RESOLUTION NO. _____________
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BOARD OF SUPERVISORS, COUNTY OF SAN MATEO, STATE OF CALIFORNIA
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RESOLUTION AUTHORIZING THE EXECUTION OF AN AGREEMENT WITH FIRST AMERICAN TITLE INSURANCE COMPANY TO PURCHASE REAL PROPERTY LOCATED AT 555 MARSHALL STREET IN REDWOOD CITY FOR $3,900,000; AND AUTHORIZING THE EXECUTION OF A LEASE AGREEMENT WITH FIRST AMERICAN TITLE INSURANCE COMPANY FOR 10,915 SQUARE FEET OF OFFICE SPACE AT 555 MARSHALL STREET, AT MONTHLY RENTS OF $13,500, $16,000 AND $18,500 PER MONTH IN YEARS ONE, TWO AND THREE RESPECTIVELY AND AUTHORIZING THE COUNTY MANAGER OR HIS DESIGNEE TO SIGN ESCROW INSTRUCTIONS AND EXECUTE ANY AND ALL NOTICES, CONSENTS, APPROVALS, DEEDS, CERTIFICATES OF ACCEPTANCE AND DOCUMENTS IN CONNECTION WITH THE PURCHASE AND LEASE, INCLUDING, BUT NOT LIMITED TO, EXTENSION OR TERMINATION OF THE LEASE UNDER THE TERMS SET FORTH THEREIN.
(C.O.P. 2688, Lease No. 5322)
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RESOLVED, by the Board of Supervisors of the County of San Mateo, State of California, that
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WHEREAS, by Resolution No. 68915 adopted on August 14, 2007, this Board declared its intention to purchase the Property; and
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WHEREAS, the Clerk of this Board has published once a week for three successive weeks in the San Mateo Times, in the form and manner provided by law, a Notice of Intention to purchase the Property, and
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WHEREAS, a public hearing was held before this Board of Supervisors on this day, and this Board heard all persons interested in the proposed purchase of the Property and considered all public and staff comments concerning the proposed purchase, and;
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WHEREAS, there has been presented to this Board of Supervisors for its consideration and acceptance a Purchase Agreement for $3,900,000, (the “Purchase Agreement”), between the County and First American Title Insurance Company, a corporation, owners of 555 Marshall Street in Redwood City, reference to which is hereby made for further particulars, and the Board of Supervisors has examined and approved the same as to form and content and desires to enter into the same in accordance with the terms and conditions of said Agreement; and
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WHEREAS, there has been presented to this Board of Supervisors for its consideration and acceptance a three year lease of a portion of real property at 555 Marshall Street (“Lease”), reference to which is hereby made for further particulars, whereby the County of San Mateo shall lease to First American Title Insurance Company 10,915 square feet of office space at 555 Marshall Street, at monthly rents of $13,500, $16,000 and $18,500 per month in years one, two and three respectively, reference to which is hereby made for further particulars, and the Board of Supervisors has examined and approved the Lease as to form and content and desires to enter into the same in accordance with the terms and conditions of said Lease; and
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WHEREAS, pursuant to the Purchase Agreement the Lease shall commence on the date the County accepts title to the property at 555 Marshall Street and expire three years from this date, unless extended or sooner terminated as set forth therein; and
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WHEREAS, this Board has determined that it is necessary and desirable to execute the Agreement and Lease on behalf of the County of San Mateo.
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NOW THEREFORE, IT IS HEREBY DETERMINED AND ORDERED as follows:
1. That the President of the Board of Supervisors shall, and is hereby directed to execute the Purchase Agreement for and on behalf of the County of San Mateo, and the Clerk of the Board will attest the President’s signature thereto; and
2. That the President of the Board of Supervisors shall, and is hereby authorized to execute the Lease for and on behalf of the County of San Mateo, and the Clerk of this Board shall attest the President’s signature thereto;
3. That the County Manager or his designee is hereby authorized to sign escrow instructions and execute any and all notices, consents, approvals, deeds, certificates of acceptance and documents in connection with the Purchase Agreement and Lease, including, but not limited to, extension or termination of the Lease under the terms set forth therein, or to meet the intent of the Resolution.
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