pages: OaklandRedevelopmentSuccessorAgencyAndCityCouncil/2015-09-08.pdf, 13
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OaklandRedevelopmentSuccessorAgencyAndCityCouncil | 2015-09-08 | Special Concurrent Meeting of the Meeting Minutes September 8, 2015 Oakland Redevelopment Successor Agency/City Council Subject: T5/6 DDA Public Hearing From: Economic Workforce Development Department Recommendation: Adopt An Ordinance Authorizing: (1) The City Administrator, Without Returning To The City Council, To Negotiate And Execute A Disposition And Development Agreement And Related Documents Between The City Of Oakland, And Strada T5 Llc (Or A Related Entity Or Affiliate) For Sale Of The City Center T-5/6 Parcels Located On The Block Bounded By Broadway, 11th Street, 12th Street And Clay Street For No Less Than $6.45 Million And Development As A Residential Mixed-Use Project And A Hotel Mixed-Use Project, All Of The Foregoing Documents To Be In A Form And Content Substantially In Conformance With The Term Sheet Attached As Exhibit A; And (2) Set-Aside Of No More Than $1,000,000 From Land Sales Proceeds For Remediation Of Property 15-0049 Attachments: View Report.pdf View Supplemental Report.pdf The Council adopted the Alternative Ordinance with the following revision to the attached Term Sheet: The final sentence of Item 4 shall be revised to read: "In the event that Developer has not demonstrated Financial Feasibility of the hotel, or secured City approval of an alternative project proposal, within 27 months of the Effective Date, the City may terminate the DDA with respect to Phase 2." A motion was made by Gibson McElhaney, seconded by Kalb, that this matter be Approved As Amended On Introduction and Scheduled for Final Passage to the Meeting of the Oakland City Council, to be heard 9/22/2015. The motion carried by the following vote: Excused: 1 Reid Aye: 6 - - Campbell Washington, Gallo, Guillén, Kalb, Kaplan, and Gibson McElhaney No: 1 - - Brooks City of Oakland Page 13 Printed on 10/6/2015 | 13 | OaklandRedevelopmentSuccessorAgencyAndCityCouncil/2015-09-08.pdf |