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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.
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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...
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Generated summaryAI-assisted
The letter expresses concerns about the Giord Apartments project and the waiving of Council approved design standards. It requests the City Council to remove a specific item from the consent calendar, separate the acquisition of the Knox-Goodrich property from the Giord Apartments incentive structure, and continue the item for further public review and discussion. The letter emphasizes the need for transparency and accountability in public resource management.
Key points
Concerns regarding the waiving of Council approved design standards for the Giord Apartments project.
Request to remove Item 2.10 from the consent calendar.
Request to bifurcate the South First Street acquisition from the Giord Apartments incentive structure.
Request for a staff memo detailing the justification for the escrow holdback for future Council vote.
Request to continue the item to a future meeting for additional public review and discussion.
Emphasis on the need for transparency, accountability, and thoughtful stewardship of public resources.
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Extracted text preview · 1,700 chars
The Gi ord Apartments project has generated significant neighborhood concerns regarding the waiving of Council approved designed standards. Those standards were developed through years of collaboration among neighborhood leaders, planning sta , property owners, and the development community. If the City intends to provide financial value that facilitates a specific project, then there should also be a transparent discussion regarding community benefits, labor standards, prevailing wage commitments, design quality, and the long-term precedent such actions create. The Council should not be forced into an all-or-nothing vote. Members may support acquiring the historic Knox-Goodrich property while having legitimate concerns regarding the incentive structure tied to Gi ord Apartments. Likewise, residents deserve the opportunity to comment separately on each issue. For these reasons, we respectfully request that the City Council: 1. Remove Item 2.10 from the consent calendar; 2. Bifurcate the South First Street acquisition from the Gi ord Apartments incentive structure with direction to sta to provide a sta memo detailing the justification for the escrow holdback for a future Council vote;...