REPORT TO COUNCIL
SUBJECT
Title
Park Land for Sale by Texas Instruments Incorporated
Report
BACKGROUND
At the Council meeting of April 8, 2014, Vice Mayor Davis noted that Texas Instruments Incorporated is selling property located in the City of Sunnyvale that has been developed into sports fields and recreation space. Staff was asked to look into the sale of the land as a potential opportunity for the City to purchase additional open space. This report provides staff's findings for Council discussion.
EXISTING POLICY
General Plan LT-8.11 Support the acquisition of existing open space within the city limits as long as financially feasible
Council Policy 1.2.7 Acquisition, Leasing and Disposition of City-Owned Real Property
ENVIRONMENTAL REVIEW
This matter is not a project for purposes of the California Environmental Quality Act (CEQA) because it will not result in a direct physical change in the environment (Guideline 15378). If the City takes action which has the potential to be a project that does result a direct physical change in the environment, the City will conduct CEQA analysis for the identified project.
DISCUSSION
Staff contacted the real estate manager of Texas Instruments and discussed the property for sale. The recreation property is one of five parcels totaling 24.17 acres for sale by Texas Instruments (Attachment 1); the sale price is $95 million for all five parcels. The open space parcel is 15.57 acres in size and is located o...
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