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San Jose Civic Gallery City Hall agenda intelligence

Matter 26-698

Actions Related to the Acquisition of Real Property Located at 26-36 South First Street.

Housing City Council Agenda Ready Introduced 02 Jun 2026
1 Document on file 396 KB · 1 extracted · 1 AI summary
File
26-698
Type
Consent Agenda
Status
Agenda Ready
Requester
Unknown
Introduced
02 Jun 2026
Last synced
05 Jun 2026 · 16:12

The papers

1 document · 396 KB
01 396 KB

Memorandum

396 KB Extracted AI Summary
file 7fb7a3ff-e2c9-4a8f-8ee9-8b34f569a3ff.pdf sha 891b6398024a source unavailable

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Generated summary AI-assisted

The source text indicates this attachment appears to be a draft document.

This memorandum outlines actions related to the acquisition of real property located at 26-36 South First Street, including a recommendation to authorize the City Manager to negotiate a purchase agreement for approximately 0.35 acres of land, including the historic Knox-Goodrich building. The acquisition aims to support housing development and commercial activation in Downtown San Jose.

Key points
  • The property consists of two parcels totaling approximately 0.35 acres.
  • The historic Knox-Goodrich building is included in the acquisition.
  • The recommended purchase price is $3,600,000, with an escrow holdback of $975,000 contingent on a performance metric.
  • The acquisition supports the development of the Gifford Apartments project nearby.
  • The property is zoned for Downtown Primary Commercial use and has a general plan designation of Downtown.
Limitations
  • The text contains placeholders and unresolved sections, such as the budget reference table and specific dates for council actions.
  • The document appears to be a draft, as indicated by the presence of 'Approved' and 'Date:' fields without completed values.

Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.

Extracted text preview · 12,107 chars
COUNCIL AGENDA: FILE: ITEM: TO: HONORABLE MAYOR AND CITY COUNCIL SUBJECT: See Below Approved 6/9/26 26-698 2.10 FROM: Jen Baker Erik L. Soliván Jim Shannon DATE: May 18, 2026 Date: 6/2/26 COUNCIL DISTRICT: 3 SUBJECT: Actions Related to the Acquisition of Real Property Located at 26-36 South First Street RECOMMENDATION (a) (b) Adopt a resolution authorizing the City Manager or her designee to: (1) Negotiate and execute a purchase and sale agreement with UC Fountain Alley Owner LLC, for approximately 0.35 acre (15,042 square feet) of land across two contiguous parcels containing a combined 11,150 square feet of building space, now vacant, including the historic Knox-Goodrich building, known as 26-36 South First Street, identified as Assessor’s Parcel Numbers 467-22-167 and 467-22-004, for a price of $3,600,000, subject to an escrow holdback in the amount of $975,000 contingent on the satisfaction of a performance metric related to the vertical construction of 276 residential units at 470 West San Carlos Street, known as Gifford Apartments by December 31, 2026; and (2) Negotiate and execute all other documents and agreements necessary to effectuate the transfer to the City. Adopt...