAYMENTAGREEMENT2139RailroadAvenueKiblerPropertyThisAgreementisenteredintoasofthedayof2009byandbetweentheCityofLivermoreamunicipalcorporationCityandtheRedevelopmentAgencyoftheCityofLivermoreabodycorporateandpoliticAgencyregardingthepurchaseofthepropertylocatedat2139RailroadAvenueLivermoreCaliforniaPropertyRECITALSATheAmendedandRestatedRedevelopmentPlanfortheLivermoreRedevelopmentProjectwasadoptedonJuly121982byOrdinanceNo1114OriginalProjectAreaandthereafteramendedandrestatedDecember211992byOrdinanceNo1398ExpansionAreaamendedNovember141994byOrdinanceNo1435EstablishingandAmendingCertainTimeLimitsAB1290amendedAugust112003byOrdinanceNo1696EliminatingCertainTimeLimitsSB211amendedNovember102003byOrdinanceNo1703AmendingCertainTimeLimitsandamendedOctober112004byOrdinanceNo1739SecondAmendmentcollectivelyreferredtointhisAgreementastheRedevelopmentPlanaffectingtheLivermoreRedevelopmentProjectAreatheProjectAreaTheAgencyisvestedwiththeresponsibilityforformulatingandcarryingoutnecessaryredevelopmentprojectswithintheProjectAreaBTheDowntownSpecificPlanidentifiespublicimprovementstrategiesthatareintegraltoDowntownsenvisionedrevitalizationincludingtheestablishmentofacatalystzoneatLivermoreVillageidentifyingthePropertyasalocationforimmediateinvestmentTheDowntownSpecificPlanstrategyreliesontheCityasanearlyinvestorinitsownrevitalizationeffortbyparticipatinginkeyprojectsoropportunitysitesthatwillmakeadifferenceinDowntownspecificallythedevelopmentofLivermoreVillageandneighboringpropertieswhichwouldmaximizeprojectaffordabilityandpotentialtaxincrementCTheCityandtheAgencydesiretoenterintothisAgreementforthefollowingpurposesiTosetforthactivitiesservicesandfacilitiesthattheCitywillrenderforandmakeavailabletotheAgencyinfurtheranceoftheactivitiesandfunctionsoftheAgencyundertheCommunityRedevelopmentLawinconnectionwiththePropertyandiiToprovidethattheAgencywillreimbursetheCityforactionsundertakenandcostsandexpensesincurredbyitforandonbehalfoftheAgencyforthePropertyATTAGHJIENT12139RailroadAveloan92 AGREEMENT1PURPOSEThepurposeofthisAgreementistoestablishamechanismforrepaymentoftheconsiderationprovidedbytheCityforsiteacquisitionandpredevelopmentexpensesforthePropertyasmorefullysetforthinSection4inordertofacilitatetheredevelopmentoftheProperty2REPAYMENTAMOUNTTheCityagreestoprovidealoantotheAgencyintheamountofupto1370000OneMillionThreeHundredSeventyThousandDollarsfromF611HousingTrustFundtoassistwiththepurchaseofthePropertyincludingescrowfeeslegalfeescarryingcostsoperatingcostsandpropertymaintenanceandmanagement3TERMOFAGREEMENTSubjecttoSection4belowthisAgreementshallbeinfullforceandeffectforaperiodbeginningasofthedatefirstabovewrittenandcontinuinguntiltheearlierofiallrepaymentobligationsoftheAgencytotheCityaresatisfiedinfullinaccordancewiththetermsofthisAgreementoriiApril1320194REPAYMENTForvaluereceivedtheAgencyagreestopaytotheCitytheprincipalamountoftheCityLoanorsomuchthereofasmaybedisbursedbytheCitytotheAgencyTheAgencyalsoagreestopaytotheCityinterestandotherchargesintheamountsonorbeforethetimeshereinprovidedaAnnualPaymentBeginningwithfiscalyear20132014theAgencyshallrepaytheLoaninten10annualinstallmentstheAgencyPaymentonorbeforeJanuary31ofeachfiscalyearthePaymentDatefromfundsgeneratedbytaxincrementarisingoutoftheredevelopmentofthePropertyHoweverifthePropertyissoldordisposedofbytheAgencythefullamountoftheoutstandingprincipalandinterestdueunderthisAgreementshallbepaidwithin60daysofsaleordispositionbytheAgencybInterestTheprincipalbalanceofthisNoteshallbearsimpleinterestfromthedateofdisbursementuntilrepaidinfullattheLocalAgencyInvestmentFundrateapplicableduringtheperiodtheinterestisaccruingcNewPaymentScheduleIfonDecember312023theAgencydeterminesthatthetaxincrementgeneratedbythePropertywillbeinsufficienttorepaytheremainingprincipalbalanceandaccruedinterestoftheLoaninfulltheCityandtheAgencyshallmeetandnegotiateingoodfaithanewmethodfortherepaymentoftheLoandApplicationofPaymentsAllpaymentsreceivedbytheCityfromtheAgencyshallbeappliedfirsttoaccruedinterestandthentoareductionoftheoutstanding2139RailroadAveloanPage293 