HomeMy WebLinkAboutReso RDA 10-1988 RESOLUTION NO. 10-88
REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION APPROVING A SEVENTH AMENDMENT TO THE
OWNER PARTICIPATION AND DEVELOPMENT AGREEMENT
(GATEWAY REDEVELOPMENT PROJECT, HOMART DEVELOPMENT CO.)
WHEREAS, the City of South San Francisco, the Redevelopment Agency of the
City of South San Francisco, and Homart Development Co. have entered into an
Owner Participation and Development Agreement (OPA) dated March 19, 1981 in
connection with the Redevelopment Plan for the Gateway Redevelopment Project;
and
WHEREAS, there have been previous amendments to the OPA and now the City,
Agency and Homart desire to enter into a further amendment concerning the
construction of the Auxiliary Lane.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of
South San Francisco that it hereby approves of the seventh amendment to the
OPA and authorizes the Chairman to execute the amendment in substantially the
same form as the attached Exhibit "1".
I hereby certify that the foregoing Resolution was regularly introduced
and adopted by the Redevelopment Agency of the City of South San Francisco
at aregular meeting held on the22n~ay of June , 1988, by the
fol lowing vote:
AYES: Boardmembers Mark N. Addiego, Richard A. Haffey, Gus Nicolopulos,
Roberta Cerri Teglia, and Jack Drago
NOES: None
ABSTAIN: None
ABSENT: None
City of S
ATTEST:
~ ~n~y
Redevelopment Age
of South San Francisco
·" '~ EXHIBZT I TO RESOLUTION NO.'
SEVENTH AKENDHENT
OWNER PARTICIPATION AGREEMENT
This Seventh Amendment to Owner Participation and
Development Agreement is made as of this 22nd day of June ,
1988, by and among CITY OF SOUTH SAN FRANCISCO, a municipaI
corporation (hereinafter called #City"), REDEVELOPH~NT AGENCY OF
THE CITY OF SOUTH SAN FRANCISCO, a public body, corporate and
politic (which, together with any successor public body or officer
hereinafter designated by or pursuant to law is hereinafter called
"Agency"), duly created, established and authorized to transact --
business and to exercise its powers, all under and pursuant to the
Community Redevelopment Law of the State of California (Part I of
-- Division 24 of the California Health and Safety Code) and having
its office at the City Hall, 400 Grand Avenue, in the City of South
San Francisco, California, and HOMART DEVELOPMENT CO. (hereinafter
called UDeveloper).
RECITALS:
WHEREAS, City, Agency and Developer have entered into
that certain Owner Participation and Development Agreement
(hereinafter called the uOPA") dated as of March 19, 1981, :in
connection with the Redevelopment Plan for the South San F~ancisco
Redevelopment District, which provides for the redevelopment of an
area located in the City of South San Francisco' (hereinafter"called
the uProject Area"); and-
· ~IERE~S, on December 30, 1981, Agency, Developer and
Genentech, lnc..-entered into the First. ~aendment to the OPA, which
First Amendment dealt primarily with the parcel within the Project
Areas which Genentech, Inc. has acquired from Developer~ and
WHE~, on June 16, 1983, City, Agency and Developer
entered into the Second Amendment of the OPA, which Second
Amendment extended the time for reaching an agreement pursuant to
paragraph 2.2.3 of the OPA~ and
WHEREAS, on August 24, 1983, City, Agency and Developer
entered into the Third Amendment to the OPA, which Third Amendment '-
extended the time for reaching an agreement pursuant to paragraph
2.2.3 of the OPA~ and
__ WHEREAS, On September 30, 1983, City, Agency and
Developer entered into the Fourth Amendment to the OPA ("Fourth
Amendment") , which,, among other things, p~ovided for Developer's
contribution toward the Oyster Point Separation and the possible
expansion of the scope of development to permit 1,300 hotel rooms,
subject to environmental review~ and
WHEREAS, on November 13, 1985, City, Agency and DevelOper
entered into the Fifth Amendment to the OPA to conform the Oyster
Point contribution formula set forth in the Fourth Amendment .to the
said formula which was adopted by the City Council as a part of'
Resolution No. 71-84 and to expand the Scope of' .Development to
permit the development of 1,300 hotel rooms on the Property~ and
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WHEREJ~S, on October 8, 1986, ¢tky, Agency and Developer
entered into the' Sixth ~mendment to the OPA to reflect a reduction
in ~he inkerest rake In the Phase I assessment diskrict bonds as
the result of ~he refinancing of such bonds and on ~he basis of
such reduction, reduce the interest rate on the repayment
obligation of ~he Agency for the Agency's share of the Phase T
assessment district improve~ents;
~IERE~, City, Agency and Developer desire to enter into
a further amendment of the OPA to ex~end the deadline set fo~ch
paragraph 2. l(b) of the Fourth Amendment for the co~ence~ent of
construction of the Auxiliar~ Lane;
NOW, THEREFORE, in consideration of the mutual covenants
and agreements herein contained, the parties hereto agree as
oo
o
1. Paraqraph 2.1(b) o£ the Fourth ~mendment shall be ' -
modified to read as follows:
"If construction of the Auxiliary Lane has not ..
commenced by ~une 30, 1989, Developer's obligation to ma]~e a
cash Contribution toward the cost thereof shall expire~~'
2. Paragraph 2.1(d) of the Fourth Amendment shall be ..
modified to read as follows: "
"The construction of the Auxiliary Lane is included
as a part: of Phase II of the Gateway Assessment District. If
construction of the Auxiliary Lane is undertaken by the
Assessment District prior to June 30, 1989 and funds in the
Assessment District, presently uncommitted to meet other
obligat~ons of ~he Assessment Distr~ct, are ~nsuff~c~ent to
pay the cost of the construction of the ~lla~ ~ne,
Developer shall pay the d~fferrence between ~e funds
available ~n ~e ~ssessment D~str~ct and $~50,000. If the
const~ct~on of ~e ~ux~l~a~ ~ne ~s ~de~aken by '~e
~ssessmen~ D~str~ck, ~veloper sh~ll have no r~qh~ to
re~ursemen~ for an~ p°~on of ~e cos2 ~ereof. ~ '-
3. EXcep~ as m~f~ed by ~s Seven~ ~en~ent, ~e
OP~ as prev~ousl~ amended ~s ~a~f~ed and confl~ed.
IN WI~SS ~OF, ~e pa~es hereto have executed th~s
Seven~ ~en~ent to ~e ~er Pa~cipat~on ~d Development
Agreement as of ~e day and year f~rst ~ove ~tten, ..
REDEVELOPHENT AGENCY OF THE CITY OF
SOUTH SAN FRANCISCO "
ATTEST:
By:
Executive Director Chairman
CITY OF SOUTH SAN FRANCISCO
ATTEST:
?
By ;'
City Clerk Mayor
HOMART DEVELOPMENT CO.
ATTEST: ..
Secretary
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