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Home My WebLink AboutOB Reso 10-2015 RESOLUTION NO, 10-2015 OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFRNIA A RESOLUTION OF THE SOUTH SAN FRANCISCO OVERSIGHT BOARD APPROVING A DISPOSITION AND DEVELOPMENT AGREEMENT BETWEEN THE SUCCESSOR AGENCY AND BROOKWOOD EQUITIES, LLC, FOR THE ACQUISITION OF SUCCESSOR AGENCY OWNED PARCELS AT 201, 207, AND 217-219 GRAND AVENUE (ALSO KNOWN AS 255 CYPRESS AVENUE), FOR A MIXED-USE RESIDENTIAL DEVELOPMENT. WHEREAS, the Successor Agency to the Redevelopment Agency of the City of South San Francisco ("Agency") is the owner of certain real property located in the City of South San Francisco, California, known as County Assessor's Parcel Numbers 012-315110 (201 Grand Avenue), 012-316-100 (207 Grand Avenue), and 012-316-090 (217219 Grand Avenue) (collectively, the "Successor Agency Property"); and, WHEREAS, on June 29, 2011 the legislature of the State of California (the "State") adopted Assembly Billy xI 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 former Redevelopment Agency of the City of South San Francisco was dissolved on February 1, 2012; and, WHEREAS, pursuant to the Dissolution Law, the Successor Agency Property was transferred from the former Redevelopment Agency of the City of South San Francisco, to the Agency; and, WHEREAS, pursuant to the Dissolution Law, the Agency prepared a Long Range Property Management Plan ("LRPMP"), which has been approved by the Oversight Board for the Successor Agency to the Redevelopment Agency of the City of South San Francisco ("Oversight Board") and California Department of Finance ("DOF"); and, WHEREAS, the approved LRPMP identifies the Successor Agency Property within the permissible use category of development consistent with an approved redevelopment project plan; and, WHEREAS, the City of South San Francisco ("City"), the Agency and Brookwood Equities, LLP, a Delaware limited liability company ("Developer"), entered into an Exclusive Negotiating Rights Agreement ("ENRA") that established a mutual understanding arnong the City, the Agency and Developer regarding the potential development of the Successor Agency Property in conjunction with the potential development of the City-owned property at 418 Linden Avenue ("418 Linden Property"); and, WHEREAS, on October 21, 20145 by Oversight Board Resolution # 7-2014 the ENRA was approved by the Oversight Board; and WHEREAS, on December 5, 2014, the DOF approved the ENRA; and WHEREAS, consistent with both the LRPMP and the ENRA, Developer has proposed to construct a five-story mixed-use residential and commercial development, consisting of 46 residential apartments, of which 9 will be affordable to low- and moderate-income households, above approximately 5,500 square feet of ground-floor commercial space and 61 ground level parking spaces on the Successor Agency Property ("Project"); and WHEREAS, Dana Property Analysis conducted an appraisal for the Successor Agency Property, dated June 17, ,2015 and values the Successor Agency Property at $2,020,000; and WHEREAS, the Successor Agency is interested in selling the Successor Agency Property to Developer for its appraised value, consistent with the terms of the LRPMP and ENRA; and, WHEREAS, the City, the Agency, and the Developer now all wish to enter into a Disposition and Development Agreement between the City, the Agency and the Developer ("Agreement")that will supersede any points of agreement contained within the ENRA; and, WHEREAS, the City Council certified an Environmental Impact Report ("EIR") on January 28, 2.015 (State Clearinghouse number 2013102001) in accordance with the provisions of the California Environmental Quality Act (Public Resources Code, §§ 21000, et seq., "CEQA") and CEQA Guidelines, which analyzed the potential environmental impacts of the development of the Downtown Station Area Specific Plan; and, WHEREAS, the Project is within the Downtown Station Area Specific Plan and the Project would not result in any new significant environmental effects or a substantial increase in the severity of any previously identified effects beyond those previously disclosed and analyzed in the Downtown Station Area Specific Plan EIR certified by City Council, NOW, THEREFORE, BE IT RESOLVED that the Oversight Board for the Successor Agency to the Redevelopment Agency of the City of South San Francisco does hereby resolve as follows: 1. Finds and determines that the recitals are true and correct. 2. Approves the terms of the Agreement in substantially the same form attached hereto as Attachment 1. 3. Authorizes the Executive Director to enter into and execute the Agreement on behalf of the Successor Agency, in substantially the same form as attached hereto as Attachment 1, and to execute such other documents and take such further actions as may be necessary or appropriate to carry out 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 15'h day of December, 2015 by the following vote: AYES: Boardmembers Addiego, Christensen Scannell Gross Chairperson Cullen NOES: None. ABSTAIN: None. ABSENT: Boardmembers Farrales and Alternate Vice Chair Krause EST: Khfta Martini 1*, C1 vers Overs*ght— Vdi fort e Successor Agency to the South San Francisco Redevelopment Agency