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RulesAndLegislationCommittee,2020-11-19,"*Rules & Legislation Committee
Meeting Minutes - FINAL
November 19, 2020
3.13
Subject:
Fox Theater Asset Transfer And Loan Termination (ORSA)
From:
Economic Workforce Development Department
Recommendation: Conduct A Public Hearing And Upon Conclusion Adopt A Resolution
Authorizing The ORSA Administrator Or Designee To: 1) Execute A Second Amendment
(""Second Amendment"") To The Disposition And Development Agreement
(""DDA"")Between ORSA, As Successor To The Redevelopment Agency, And The Fox
Oakland Theater, Inc. (""FOT"") For The Real Property Located At 1807 Telegraph Avenue
(""Fox Theater""), That Obligates ORSA To: A. Execute A Loan Satisfaction Agreement
Terminating All Loan Agreements Between FOT And ORSA Totaling Approximately
$46.4 Million Of Principal And $27.9 Million Of Accrued Interest (""Loan Terminations""); B.
Accept Approximately $4.4 Million From FOT'S Operating And Replacement Reserves
(""Cash Payment"") And A Pledge Agreement From FOT In The Amount Of $3.95 Million,
Payable In Annual Installments Of $247,500 Over 16 Years (""PLEDGE""), As
Consideration For The Loan Terminations; C. Execute An Amendment And Assignment
Of The Ground Lease With ORSA As Assignor And Current Ground Lessor, To The City
As Assignee And New Ground Lessor, And FOT As Ground Lessee, For A Term Of 16
Years (""Assignment""); And D. Pursuant To The Long-Range Property Management Plan,
Convey To The City, By Grant Deed, A Fee Simple Interest In The Fox Theater (""Grant
Deed"") And Terminate The DDA, Concurrently With Acceptance Of The Cash Payment
And Pledge From FOT And The Execution And Delivery Of The Loan Terminations And
Assignment. 2) Take All Actions Necessary To Implement The Second Amendment,
Including Without Limitation The Execution And Delivery Of The Loan Terminations,
Assignment, And Grant Deed, Consistent With The Foregoing Terms
20-0818
Attachments: View Report
View Report - Attachment A
View Report - Attachment B
View Legislation
View Presentation - 11/25/2020
2020-006 CMS
A title changes was accepted.
This ORSA Resolution be Scheduled.to go before the * Concurrent Meeting of the
Oakland Redevelopment Successor Agency and the City Council to be heard
12/1/2020
City of Oakland
Page 13
Printed on 12/16/2020",14,RulesAndLegislationCommittee/2020-11-19.pdf