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OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE <br /> FAIRFIELD REDEVELOPMENT AGENCY <br /> RESOLUTION NO. OB2016- I)) <br /> RESOLUTION OF THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO <br /> THE FAIRFIELD REDEVELOPMENT AGENCY AUTHORIZING EXECUTION OF A <br /> PURCHASE AND SALE AGREEMENT WITH ZHEN ZHEN LI FOR APPROXIMATELY <br /> ±0.75-ACRES OF LAND (APN 0148-280-510) LOCATED ON BUSINESS CENTER <br /> DRIVE <br /> WHEREAS, pursuant to AB X1 26 (which became effective at the end of June 2011), as <br /> modified by the California Supreme Court's decision in California Redevelopment <br /> Association, et a1. v. Ana Matosantos, et al. (53 Cal. 4th 231(2011)), the Fairfield <br /> Redevelopment Agency (the "Redevelopment Agency") was dissolved as of February 1, <br /> 2012 and the Successor Agency to the Fairfield Redevelopment Agency (the <br /> "Successor Agency") was constituted; and <br /> WHEREAS, AB 1484 (which became effective at the end of June 2012) amended and <br /> supplemented AB X1 26 (AB X1 26 and AB 1484, together, being referred to below as <br /> the "RDA Dissolution Act"); and <br /> WHEREAS, pursuant to the RDA Dissolution Act, all assets, properties, contracts, <br /> leases, books and records, buildings, and equipment of the former Redevelopment <br /> Agency have been transferred to the control of the Successor Agency; and <br /> WHEREAS, pursuant to Section 34191.5(b) of the Dissolution Act, the Successor <br /> Agency prepared a long-range property management plan (the "Plan") which addresses <br /> the disposition and use of the real properties of the former Redevelopment Agency; and <br /> WHEREAS, the Plan was adopted by the Successor Agency Oversight Board (the <br /> "Oversight Board") on August 12, 2013, and approved by the Department of Finance <br /> (the "DOF") on February 27, 2014; and <br /> WHEREAS, Zhen Zhen Li (the "Buyer") submitted an offer to purchase ±0.75-acres of <br /> land having the Assessor's Parcel Number 0148-280-510 (the "Property"), and now the <br /> Buyer desires to enter into a Purchase and Sale Agreement (PSA) for the Property with <br /> a total price of $15.00 per square foot ($490,050.00) all cash at close of escrow; and <br /> Economic Development Division <br /> S:\EconDev Files\Oversight Board\2016\March 14, 2016\±0.75 Acres of Land\OB Resolution (Zhen).docx <br />