pages: OaklandRedevelopmentAgencyAndCityCouncil/2009-07-07.pdf, 19
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OaklandRedevelopmentAgencyAndCityCouncil | 2009-07-07 | Concurrent Meeting of the Oakland Meeting Minutes July 7, 2009 Redevelopment Agency / City Council 14.3 Subject: MacArthur Transit Community Partners - Agreement From: Community and Economic Development Agency Recommendation: Conduct A Public Hearing And Upon Conclusion Adopt The Following Pieces Of Legislation: 1) An Agency Resolution Authorizing The Agency Administrator To Negotiate And Execute An Owner Participation Agreement Between The Redevelopment Agency Of The City Of Oakland And Macarthur Transit Community Partners, LLC Which Provides For Funding In The Amount Of $17.6 Million From The Broadway/Macarthur/San Pablo Redevelopment Project Area And $16.4 Million From The Low And Moderate Income Housing Funds For The Macarthur Transit Village Project; And 09-0467 Play Video A motion was made by Councilmember Reid, seconded by President of the Council Brunner, that this matter be Adopted as Amended. The motion carried by the following vote: Votes: ORAICouncilmember Ayes: 8 - Councilmember Brooks, Councilmember De La Fuente, Councilmember Kaplan, Councilmember Kernighan, Councilmember Nadel, Councilmember Quan, Councilmember Reid and President of the Council Brunner The resolution was amended to make a correction on page 5 to change the reference to "deeds of trust" to "reversionary grant deed" Council amended the Owner Participation Agreement (OPA) to read as follows: Section 3.3.3. As an additional inducement to the Agency to enter into this Agreement, to commit the Agency funds described herein and to be a co-applicant for the Prop 1C Funds, Developer shall cause BRIDGE Housing Corporation ("BRIDGE") to deliver to the Agency, prior and as a condition to disbursement by the Agency of any Prop 1C Funds or any Agency funds other than the $2.5 million described in Section 3.2.2.3, a completion guaranty in the form attached hereto as Exhibit N-5, guarantying completion of the Phase II vertical improvements described in Section 2.6.2 and in the Preliminary Development Plan. The BRIDGE Completion Guaranty may be terminated by BRIDGE and be of no further force and effect if any of the following conditions is not satisfied by the date set for commencement of construction of Phase II in the Project Schedule, as such date may be extended pursuant to Section 6.9 or 15.8 of this Agreement: (1) delivery to the Phase II Vertical Developer of the finished development pad for Phase II as a separate legal parcel and with all infrastructure necessary for Phase I(I completed and in place (unless such condition is not satisfied due to the collusion of BRIDGE and MTCP, BUILD or BART in order to avoid BRIDGE's obligations under the Guaranty); (2) commencement of the Phase Ii ground lease between BART and the Phase II Vertical Developer; and (3) issuance of all governmental approvals and permits required for commencement of construction of Phase II and (4) receipt by the City of Oakland Page 19 Printed on 9/24/09 | 19 | OaklandRedevelopmentAgencyAndCityCouncil/2009-07-07.pdf |