BOARD OF SUPERVIORS, COUNTY OF SAN MATEO, STATE OF CALIFORNIA
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RESOLUTION AUTHORIZING THE:
(1) PRESIDENT OF THE BOARD OF SUPERVISORS TO EXECUTE A PURCHASE AND SALE AGREEMENT FOR THE ACQUISITION OF THE OFFICE COMPLEX KNOWN AS CIRCLE STAR PLAZA, CONSISTING OF TWO FOUR-STORY OFFICE BUILDINGS, A TOTAL OF APPROXIMATELY 208,000 SQUARE FEET OF OFFICE SPACE, AT ONE AND TWO CIRCLE STAR WAY, SAN CARLOS, FROM CIRCLE STAR INVESTORS, LLC FOR $39,950,000; AND (2) COUNTY MANAGER OR HIS DESIGNEE TO EXECUTE NOTICES, DOCUMENTS, AND AGREEMENTS ASSOCIATED WITH THE ACQUISITION OF THE PROPERTY, INCLUDING, WITHOUT LIMITATION, ESCROW INSTRUCTIONS AND A CERTIFICATE OF ACCEPTANCE, IN ORDER TO FACILITATE THE ACQUISITION OF THE PROPERTY AND TO MEET THE INTENT OF THIS RESOLUTION AND THE BOARD
RESOLVED, by the Board of Supervisors of the County of San Mateo, State of California, that
WHEREAS, there has been presented to this Board of Supervisors for its consideration and acceptance a Purchase and Sale Agreement, reference to which is hereby made for further particulars, whereby the County of San Mateo shall purchase from Circle Star Investors, LLC, in accordance with the terms and conditions contained in said agreement and for the price of $39,950,000, all of that certain real property commonly known as One and Two Circle Star Way, San Carlos, consisting of two four-story office buildings, a total of approximately 208,000 square feet of office space, and as more specifically described in the legal description on file with the Clerk of the Board (the “Property”); and
WHEREAS, this Board has examined and approved such Purchase and Sale Agreement as to both form and content and desires to enter into same; and
WHEREAS, it is anticipated that notices, documents, and agreements associated with the acquisition of the Property, including, without limitation, escrow instructions and a certificate of acceptance, may be needed in order to facilitate the acquisition of the Property and to satisfy the expressed intention of this Board; and
WHEREAS, this Board, as the lead agency, is required to comply with the California Environmental Quality Act (CEQA) and applicable State and County guidelines, finds that the impacts of the acquisition of the Property are di minimis, and categorically exempt under the California Environmental Quality Act (CEQA); and
WHEREAS, it is the intention of the County to finance the acquisition and improvement of the Property through the future issuance of lease revenue bonds and said bonds will include the purchase price and all related acquisition costs of the Property.
NOW THEREFORE, IT IS HEREBY DETERMINED AND ORDERED that the:
(1) President of the Board of Supervisors be, and is hereby authorized and directed, for and on behalf of the County of San Mateo to execute the Purchase and Sale Agreement for the acquisition of the Property from Circle Star Investors, LLC, and the Clerk of this Board shall attest the President’s signature thereto; and
(2) County Manager or his designee be, and is hereby authorized and directed to execute notices, documents and agreements associated with the acquisition of the Property, including, without limitation, escrow instructions and a certificate of acceptance, in order to facilitate the acquisition of the Property and to meet the intent of this Resolution and the Board.
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