pages: OaklandRedevelopmentSuccessorAgencyandCommunityAndEconomicDevelopmentCommittee/2016-06-28.pdf, 7
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OaklandRedevelopmentSuccessorAgencyandCommunityAndEconomicDevelopmentCommittee | 2016-06-28 | * Special Concurrent Meeting of the Meeting Minutes - FINAL June 28, 2016 Oakland Redevelopment Successor Agency and Community & Economic Development Committee Subject: Recyclers' ENA Extension; Acceptance of ACTC Grant; and Interim Bridge Funding to Complete Public Improvements From: Office of The City Administrator Recommendation: Adopt An Ordinance Authorizing The City Administrator, Without Returning To Council, To Negotiate And Execute Agreements And Related Documents, To Secure Interim Bridge Funding In An Amount Not To Exceed Fifty-Three Million, Two-Hundred Thousand Dollars ($53,200,000) To Meet Critical Cash Flow Needs For The Completion Of Construction Of The City's Public Improvement Obligations At The Former Oakland Army Base ("Base"), Which Options Could Include, Among Other Alternatives: (1) Obtaining Loan(S) Secured By Cityowned Land At The Base Or An Assignment Of The City's Right To Receive Rents From Such City-Owned Land; (2) Providing An Option To A Developer To Acquire Development Rights To The North Gateway Area Of The Base If The City And Two West Oakland Recyclers Fail To Close Escrow On Such Property; And (3) Negotiating For An Army Base Ground Lease Tenant(S) To Prepay A Discounted Present Value Of The Tenant(S) Long Term Ground Lease Rent To The City 15-1221 The Committee amended the legislation to subsection 2 - replace $46m with $68m and item 3 strike subsection 2 and replace with asking ACTC for additional assistance. A motion was made by Kaplan, seconded by Gibson McElhaney, that this matter be Approve as Amended the Recommendation of Staff, and Forward to the Concurrent Meeting of the Oakland Redevelopment Successor Agency and the City Council, to be heard 7/5/2016. The motion carried by the following vote: Aye: 3- - Gibson McElhaney, Kaplan, and Reid No: 1 - Campbell Washington At 2:24 pm. Council member Kaplan recused herself in relation to item 10. City of Oakland Page 7 Printed on 7/13/2016 | 7 | OaklandRedevelopmentSuccessorAgencyandCommunityAndEconomicDevelopmentCommittee/2016-06-28.pdf |