pages: OaklandRedevelopmentSuccessorAgencyandtheCityCouncil/2016-01-05.pdf, 13
This data as json
body | date | text | page | path |
---|---|---|---|---|
OaklandRedevelopmentSuccessorAgencyandtheCityCouncil | 2016-01-05 | Concurrent Meeting of the Oakland Meeting Minutes - FINAL January 5, 2016 Redevelopment Successor Agency and the City Council 9.3 Subject: DDA For 2330 Webster Street & 2315 Valdez Street From: Economic & Workforce Development Department Recommendation: Adopt An Ordinance Authorizing The City Administrator, Without Returning To The City Council, To Negotiate And Execute A Disposition And Development Agreement (DDA) And Related Documents Between The City Of Oakland And TDP Webster, LLC Or A Related Entity Or Affiliate That Provides For (1) The Sale Of Two Contiguous City-Owned Parcels Located At 2330 Webster Street And 2315 Valdez Street To Developer For Their Combined Appraised Market Value Of $9,450,000; (2) TDP Webster's Construction On The Property Of A Residential Mixed-Use Project, Including Ground Floor Retail Space And A Public Parking Garage; (3) The City's Purchase From TDP Webster, LLC Of The Public Parking Garage For A Cost Not To Exceed $13,468,780; (4) Negotiation And Execution Of Agreements Providing For Easements And Entry Rights And Other Matters Required For The Operation And Maintenance Of The Public Parking Garage; And (5) Negotiation And Execution Of Amendments To Existing Parking License Agreement With Third Parties To Facilitate Development Of The Project 15-0406 Attachments: View Report View Supplemenral Report Upon the reading of Item 9.3 by the City Clerk, the Public Hearing was opened at 8:18 p.m. 8 individuals spoke on this item. Vice Mayor Kaplan made a motion, seconded by Councilmember Gallo, to close the Public Hearing, and hearing no objections, the motion passed by 7 Ayes: Brooks, Campbell Washington, Gallo, Guillén, Kalb, Kaplan and Council President Gibson McElhaney, and 1 Absent - Reid. Vice Mayor Kaplan made substitute a motion, seconded by Councilmember Gallo, to adopt the ordinance with the additional amendment: "As part of the DDA, $100,000 of the Parking Purchase Price will be retained in escrow at closing until the earlier to occur of (a) the date that is 2 years after a Certificate of Completion has been issued for the Project, or (b) the date that Developer has entered into leases for 80% of the retail space. However, a proportional amount of the money retained in escrow will be released to Developer concurrently with Developer's execution of a lease for a portion of the retail space. By way of example, if 40% of the space is leased immediately, $50,000 will be released to Developer, continuing until the retail space is 80% leased. If more than 20% of the retail space remains unleased after such 2 year period, the balance of the funds left in escrow will be released to the City." The motion failed with a vote of 5 Noes, 3 Ayes - Kalb, Kaplan, and Reid. A motion was made by Gibson McElhaney, seconded by Campbell Washington, that this matter be Approved On Introduction and Scheduled for Final Passage to the Meeting of the Oakland City Council, to be heard 1/19/2016. The motion carried by the following vote: Aye: 8 - Brooks, Campbell Washington, Gallo, Guillén, Kalb, Kaplan, Reid, and Gibson McElhaney City of Oakland Page 13 Printed on 1/20/2016 | 13 | OaklandRedevelopmentSuccessorAgencyandtheCityCouncil/2016-01-05.pdf |