principalamountePrepaymentPolicyAgencymayprepaythisLoanatanytimewithoutpenalty5SUBORDINATIONItisagreedbythepartiesheretothatallrepaymentstotheCitypursuanttothisAgreementaresubordinatedtoanyandallpaymentsnecessarytosatisfyexistingdebtoftheAgencyandtoanyandallpaymentsnecessarytosatisfytheAgencysobligationsinconnectionwithexistingbondsorbondswhichmaybeissuedinthefutureortotheextentnecessaryforanybondedindebtednessforwhichtheAgencyhaspledgedasasecurityorsourceofrepaymenttaxincrementgeneratedwithintheProjectArea6INDEBTEDNESSTheAgencysobligationsunderthisAgreementshallconstituteanindebtednessoftheAgencywithinthemeaningofHealthandSafetyCodeSection33670etseq7VALIDITYOFAGREEMENTshallnotbeaffectedtherebyIfanyprovisionsofthisAgreementortheapplicationthereoftoanypersonpartytransactionorcircumstanceisheldinvalidtheremainderofthisAgreementortheapplicationofsuchprovisiontootherpersonspartiestransactionsorcircumstances8AMENDMENTThisAgreementmaybeamendedprovidedsuchamendmentisinwritingandissignedbybothpartiestothisAgreementINWITNESSWHEREOFtheCityManageroftheCityofLivermoreasauthorizedbyresolutionoftheCityCounciloftheCityofLivermorehascausedthenameoftheCityofLivermoretobeaffixedtothisAgreementandtheExecutiveDirectoroftheLivermoreRedevelopmentAgencyasauthorizedbyresolutionoftheAgencyhascausedthenameoftheRedevelopmentAgencyoftheCityofLivermoretobeaffixedtothisAgreementontheabovedateREDEVELOPMENTAGENCYOFTHECITYOFLIVERMORECITYOFLIVERMOREByExecutiveDirectorApprovedastoformneralounselByCityManagerApprovedastoformylCityAttney2139RailroadAveloanPage394 PURCHASEANDSALEAGREEMENTANDFULLSETTLEMENTANDRELEASETHISAGREEMENTdatedMay112009isbyandbetweenGeorgeLKiblerandDorisSKiblerTrusteesoftheGeorgeandDorisKiblerLivingTrustcollectivelySellersandtheRedevelopmentAgencyoftheCityofLivermoreapublicbodycorporateandpoliticAgencyRECITALSTheSellersownthatcertainapproximately7900squarefootparceloflandlocatedat2139RailroadAvenueCityofLivermoreCountyofAlamedaCaliforniaAssessorsParcelNumber098028900201theSubjectPropertythelegaldescriptionofwhichisattachedheretoasAttachmentAandthebuildingandimprovementslocatedthereonSellersoperateabusinessontheSubjectPropertyknownasCircuitTestTheSellersrepresentthatnootherbusinessesexistoroperateonorfromtheSubjectPropertyAgencydesirestopurchasetheSubjectPropertyfromtheSellerstofurtheritsredevelopmentactivitiesandtoeliminateblightconsistentwiththeAgencysRedevelopmentPlantheCityofLivermoresPlanandtheDowntownSpecificPlanOnDecember182009pursuanttotherequirementsofGovernmentCodesection72672atheAgencyofferedtopurchasetheSubjectPropertyfromtheSellersforthefullamountoftheappraisedvalueinsumof1230000TheSellersandAgencythenengagedinnegotiationsforthesaleofthepropertyincludingtheAgencyssatisfactionofitsrelocationobligationspursuanttotherequirementsoftheCaliforniaRelocationAssistanceActof1970setforthinGovernmentCodesection7260etseqaswellastherequirementssetforthinHealthandSafetyCodesection33410etseqandtheCaliforniaCodeofRegulationstitle25section6000etseqTheSellersandAgencyhaveagreedtoexecutethisAgreementinlieuofcondemnationandhavefurtheragreedtoalumpsumpaymenttosatisfytherelocationobligationIntheeventthattheSellersandAgencywerenotabletoreachanagreementforthepurchaseandsaleoftheSubjectPropertyAgencywouldhaveinitiatedeminentdomainproceedingstoacquiretitletotheSubjectPropertyATTACHMENT295 TheSellersandAgencyhavenegotiatedthefollowingcompensationpackagetobepaidbytheAgencytotheSellersforthepurchaseandsaleofthepropertyandthefullsettlementandreleasefortheAgencyssatisfactionofitsrelocationobligationsAcquisitionofSubjectProperty1230000RelocationBenefitssatisfactionofobligation130000Totalcompensationtobepaid1360000NOWTHEREFOREITISMUTUALLYAGREEDBETWEENSELLERSANDTHEAGENCYTHATTHERECITALSARETRUEANDCORRECTANDFURTHERAGREEDASFOLLOWS1TOTALCOMPENSATIONTheAgencyagreestopaytotalcompensationintheamountof1360000OneMillionThreeHundredSixtyThousandDollarsforthepurchaseoftheSubjectPropertyandsatisfactionofitsrelocationobligationcalculatedasfollowsAPURCHASEPRICEFORSUBJECTPROPERTYTheAgencyagreestopaytheSellersthetotalpurchasepriceof1230000OneMillionTwoHundredThirtyThousandDollarsfortheSubjectPropertyasprovidedhereinPurchasePriceThePurchasePriceincludescompensationfortheSubjectPropertyandtheapproximately4000squarefootbuildingsituatedthereonaswellasallimprovementspertainingtotheSubjectPropertylostrentsfixturesandequipmentandforanyandalldamagesofanykindornaturesufferedbytheSellersincludingattorneysfeesandlitigationexpensesinterestofanykindwhatsoeverinrelationtotheAgencysacquisitionoftheSubjectPropertyBFULLSATISFACTIONOFRELOCATIONBENEFITSTheAgencyagreestopaytheSellersthetotalsumof130000OneHundredThirtyThousandDollarsinfullandcompletesettlementoftheAgencysrelocationobligationowedtotheSellerspursuanttotherequirementsoftheCaliforniaRelocationAssistanceActof1970setforthinGovernmentCodesection7260etseqaswellastherequirementssetforthinHealthandSafetyCodesection33410etseqandtheCaliforniaCodeofRegulationstitle25section6000etseqrelatedtotheAgencysacquisitionoftheSubjectPropertyandrelocationoftheSellersCircuitTestandallotherbusinessesfromsaidpropertyRelocationCompensationTheRelocationCompensationrepresentstheamountagreeduponbythepartiesinfullandcompletesatisfactionandsettlementofallclaimsbytheSellersforanyandallrelocationrightsandbenefitsofanykindwhatsoeverrelatedtotheAgencysacquisitionoftheSubjectPropertyAssuchtheRelocationCompensationincludesbutisnotlimitedtocompensationfortherelocationoftheSellersCircuitTestandallotherbusinessfromtheSubjectPropertyincludinganylossofbusinessgoodwillotherbusinesslossesordamagesandforanyandalldamagesofanykindornaturesufferedbythe296 SellersincludingattorneysfeesandlitigationexpensesinterestofanykindwhatsoeverinrelationtoAgencysacquisitionoftheSubjectProperty2CONVEYANCEOFTITLESellersagreetoconveybyGrantDeedtotheAgencymarketablefeesimpletitletotheSubjectPropertyfreeandclearofallrecordedandunrecordedliensencumbrancesassessmentseasementsleasesandtaxesEXCEPTATaxesforthefiscalyearinwhichthisescrowcloseswhichshallbehandledinaccordancewiththeprovisionsofSection4986oftheRevenueandTaxationCodeoftheStateofCaliforniaBQuasipublicutilitypublicalleypublicstreeteasementsandrightsofwayofrecordCAgencyagreestoleasethepropertybacktotheSellersforaperiodofnotmorethansix6monthstoenableSellerstoreduceinventoryonsiteTheleasepaymentshallbe1permonthpayabletoAgencybythe1StofeachmonthandshallbeproratedforanypartialmonthofpossessionpriortotransferofpossessiontoBuyernolaterthanOctober312009SellershalldeliverpossessionofthePropertytoAgencywithinsixmonthsofthecloseofEscrowunlessotherwiseagreedbythepartiesDSuchotherliensencumbrancesreservationsandrestrictionsasmaybeapprovedinwritingbytheGeneralCounselfortheAgency3TITLEINSURANCEFirstAmericanTitleInsuranceCompanyTitleCompanyhasprovidedtheAgencywithitsPreliminaryReportdatedasofMarch92009TheAgencyhasreviewedthatPreliminaryReportandhasnoobjectiontoanyexceptiontocoveragelistedthereinInitiallyPermittedExceptionsWithin15daysfromtheDateofExecutionofthisAgreementtheAgencyshallobtainanupdatedPreliminaryReportandshallhavefive5daysafterreceiptoftheupdatedPreliminaryReporttoobjectinwritingtoanynewexceptionsshownonthereportAgencysTitleNoticeIftheupdatedTitleReportincludesanynewexceptionsandtheAgencyfailstotimelyobjecttheAgencyshallbedeemedtohaveapprovedthePreliminaryReportIftheupdatedPreliminaryReportincludesanynewexceptionsandtheAgencytimelyobjectstheretowithinfifteen15calendardaysafterreceivingAgencysTitleNoticeSellersshalldelivertotheAgencywrittennoticeSellersTitleNoticeofthoseTitleDefectswhichtheSellerscovenantandagreetoeithereliminateorcuretotheAgencyssatisfactionbytheClosingDateandthoseTitleRequirementswhichtheSellersagreetosatisfybytheClosingDateTheSellersfailuretodelivertheSellersTitleNoticetotheAgencywithinthetimeperiodspecifiedaboveshallbedeemedtoconstituteSellerselectionnottoeliminateorcureanysuchTitleDefectortosatisfyanysuchTitleRequirementsIfSellerselectoraredeemedtohaveelectednottoeliminateorcureanyTitleDefectsortonotsatisfyanyTitle397 RequirementstheAgencyshallhavetherightbywrittennoticedeliveredtoSellerswithinfive5calendardaysofSellersTitleNoticeorwithinfive5calendardaysaftertheexpirationofthetimeperiodduringwhichSellersareentitledtodeliverSellersTitleNoticewhicheveroccursfirsttoeitheriwaiveitspriornoticeastotheTitleDefectswhichSellershaveelectednottocureandthoseTitleRequirementswhichSellershaveelectednottosatisfyoriiterminatethisAgreementTheAgencysfailuretodeliveranywrittennoticewithinsuchfive5calendardayperiodshallbeaconclusivepresumptionthattheAgencyhasapprovedtheTitleDocumentsandthisAgreementshallremaininfullforceandeffectOntheClosingDateTitleCompanyshallissueitsCLTAOwnersCoverageFormPolicyofTitleInsurancewithliabilityintheamountofthePurchasePriceshowingtitletothepropertyvestedintheAgencysubjecttoallInitiallyPermittedExceptionsandallsubsequentlyacceptedexceptionswhetherresultingfromafailuretotimelydelivertheAgencysTitleNoticeorfailuretoterminateaftertheSellersfailureorrefusaltocureanyitemssetforthintheAgencysTitleNotice4SETTLEMENTANDRELEASETheSellersonbehalfofthemselvesandtheiragentssuccessorsassignsattorneysandotherrepresentativesandeachofthemherebyacknowledgethattheRelocationCompensationsatisfiesanyandallclaimsbytheSellersforanyandallrelocationrightsandbenefitsofanykindwhatsoeverpursuanttotherequirementsoftheCaliforniaRelocationAssistanceActof1970setforthinGovernmentCodesection7260etseqaswellastherequirementssetforthinHealthandSafetyCodesection33410etseqandtheCaliforniaCodeofRegulationstitle25section6000etseqincludinganlossofbusinessgoodwillrelatedtotheAgencysacquisitionoftheSubjectPropertyInconsiderationforthepaymentoftheRelocationCompensationsetforthinSection1BtheSellersherebyreleasetheAgencyfromandagainstanyandallclaimsdemandscausesofactionobligationsdamagesandliabilitiesofanynaturewhatsoeverwhetherallegedunderanystatutecommonlaworotherwisedirectlyorindirectlyarisingoutoforrelatedtotheAgencysacquisitionoftheSubjectPropertyandtherelocationrightsandbenefitsincludinganylossofbusinessgoodwillotherbusinesslossesordamagesandforanyandalldamagesofanykindornaturesufferedbytheSellersandortheBusinessOwnersincludingattorneysfeesandlitigationexpensesTHESELLERSFURTHEREXPRESSLYWAIVEANYRIGHTSAGAINSTTHEAGENCYARISINGUNDERCALIFORNIACIVILCODESECTION1542WHICHPROVIDESASFOLLOWSAGENERALRELEASEDOESNOTEXTENDTOCLAIMSWHICHTHECREDITORDOESNOTKNOWORSUSPECTTOEXISTINHISFAVORATTHETIMEOFEXECUTINGTHERELEASEWHICHIF498 KNOWNBYHIMMUSTHAVEMATERIALLYAFFECTEDHISSETTLEMENTWITHTHEDEBTORBysigninginthespaceprovidedbeloweachoftheSellersacknowledgesthatheandshehasreadandunderstoodtheprovisionsofthissection4oftheAgreementDatedGegeLKiblerSellerDated4DirosSKiblerSeller5ESCROWANDINSTRUCTIONSAESCROWAnEscrowOrderNumber616989a1aEscrowhasbeenopenedwithFirstAmericanTitleCompanyEscrowHolderTheAgencyandtheSellersagreethatEscrowHolderistoprepareandtheAgencyandSellersaretoexecutejointescrowinstructionsasmaybenecessaryandappropriatetoclosethetransactioninaccordancewiththetermsofthisAgreementandtoconveyandrecordthenecessaryinstrumentsintheofficeoftheCountyRecorderThepartiesagreethatescrowistocloseonorbeforeJune302009theClosingDateTheClosingDatemaybeextendedorshortenedonlyuponmutualwrittenagreementofthepartiesRecordationofinstrumentsdeliveredthroughthisEscrowisauthorizedifnecessaryorproperintheissuanceofsaidpolicyoftitleinsuranceTheAgencywilldepositthisAgreementanditsCertificateofAcceptanceacopyofwhichistobeattachedheretoasAttachmentBwithEscrowHolderwithinthreebusinessdaysfromobtainingtheCertificateofAcceptanceTheAgencyagreestodepositthePurchasePriceandtheRelocationCompensationincashbycertifiedcheckorbankcashierscheckorbywiretransferinfullupondemandofEscrowHolderTheAgencyandtheSellersagreetodepositwithEscrowHolderanyadditionalinstrumentsasmaybenecessarytocompletethistransactionTheAgencyandtheBusinessOwnersagreetodepositwithEscrowHolderanyadditionalinstrumentsasmaybenecessarytocompletethedisbursementoftheRelocationCompensationAllfundsreceivedinthisEscrowshallbedepositedwithotherescrowfundsinageneralescrowaccountsandmaybetransferredtoanyothersuchescrowtrustaccountinanystateornationalbankaccountdoingbusinessintheStateofCaliforniaAlldisbursementsshallbemadebycheckfromsuchaccountConsistentwiththisAgreementandtheescrowinstructionstheEscrowHolders99 shalldisbursethePurchasePricelessescrowcostssetforthhereintotheSellersanddisbursetheRelocationCompensationtotheBusinessOwnersBFURTHERINSTRUCTIONSEscrowHolderisspecificallyinstructedasfollowsiPayandchargeSellersforanyunpaiddelinquenttaxesandorpenaltiesandinterestthereonforanydelinquentornondelinquentassessmentsorbondsagainstthepropertyforanyleaseterminationpaymentsandforamountsdueandowningtheAgencyforentitlementsobtainedintheconjunctionwiththeapprovaloftheProjectiiIntheeventthisClosingDateisbetweenJuly1andNovember1andcurrenttaxinformationisnotavailablefromtitleinsurerEscrowHoldersinstructedtowithholdfromSellersproceedsanamountequaltotheestimatedproratedamountduebaseduponthepreviousfiscalyearssecondhalftaxbillIfEscrowHolderdeterminesthatmoreisowedtheEscrowHoldershallbilltheSellersdirectlyAtsuchtimethatthetaxinformationisavailableEscrowHoldershallmakeacheckpayabletotheCountyTaxCollectorfortheSellersproratedportionoftaxesandforwardsametotheAgencyandshallrefundanydifferencetotheSellersIntheeventtheamountwithheldisnotsufficienttopaytheSellersproratedportionoftaxesduetheSellershereinagreetoimmediatelypaythedifferenceIntheeventsaidtaxinformationisavailableSellerstaxesshallbeproratedinaccordancewithParagraphiiibelowiiiFromthedatethattaxinformationisavailableasperParagraphiiuptoandincludingJune30SellerscurrenttaxesifunpaidshallbeproratedtotheClosingDateonthebasisofa365dayyearinaccordancewithTaxCollectorsprorationrequirementstogetherwithpenaltiesandinterestifsaidcurrenttaxesareunpaidafterDecember10andorApril10OntheClosingDateacheckpayabletotheCountyTaxCollectorfortheSellersproratedportionoftaxesshallbeforwardedtotheAgencywiththeclosingstatementivAnytaxeswhichhavebeenpaidbytheSellerspriortotheopeningofthisEscrowshallnotbeproratedbetweentheAgencyandSellersbuttheSellersshallhavethesolerightaftertheClosingDatetoapplytotheCountyTaxCollectorofsaidcountyforrefundThisrefundwouldapplytotheperiodafterTheAgencysacquisitionpursuanttoRevenueandTaxationCodeSection50967vPayandchargetheAgencyforallfeeschargesandcostswhichariseinconnectionwiththisEscrowincludinganyandallescrowfeestitleinsurancefeesrecordingfeesandanytransfertaxesifanyviDisbursefundsanddelivertheDeedwhentheconditionsofthisEscrowhavebeenfulfilledbytheAgencyandtheSellers6100 viiAlltimelimitswithinwhichanymatterhereinspecifiedistobeperformedmaybeextendedbymutualagreementofthepartiesheretoAnyamendmentoforsupplementtoanyinstructionsmustbeinwritingviiiTIMEISOFTHEESSENCEINTHESEINSTRUCTIONSANDESCROWISTOCLOSEASSOONASPOSSIBLEThepartiesacknowledgethattheAgencysgoverningboardisscheduledtoconsidertheapprovalofthisAgreementonMay1120096PERMISSIONTOENTERONPREMISESTheSellersherebygranttotheAgencyoritsauthorizedagentspermissiontoenterupontheSubjectPropertyuponatleastfortyeighthourspriornoticetotheSellerstogetherwithadescriptionoftheteststobeconductedforthepurposeofmakingnecessaryorappropriateinspectionstoinvestigatethephysicalandenvironmentalcharacteristicsandconditionoftheSubjectPropertyTheAgencyshallindemnifydefendandholdtheSellersandtheirpartnersagentsrepresentativessuccessorsandassignsharmlessfromanylienscostsdemandsforpaymentliabilitiesaswellasanyphysicaldamagetotheSubjectPropertyorinjuryordeathtopersonscausebymakingsuchtestsorexercisingtheAgencysrightofentryIfonorbefore500pmonthedatewhichisthirty30calendardaysaftertheDateofExecutionofthisAgreementtheApprovalDatetheAgencydisapprovesanyofthephysicalandenvironmentalconditionoftheSubjectPropertybyprovidingSellerswithwrittennoticeNoticeofDisapprovalthisAgreementshallterminatewithoutanyliabilityonthepartofeitherpartyUpontheAgencysfailuretotimelygiveitsNoticeofDisapprovaltheAgencyshallbedeemedtohaveconclusivelyapprovedallaspectsoftheSubjectProperty7LOSSORDAMAGETOIMPROVEMENTSLossordamagetotheSubjectPropertyoranyimprovementsthereonbyfireorothercasualtyoccurringpriortotherecordationoftheGrantDeedshallbeattheriskoftheSellersIntheeventthatlossordamagetotheSubjectPropertyoranyimprovementsthereonbyfireorothercasualtyoccurspriortotherecordationoftheGrantDeedtheAgencymayelecttorequirethattheSellerspaytotheAgencytheproceedsofanyinsurancewhichmaybecomepayabletotheSellersbyreasonthereofortopermitsuchproceedstobeusedfortherestorationofthedamagedoneortoreducethetotalpricebyanamountequaltothediminutioninvalueoftheSubjectPropertybyreasonofsuchlossordamageortheamountofinsurancepayabletotheSellerswhicheverisgreater8WARRANTIESREPRESENTATIONSANDCOVENANTSATheSellersherebywarrantrepresentandorcovenanttotheAgencythat101 