HomeMy WebLinkAboutOB RESO 7-2014 RESOLUTION NO. 7-2014
OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE CITY OF SOUTH SAN
FRANCISCO REDEVELOPMENT AGENCY
APPROVING AN EXCLUSIVE NEGOTIATION RIGHTS
AGREEMENT WITH BROOKWOOD EQUITIES LLP FOR
POTENTIAL DISPOSITION AND DEVELOPMENT OF 201-227
GRAND AVENUE AND 418 LINDEN AVENUE
WHEREAS, the Successor Agency ("Agency") is the owner of certain real property (the
"Successor Agency Property") located in the City of South San Francisco, California, known as
County Assessor's Parcel Numbers 012-316-110 (201 Grand Avenue), 012-316-100 (207 Grand
Avenue), 012-316-090 (217-219 Grand Avenue), and 012-316-070 (207 Grand Avenue); and
WHEREAS, the City of South San Francisco ("City") is the owner of certain real property
located in the City of South San Francisco, California, known as County Assessor's Parcel Number
012-314-010 ("418 Linden Avenue"); and
WHEREAS, the Successor Agency Property was transferred from the City of South San
Francisco to the Agency pursuant to Grant Deeds; and
WHEREAS, on June 29, 2011 the legislature of the State of California (the "State")
adopted Assembly Bill xl 26 ("AB 26"), which amended provisions of the Redevelopment Law;
and
WHEREAS, pursuant to AB 26 and the California Supreme Court decision in California
Redevelopment Association, et al. v. Ana Matosantos, et al., which upheld AB 26 (together with
AB 1484, the "Dissolution Law"), the Redevelopment Agency was dissolved on February 1, 2012;
and
WHEREAS, pursuant to the Dissolution Law, the Agency has prepared and the Oversight
Board has approved a Long Range Property Management Plan ("LRPMP") which is presently
under review by California Department of Finance ("DOF"); and,
WHEREAS, the LRPMP being reviewed by the DOF includes development plans for the
Successor Agency Property; and,
WHEREAS, DOF approval of a LRPMP authorizing a process for conveyance of the
Successor Agency Property is required prior to conveyance of the Successor Agency Property, and,
WHEREAS, the City and Agency are interested in selling 418 Linden and the Successor
Agency Property to Brookwood Equities LLP,a Delaware limited liability company("Developer")
contingent upon Developer securing all of funding for the Project and applying for land use
entitlements from the City of South San Francisco and if such funding is secured and entitlements
are granted constructing approximately 90 multi-family residential units ("Project") of which
approximately 18 will be affordable to low- and moderate-income households on 418 Linden
Avenue and the Successor Agency Property; and
WHEREAS, the Developer has requested the exclusive right to collaborate with City to
develop the Project and negotiate with the City and Agency for the purpose of reaching agreement
on a project description, appropriate land uses, economic feasibility, and a definitive agreement
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whose terms and conditions would govern any conveyance of 418 Linden and Successor Agency
Property and the development of 418 Linden and the Successor Agency Property; and
WHEREAS, City as Housing Successor Agency shall contribute $921,600 during
entitlement period for predevelopment costs for both sites; and
WHEREAS, City desires to grant Developer the exclusive right to collaborate and
negotiate with City with regard to development of the 418 Linden and the Successor Agency
Property; and
WHEREAS, the Successor Agency Counsel has prepared an Exclusive Negotiation Rights
Agreement ("Agreement") with Developer to reflect the terms and conditions of such exclusive
collaboration and negotiation.
NOW, THEREFORE, the Oversight Board to the former Redevelopment Agency of the
City of South San Francisco does hereby resolve as follows:
1. The Recitals set forth above are true and correct, and are incorporated herein by
reference.
2. The Agreement, substantially in the form attached hereto, is hereby approved, and the
Executive Director or his designee is hereby authorized to execute it on behalf of the Successor
Agency; to make revisions to the Agreement, with review and approval by the Agency Counsel,
which do not materially or substantially increase the Agency's obligations thereunder; to sign all
documents; to make all approvals and take all actions necessary or appropriate to carry out and
implement the intent of this Resolution.
I hereby certify that the foregoing Resolution was regularly introduced and adopted by
the Oversight Board for the Successor Agency to the City of South San Francisco
Redevelopment Agency at a regular meeting held on the 21st day of October, 2014 by the
following vote:
AYES: Boardmembers Addiego, Farrales, Gross, Vice Chairperson Ernsberger and
Chairperson Cullen.
NOES: None.
ABSTAIN: None.
ABSENT: Boardmembers Christensen and Scannell.
ATTEST:
410"Mhryn Reodica, Deputy Clerk
Oversight Board for the Successor
Agency to the South San Francisco
Redevelopment Agency
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