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OaklandRedevelopmentSuccessorAgencyandtheCityCouncil,2020-12-01,"* Concurrent Meeting of the
Meeting Minutes - FINAL
December 1, 2020
Oakland Redevelopment Successor
Agency and the City Council
A motion was made by Loren Taylor, seconded by Larry Reid, that this matter be
Adopted. The motion carried by the following vote:
Aye: 8 - Bas, Gallo, Kalb, McElhaney, Reid, Taylor, Thao, and Kaplan
NO VOTE: 0
3.4
Subject:
Fox Theater Asset Transfer And Loan Termination
From:
Economic Workforce Development Department
Recommendation: Adopt The Following Pieces Of Legislation;
1) An Ordinance Authorizing The City Administrator Or Designee To: (1) Accept From
The Oakland Redevelopment Successor Agency (""ORSA"") By Grant Deed, A Fee
Simple Interest In The Fox Theater, Pursuant To The Long-Range Property Management
Plan; (2) Execute An Assignment Of The Amended Ground Lease For The Fox Theater
With ORSA As Assignor And Current Ground Lessor, The City As Assignee And New
Ground Lessor, And The Fox Oakland Theater, Inc. (""FOT"") As Ground Lessee, For A
Term Of 16 Years; And (3) Execute A Leaseback Agreement For The Fox Theater
Between FOT As Lessor And The City As Lessee For A Term Of 16 Years At A Rate Of
$247,500 Per Year, Totaling Approximately $3.96 Million, With A City Option To
Purchase The Improvements For A Nominal Amount Of One Dollar Upon FOT's
Satisfaction Of A Pledge To Pay ORSA The Amount Of $3.96 Million, Payable In Annual
Installments Of $247,500 For A Term Of 16 Years; And
20-0807
Attachments: View Report
View Report - Attachment A
View Report - Attachment B
View Legislation
View Presentation - 11/25/2020
Councilmember Taylor made a motion, seconded by Vice Mayor Reid, to open the
Public Hearing, and hearing no objections, the motion passed by 8 Ayes: Bas,
Gallo, Kalb, McElhaney, Reid, Taylor, Thao, and Council President Kaplan
Upon the reading of Item 3.4 by the City Clerk, the Public Hearing was opened at
4:13 p.m.
2 individuals spoke on this item.
Councilmember Thao made a motion, seconded by Pro Tem Kalb, to close the
Public Hearing, and hearing no objections, the motion passed by 8 Ayes: Bas,
Gallo, Kalb, McElhaney, Reid, Taylor, Thao, and Council President Kaplan
A motion was made by Loren Taylor, seconded by Larry Reid, that this matter be
Approved On Introduction and Scheduled for Final Passage to go before the
Special Concurrent Meeting of the Oakland Redevelopment Successor
Agency/City Council, to be heard 12/15/2020. The motion carried by the following
vote:
City of Oakland
Page 23
Printed on 12/16/2020",24,OaklandRedevelopmentSuccessorAgencyandtheCityCouncil/2020-12-01.pdf