HomeMy WebLinkAboutReso 110-2008RESOLUTION NO. 110-2',008
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION APPROVING A FRAMEWORK
AGREEMENT WITH OYSTER POINT VETITURES LLC FOR
POTENTIAL DEVELOPMENT OF TH.E OYSTER POINT
MARINA AND OYSTER POINT BUSINESS PARK
WHEREAS, City is the owner of certain real property located in the City and commonly
known as the Oyster Point Marina ("Property"); and
WHEREAS, City desires to redevelop the Property to provide public open space, active
retail, food and beverage establishments, lodging, and other revenue-generating activities for the
purpose of providing public amenities and creating revenue that will pay fcr the costs,
maintenance, and operations of the Property; and
WHEREAS, City and the San Mateo County Harbor District ("Harbor District") have
entered into a Joint Powers Agreement pursuant to which the Harbor District operates the Oyster
Point Marina; and
WHEREAS, Harbor District has heretofore entered into certain long-term leases with
King Ventures for certain portions of the Property ("King Leases"), pursuant to which King
Ventures is required to develop, construct, and maintain a hotel and a commercial, village-style
complex; and
WHEREAS, Oyster Point Ventures LLC, a California limited liability company
("Developer"), is the owner of certain property located in 1;he City, commonly known as the
Oyster Point Business Park ("Business Park"), and adjacent to the Property; and
WHEREAS, Developer desires to redevelop the Business Park as a modern research and
development life sciences campus with additional public arrieiiities ("Campus"); and
WHEREAS, Developer has negotiated a purchase and sale agreement to acquire King
Venture's leasehold interest in the Property; and
WHEREAS, Developer has proposed an integrated development of the Property and the
Business Park to capitalize on the benefits of apublic-private collaboration. and complimentary
uses of the Property and Business Park; and
WHEREAS, Developer and City are interested in exchanging certain portions of the
Property for the purpose of developing a larger office/resea.rch and development life sciences
campus, commercial development (including retail, re~~taurants, and hotel uses), new
infrastructure and. substantial public amenities (collectively, "Project"); and
WHEREAS, Developer requested the exclusive right to collaborate with City to
redevelop the Oyster Point Business Park and the Property in an integrated project and negotiate
with City for the purpose of reaching agreement on a project description, appropriate land uses,
economic feasibility, and a mechanism for conveyance of 1:hE; Property and the development of
the Property; and
WHEREAS, City and Developer entered into a:n Exclusive Negotiation Rights
Agreement dated November 4, 2008, pursuant to which City and Developer have drafted a
"Framework Agreement" that sets forth: (i) the component; of the proposed Project; (ii) the
process for and proposed conveyances of property interests;; I;iii) a proposed approach to public
financing; (iv) anticipated Project entitlements; (v) an estimated schedule; and (vi) the roles and
responsibilities of the Parties regarding collaboration, economic analysis and further negotiations
to prepare a memorandum of understanding; and
WHEREAS, approval of the Framework Agreement will not authorize the proposed
construction of the Project or any other construction and will not result in either a direct or
reasonably foreseeable indirect physical change in the environment; rather, the Framework
Agreement only commits the Parties to certain obligations related to the planning and negotiation
of the property exchanges and development thereon; and
WHEREAS, City, pursuant to the California Environmental Quality Act, will prepare an
environmental impact report to evaluate the potential environmental impacts of the proposed
Project, and no construction will be authorized until (i) Cit;y has prepared, certified as adequate
and approved an environmental impact report (ii) City has approved the land use entitlement
required for the Project, and (iii) any agreements or regulatory permits required by any other
applicable regulatory agencies have been obtained.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of South San
Francisco, does hereby:
Approve the Framework Agreement substantially in the form on file with the City Clerk.
2. Authorize the City Manager to execute the Framework Agreement; to make revisions to
the Framework Agreement, with review and approval by the City Attorney, which do not
materially or substantially increase the City'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 Resoluti~~n was regularly introduced and
adopted by the City Council of the City of South San Francisco at a regular meeting held on
the 12th day of November, 2008 by the following vote:
AYES: Councilmembers Mark N. Addiego, Richard A. Garbarino, Kevin Mullin,
Mayor Pro Tem Karyl Matsumoto and Mater F'edro Gonzalez
NOES: None
ABSTAIN: None
ABSENT:
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ATTEST: ~ ~~
C' y Cler
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