HomeMy WebLinkAboutReso 39-2009RESOLUTION NO. 3'009
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION APPROVING CITY OF SOUTH SAN
FRANCISCO JOINDER TO CONSENT TO ASSIGNMENT
AND AMENDMENT OF GROUND LEASES FOR PARCEL B,
PARCEL C, PARCEL D-1 AND PARCELS E, E-1, E-2, E-3, E-4
AT OYSTER POINT MARINA FROM KING VENTURES TO
OYSTER POINT MV LLC
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 ather revenue-generating activities for the
purpose of providing public amenities and creating revenue that will pay for the costs,
maintenance, and operations of the Property; and
WHEREAS, City anal the San Mateo County PIarbor District ("Harbor District") have
established a joint powers agreement that governs the development, operations, and maintenance
of the Property; and
WHEREAS, Harbor District has heretofore entered into certain long-term leases with
King Ventures for Parcel B, Parcel C, Parcel D-1 Aid Parcels E, E-1, E-2, E-3, E-4 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, to date, King Ventures has failed to satisfy its obligations pursuant to the
King Leases; and
WHEREAS, Oyster Point Ventures LLC, a Delaware limited. liability company
("Developer"), is the owner of certain property located in the 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 amenities ("Campus"); and
WHEREAS, Developer has negotiated the acquisition of the 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 a public;private collaboration and complimentary
uses of the Property and Business Park; and
WHEREAS, Developer is interested in acquiring; a portion of the Property for the purpose
of developing a larger Campus, commercial/retail building, a hotel, and public parks; and
WHEREAS, Harbor District and Oyster Point MV LLC, a Delaware limited liability
company and awholly-owned subsidiary of Developer ("Oyster Point MV), have negotiated
Consent to Assignment and. Amendment agreements related to the assignment of the King
Leases to Developer; and
WHEREAS, Oyster Point MV has requested the City to join the consent to the
assignment of the King Leases to Developer as part of the redevelopment of Oyster Point
Marina; and
WHEREAS, City desires to join the consent to the assignment of the King Leases to
Developer; and
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of South San
Francisco, does hereby authorize the City Manager to execute a Joinder, substantially in the form
attached to this Resolution as Attachment 1, to the Consent to Assignment and Amendment of
the King Leases, with review and approval by the City Attorney; 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 City Council of the City of South San Francisco at ~ regular meeting held on the 20th day of
May, 2009 by the following vote:
AYES: Councilmembers Pedro Gonzalez, Richaxd A Garbarino, and Kevin Mullin,
Vice Mayor Mark Addiego
NOES: Moor Kahl Matsumoto
ABSTAIN: None
ABSENT: None
ATTEST: ~'D`~
Deputy City Cl
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