1TothebestoftheSellersknowledgetherearenoactionssuitsmaterialclaimslegalproceedingsoranyotherproceedingsaffectingtheSubjectPropertyoranyportionthereofatlaworinequitybeforeanycourtorgovernmentalagencydomesticorforeign2TothebestoftheSellersknowledgetherearenoencroachmentsontotheSubjectPropertybyimprovementsonanyadjoiningpropertynordoanybuildingsorimprovementsencroachonotherproperties3UntiltheClosingDatetheSellersshallmaintainthepropertyinitscurrentconditionandstateofrepairandmaintenancereasonablewearandtearandeventsofcasualtyexceptedandshallperformallofitsobligationsunderanyservicecontractsorothercontractsaffectingtheSubjectProperty4UntiltheClosingDatetheSellersshallnotdoanythingwhichwouldimpairSellerstitletoanyoftheSubjectProperty5TothebestoftheSellersknowledgeallutilitiesincludinggaselectricitywatersewageandtelephoneareavailabletotheSubjectPropertyandallsuchitemsareingoodworkingorder6TothebestoftheSellersknowledgeneithertheexecutionofthisAgreementnortheperformanceoftheobligationshereinwillconflictwithorbreachanyoftheprovisionsofanybondnoteevidenceofindebtednesscontractorotheragreementorinstrumenttowhichtheSubjectPropertymaybebound7TothebestoftheSellersknowledgetheyarenotawareofanyoralorwrittenleasesonalloranyportionofSubjectProperty8UntiltheClosingDatetheSellersshalluponlearningofanyfactorconditionwhichwouldcauseanyofSellerswarrantiesandrepresentationscontainedinthisSectionnottobetrueasofClosingDateimmediatelygivewrittennoticeofsuchfactorconditiontotheAgencyBTheAgencyherebywarrantsrepresentsandorcovenantstotheSellersthat1alldocumentsexecutedbytheAgencywhicharetobedeliveredtotheSellersattheClosingDateareorontheClosingDatewillbedulyauthorizedexecutedanddeliveredbytheAgencyandareorattheClosingDatewillbelegalvalidandbindingobligationsoftheAgencyanddonotandattheClosingDatewillnotviolateanyprovisionsofanyagreementtowhichtheAgencyisapartyortowhichitissubject102s 2TheAgencyshallfurnishallofthefundsforthepurchaseoftheSubjectPropertyandsuchfundswillnotbefromsourcesoffundsorpropertiesderivedfromanyunlawfulactivity9PARTIESOFINTERESTThetermsandconditionscovenantsandagreementssetforthhereinshallapplytoandbindthehairsexecutorsadministratorsassignsandsuccessorsofthepartieshereto10ENTIREAGREEMENTThisAgreementconstitutesandcontainstheentireagreementofthepartieswithrespecttothesubjectmatterhereofandthereofandsupersedesanyandallotherpriornegotiationscorrespondenceunderstandingsandagreementsrespectingthesubjectmatterhereofandthereofTherearenorepresentationspromisesagreementsorotherunderstandingsbetweenthepartiesrelatingtothesubjectmatterofthisAgreementthatarenotexpressedhereinThisAgreementmaynotbechangedorallybutonlybyanAgreementinwritingsignedbythepartyagainstwhomenforcementofanywaiverchangemodificationordischargeissought11NOTICESUnlessotherwisespecificallyprovidedhereinaflnoticesconsentsdirectionsapprovalsinstructionsrequestsandothercommunicationsrequiredorpermittedbythetermshereoftobegiventoanypersonorentityshallbeinwritingandanysuchnoticeshallbecomeeffectivetwo2businessdaysafterbeingdepositedinthemailcertifiedorregisteredwithappropriatepostageprepaidforfirstclassmailorifdeliveredbyhandorintheformofafacsimiletransmissionwhenreceivedandshallbedirectedtotheaddressofsuchpersonorentitysetforthbeloworatsuchotheraddressaseitherpartyshallhereafterdesignateinwritinganddelivertotheotherinaccordancewiththeprovisionofthisparagraphIftotheSELLERSGeorgeKiblerDorisKibler40StantonCourtDanvilleCalifornia94526IftotheAGENCYEricUrangaRedevelopmentAgencyoftheCityofLivermore1052SouthLivermoreAvenueLivermoreCalifornia94550489912SURVIVALTERMINATIONTherepresentationswarrantiesandagreementsofthepartiescontainedorprovidedforinthisAgreementshallsurvivetheClosingDateandtherecordationanddeliveroftheGrantDeedconveyingthePropertytotheAgencyandshallbeandcontinueineffectnotwithstandingthefactthatanypartymaywaivecompliancewithanyothertermprovisionorconditionofthisAgreement9103 13COUNTERPARTSThisagreementmaybeexecutedincounterpartseachofwhichsoexecutedshallirrespectiveofthedateofitsexecutionanddeliverybedeemedanoriginalandallsuchcounterpartstogethershallconstituteoneandthesameinstrumentThisAgreementmayalsobeexecutedbydeliveryoffaxtothepartiesassetforthaboveofanexecutedcounterpartoriginalofthisAgreementThepartiesshallthereafterexchangetheoriginaldocumentsbearingoriginalsignaturesbutthefailuretodososhallnotaffecttheenforceabilityofthisAgreement14AUTHORITYANDEXECUTIONEachpersonexecutingthisAgreementonbehalfofapartyrepresentsandwarrantsthatsuchpersonisdulyandvalidlyauthorizedtodosohasfullrightandauthoritytoenterintothisAgreementandallofitsobligationshereunder15SEVERABILITYTheinvalidityorunenforceabilityofanytermorprovisionofthisAgreementorthenonapplicationofanysuchtermorprovisiontoanypersonorcircumstanceshallnotimpairoraffecttheremainderofthisAgreementandtheremainingtermsandprovisionshereofshallnotbeinvalidatedbutshallremaininfullforceandeffectandshallbeconstruedasifsuchinvalidunenforceableornonapplicableprovisionwereomitted16WAIVEROFMODIFICATIONNowaiverormodificationofthisAgreementoranycovenantconditionorlimitationhereincontainedshallbevalidunlessinwritinganddulyexecutedbythepartytobechargedtherewithNoevidenceofanywaiverormodificationshallbeofferedorreceivedinevidenceinanyproceedingarbitrationorlitigationbetweenthepartiesarisingoutoforaffectingthisAgreementortherightsorobligationsofanypartyhereunderunlesssuchwaiverormodificationisinwritinganddulyexecutedasaforesaidTheprovisionsofthissectionmaynotbewaivedexceptashereinsetforth17HEADINGSTheheadingsofthevariousArticlesofthisAgreementareforconvenienceofreferenceonlyandshallnotmodifydefineorlimitanyofthetermsorprovisionshereoforthereof18GOVERNINGLAWThisAgreementhasbeendeliveredinandshallinallrespectsbegovernedbyandconstruedinaccordancewiththelawsoftheStateofCaliforniaincludingallmattersofconstructionvalidityandperformanceandenforcement19TIMETimeisoftheessenceinthisAgreementastoeachprovisioninwhichtimeisanelementofperformance20ATTORNEYSFEESIntheeventofanyactionorproceedingbroughtbyeitherpartytoenforcethetermsoforarisingoutofthisAgreementtheprevailingpartyshallbeentitledtorecoverallcostsandexpensesincurredinconnectiontherewithincludingreasonablyattorneysfeesIO104 21COOPERATIONEachpartyheretowilluponreasonablerequestoftheotherpartyexecuteacknowledgeanddeliverorcausetobeexecutedacknowledgedanddeliveredsuchfurtherinstrumentsanddocumentsasmaybereasonablynecessaryinordertofulfilltheintendsandpurposesofthisAgreement22BROKERAGECOMMISSIONSThepartiesheretorepresentandwarranttoeachotherthattherearenobrokersagentsorfindersthatareentitledtoanyclaimforanycommissionfindersfeeorothercompensationinconnectionwiththesaleofthePropertypursuanttothisAgreementandeachpartyshallindemnifyorexpenseforanybrokeragecommissionsfindersfeesorothercompensationclaimedtobedueandowingbyreasonofitsactivitiesinenteringintoorconsummatingthetransactioncontemplatedbythisAgreement23CERTIFICATEOFACCEPTANCEThisagreementisbindinguponallpartiesuponitbeingapprovedbytheAgencysgoverningboardviaaCertificateofAcceptancewhichisscheduledtoconsidertheapprovalofthisAgreementonMay112009exceptasotherwisesetforthinthisAgreementIfAgencyfailstodeliveritsCertificateofAcceptancetotheSellersonorbefore500pmJune302009thisagreementiscancelledunlesstheSellersagreetoextendtheperiodtoobtaintheCertificateofAcceptanceinwriting24DATEOFEXECUTIONOFTHISAGREEMENTThedateonwhichthisAgreementissignedbelowbytheSellersandbytheAgencyeventhoughnothavingbeenapprovedbytheAgencysgoverningboardshallbesetforthinthefirstlineofthisAgreementandshallbereferredtoastheDateofExecutionofthisAgreementti105 INWITNESSWHEREOFthepartiesheretohaveexecutedthisAgreementthedateandyearsetforthhereinaboveDatedSELLERSB1yGeogeLKiblerDorisSKiblerDatedREDEVELOPMENTAGENCYOFTHECITYOFLIVERMOREAbodypoliticandcorporateAgencyByLindaBartonExecutiveDirectorAPPRDASTOFORMAmaraMorrisonAssistantGeneralCounselAttachmentsAttachmentALegalDescriptionAttachmentBCertificateofAcceptance12106 AttachmentALEGALDESCRIPTIONRealpropertyintheCityofLivermoreCountyofAlamedaStateofCaliforniadescribedasfollowsAPORTIONofPlots17and18intheRanchoEIValledeSanJoseandportionofLot5ofSection8inTownship3SouthRange2EastMDBMboundedasfollowsBEGINNINGatapointonthesoutheasternlineofRailroadAvenuedistantthereonSouth69430West110feetfromthesouthwesternlineofLivermoreAvenuenowSouthLivermoreAvenuerunningthencealongsaidlineofRailroadAvenuesouth69430West70feetthenceparallelwithsaidlineofSouthLivermoreAvenueSouth20430East78feetthenceparallelwithsaidlineofRailroadAvenueSouth69430West2524feetmoreorlesstothesouthwesternlineoftheparceloflanddescribedintheDeedofGiftbyGeorgeEHolttoMarianELambertetalrecordedJune231945SeriesNoSS39729Book4698OrPage307AlamedaCountyRecordsthencealongthelastmentionedlinesoutheasterly3228feetmoreorlesstothenorthwesternlineofthe100footrightofwayoftheCentralPacificRailroadCompanythencealongthelastmentionedlineNorth69430east7918feettotheeasternlineofsaidLambertparceloflandthencealongthelastmentionedlineNorth20430west106feettothepointofbeginningAPN098028900201107 