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Generated summaryAI-assisted
The memorandum outlines actions related to the acquisition of approximately 3.56 acres of land at 447 South Almaden Boulevard by the City. It recommends adopting a resolution to authorize the City Manager to negotiate and execute a purchase and sale agreement with BXP Almaden Associates LP for a purchase price of $13,500,000. The property is currently used as a public parking lot and may be utilized for future city planning, including potential expansions of the San Jose McEnery Convention Center. The memorandum also details necessary budget amendments and funding sources for the acquisition.
Key points
The property is located at 447 South Almaden Boulevard and is approximately 3.56 acres.
The acquisition price is set at $13,500,000.
The property is currently used as a parking lot for the Children's Discovery Museum.
Future uses may include expansion of the Convention Center and other downtown developments.
The memorandum includes recommendations for budget amendments related to the acquisition.
Limitations
The text contains unresolved placeholders and blank fields, such as specific dates and budget references.
The document does not provide information on the final approval status of the acquisition.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 15,924 chars
COUNCIL AGENDA: FILE: ITEM: TO: HONORABLE MAYOR AND CITY COUNCIL SUBJECT: Actions Related to the Acquisition of 447 South Almaden Boulevard Approved 9/30/25 25-1023 8.1 FROM: Jen Baker Jim Shannon DATE: September 8, 2025 Date: 9/18/2025 COUNCIL DISTRICT: 3 RECOMMENDATION (a) Adopt a resolution authorizing the City Manager, or her designee, to negotiate and execute: (1) A Purchase and Sale Agreement with BXP Almaden Associates LP, a Delaware limited partnership, for the purchase by the City of approximately 3.56 acres of land commonly known as 447 South Almaden Boulevard, identified as Assessor’s Parcel Numbers 264-28-176, 264-28-175, 264-28174, 264-28-173, 264-28-172, 264-28-149, 264-28-152, 264-28-167, 264-28168, 264-28-169, 264-28-019, 264-28-153, 264-28-160, 264-28-022, 264-28023, 264-28-024, 264-28-028, and 264-28-025, for a price of thirteen million five hundred thousand dollars ($13,500,000); and (2) All other documents necessary to effectuate the transfer to the City. (b) Adopt the following 2025-2026 Appropriation Ordinance and Funding Source Resolution amendments in the Convention Center Facilities District Revenue Fund: (1) Establish a revenue estimate for Financing...
Official source link unavailable.
The file was imported, but the current source metadata does not include a public document URL.
Generated summaryAI-assisted
The document outlines a proposal for the acquisition and financing of a property located at 447 South Almaden Boulevard and 235 Woz Way, covering 3.56 acres. The property is entitled for 1.4 million square feet of office space and includes a 414-space parking lot. The purchase price is set at $13,500,000, with a 20-day closing period upon contract execution. The financing will involve the issuance of taxable commercial paper notes, with repayment sourced from parking and CCFD funds. Recommendations include conducting a public hearing and adopting resolutions for financing and property purchase agreements.
Key points
Property located at 447 South Almaden Blvd and 235 Woz Way, 3.56 acres.
Entitled for 1.4 million square feet of office space.
Purchase price of $13,500,000.
20-day closing upon contract execution.
Financing through issuance of taxable commercial paper notes.
Repayment sourced from parking and CCFD funds.
Recommendations include conducting a public hearing and adopting resolutions.
Limitations
The text indicates placeholders for some sections, such as specific dates and votes.
The document does not specify the exact nature of the public hearing or the details of the resolutions.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 3,180 chars
447 SOUTH ALMADEN BOULEVARD AND 235 WOZ WAY PROPERTY ACQUISITION AND FINANCING September 30, 2025 City Council/SJFA Agenda Item 1 City Council Agenda Item 8.1 Jen Baker, Director, City Manager’s Office of Economic Development and Cultural Affairs Kevin Ice, Assistant to the City Manager, Director of Real Estate, Office of Economic Development and Cultural Affairs Maria Öberg, Director of Finance Qianyu Sun, Deputy Director of Finance – Debt and Treasury Management PROPERTY • 3.56 Acres located at South 447 Almaden Blvd and 235 Woz Way • Downtown General Plan • 414 space parking lot City lease until 2027 • Entitled for 1.4M square feet of office • Located between Convention Center and Discovery Meadows/Children’s Discovery Museum 2 KEY TERMS • Purchase Price: $13,500,000 • 20 day closing upon contract execution • As-Is acquisition: Title and environmental due diligence are complete • Closing costs paid according to County custom • City to assume Disposition and Development Agreement held by Successor Agency to the Redevelopment Agency 3 STRATEGIC OPPORTUNITY • Creates 32-acre contiguous City holding • Bridges Discovery Meadow and Convention Center • Can support Convention...