HomeMy WebLinkAboutCC 07-07-2026 Item No. 4 Exchange Agreement 10480 Finch Avenue_Desk ItemCC - 07-07-2026
#4
Exchange Agreement 10480
Finch Avenue
Desk Item
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FINANCE DEPARTMENT
CITY HALL
10300 TORRE AVENUE • CUPERTINO, CA 95014-3255
TELEPHONE: (408) 777-3220
CUPERTINO.GOV
CITY COUNCIL STAFF REPORT
DESK ITEM
Meeting: July 7, 2026
Agenda Item #4
Subject
Approval of the Exchange Agreement for 10480 Finch Avenue (“Finch Property”) and
Allocation of $10.4 Million for Acquisition of the Finch Property (“Exchange
Agreement”), and find the action to qualify for a categorical exemption from CEQA
review.
Recommended Action
1. Adopt Resolution No. 26-XXX (Attachment D) approving the Exchange Agreement
between the City of Cupertino and Cupertino Union School District for the Finch
Property, authorizing the City Manager to execute the agreement and related
documents, and approving allocation of $10.4 million from the Parkland Dedication
Fund for acquisition of the property; and
2. Find that the acquisition is categorically exempt from the California Environmental
Quality Act (“CEQA”).
Background:
Additional clarification on the Parkland Dedication Fund balance is provided below in
italics.
Q1: What is the available fund balance of the Parkland Dedication Fund?
Staff Response: The Parkland Dedication Fund began Fiscal Year 2025-26 with a fund balance of
approximately $20.9 million. After accounting for $5.8 million in budgeted appropriations for the
Lawrence-Mitty Park and Trail project and approximately $500,000 in projected interest earnings,
the estimated available fund balance at the end of Fiscal Year 2025-26 is approximately $15.6
million.
Q2: What would be the remaining fund balance if this exchange agreement is approved?
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Staff Response: If Council approves the proposed $10.4 million exchange agreement, the estimated
available fund balance would decrease from approximately $15.6 million to $5.2 million. This
estimate does not include approximately $300,000 in budgeted interest earnings for Fiscal Year
2026-27 or any future revenues or expenditures that may occur during the fiscal year.
Attachments Provided with Original Staff Report:
A - Appraisal
B - Phase 1 Environmental Assessment
C - DTSC Removal Action Certification
D - Draft Resolution
E - Exchange Agreement