AttachmentBCERTIFICATEOFACCEPTANCEThisistocertifythattheinterestinrealpropertyconveyedbytheGrantDeedAPN098028900201datedfromGeorgeLKiblerandDorisSKiblerTrusteesoftheGeorgeandDorisKiblerLivingTrusttotheRedevelopmentAgencyoftheCityofLivermoreapublicbodycorporateandpoliticisherebyacceptedbytheundersignedCityClerkonbehalfoftheCityofLivermorepursuanttoauthorityconferredbyResolutionNo165oftheCityCounciladoptedonJanuary41965andthegranteeconsentstotherecordationthereofbyitsdulyauthorizedofficerDATEDSusanGibbsInterimCityClerkCityofLivermore1052SouthLivermoreAvenueLivermoreCA94550108 INTHECITYCOUNCILOFTHECITYOFLIVERMORESTATEOFCALIFORNIAARESOLUTIONAUTHORIZINGENTERINGINTOACOOPERATIONAGREEMENTWITHTHEREDEVELOPMENTAGENCYOFTHECITYOFLIVERMORETOLOANTHEAGENCYANAMOUNTNOTTOEXCEED1370000INHOUSINGTRUSTFUNDSFUND611FORTHEPURCHASEOF2139RAILROADAVENUEAPN098028900201ESCROWCOSTSOPERATINGCOSTSANDRELOCATIONCOSTSASSOCIATEDWITHCIRCUITTESTTheRedevelopmentAgencydesirestoborrowanamountnottoexceed1350000fromtheCityforthepurchaseofthepropertylocatedat2139RailroadAvenueandallclaimsforrelocationbenefitsandservicesassociatedwithCircuitTestincludingbutnotlimitedtoactualmovingexpensespotentiallossofgoodwillandcompensationforimmovablefurnishingsfixturesandequipmentandassociatedcostsincurredortobeincurredasaresultthereofBEITRESOLVEDbytheCityCounciloftheCityofLivermorethattheCityManagerisauthorizedonbehalfoftheCityofLivermoreto1Appropriate1370000inHousingTrustfundsF611toloantheRedevelopmentAgencyoftheCityofLivermoretocovercostsassociatedwiththeacquisitionofthepropertylocatedat2139RailroadAvenue2EnterintoaCooperationandRepaymentAgreementwiththeRedevelopmentAgencytoloantheAgencyupto1370000forthepurchaseof2139RailroadAvenueandtheassociatedrelocationbenefitsandservicesofthebusinessCircuitTestBEITFURTHERRESOLVEDbytheCityCounciloftheCityofLivermorethattheCityManagerisauthorizedtosignalldocumentsasmaybenecessarytoassisttheRedevelopmentAgencyoftheCityofLivermorewiththepurchaseofthepropertylocatedat2139RailroadAvenueOnmotionofCouncilmemberCouncilmemberthe11todayofMay2009bythefollowingvoteAYESCOUNCILMEMBERSNOESCOUNCILMEMBERSABSENTCOUNCILMEMBERSABSTAINCOUNCILMEMBERSATTESTINTERIMCITYCLERKsecondedbytheforegoingresolutionwaspassedandadoptedonAPPROVEDASTOFORMTYATfORNERESOLUTIONNO109 INTHEREDEVELOPMENTAGENCYOFTHECITYOFLIVERMORESTATEOFCALIFORNIAARESOLUTIONAUTHORIZINGEXECUTIONOFACOOPERATIONAGREEMENTWITHTHECITYOFLIVERMORETOACCEPTALOANNOTTOEXCEED1370000INHOUSINGTRUSTFUNDSFUND611FORTHEPURCHASEOFREALPROPERTYANDTHERELOCATIONBENEFITSOFTHEBUSINESSCIRCUITTESTLOCATEDAT2139RAILROADANDEXECUTINGAPURCHASEANDSALEAGREEMENTANDFULLSETTLEMENTANDRELEASEINTHEAMOUNT1360000WITHGEORGEKIBLERRELATEDTOTHEACQUISITIONOFPROPERTYLOCATEDAT2139RAILROADAVENUEESCROWCOSTSOPERATINGCOSTSANDRELOCATIONCOSTSASSOCIATEDWITHTHEBUSINESSCIRCUITTESTItisdesirablefortheRedevelopmentAgencyoftheCityofLivermoreAgencytopurchasetherealpropertylocatedat2139RailroadAvenueAPN098028900201fromGeorgeKiblerandproviderelocationbenefitstoGeorgeKiblerownerofCircuitTestthebusinesslocatedat2139Railroadintheamountof1360000andtoborrowHousingTrustFundsF611inanamountnottoexceed1370000fromtheCityforthatpurposeincludingtheadministrativeandtransactionalcostsassociatedwiththepurchaseandsettlementITISRESOLVEDbytheRedevelopmentAgencyoftheCityofLivermorethattheExecutiveDirectoronbehalfoftheRedevelopmentAgencyisauthorizedtoEnterintoaCooperationAgreementwiththeCityofLivermoretoborrowanamountnottoexceed1370000inHousingTrustFundsF611fromtheCityforthepurchaseof2139RailroadAvenueandallclaimsforrelocationbenefitsandservicesassociatedwithCircuitTestandBEITFURTHERRESOLVEDbytheRedevelopmentAgencyoftheCityofLivermorethattheExecutiveDirectoronbehalfoftheRedevelopmentAgencyisauthorizedtoExecutethePurchaseandSaleAgreementandFullSettlementandReleasewithGeorgeKiblerrelatedtotheacquisitionofpropertylocatedat2139RailroadAvenueandtheassociatedrelocationbenefitsandservicesofthebusinessCircuitTestintheamountnottoexceed1370000andsignallrelateddocumentsOnmotionofAgencyMembersecondedbyAgencyMembertheforegoingresolutionwaspassedandadoptedonthe11tdayofMay2009bythefollowingvoteAYESAGENCYMEMBERSNOESAGENCYMEMBERSABSENTAGENCYMEMBERSABSTAINAGENCYMEMBERSATTESTINTERIMAGENCYSECRETARYAPPROVEDASTOFORMENELCONSELRESOLUTIONNO110