HomeMy WebLinkAboutReso RDA 7-1986 RESOLUTION NO. 7-86
RESOLUTION AUTHORIZING SIXTH AMENDMENT TO
THE OWNER PARTICIPATION & DEVELOPMENT AGREEMENT
RESOLVED, by the Members of the Redevelopment Aqency of
the City of South San Francisco, that
WHEREAS, City, Agency and Developer have entered into
that certain Owner Participation and Development Agreement
(hereinafter called the "OPA") dated as of March 19, 1981, in
connection with the Redevelopment Plan for the South San Francisco
Redevelopment District, which provides for the redevelopment of
an area located in the City of South San Francisco (hereinafter
called the "Project Area"); and
WHEREAS, the parties have previously entered into a First
Amendment to the OPA dated December 30, 1981, a Second Amendment to
the OPA dated June 16, 1983, a Third Amendment to the OPA dated
August 24, 1983, a Fourth Amendment to the OPA dated September 30,
1983, and a Fifth Amendment to the OPA dated November 13, 1985; and
WHEREAS, City, Agency and Developer desire to enter into
a further amendment of the OPA to reflect a reduction in the
interest rate in the Phase I assessment district bonds as the
result of the refinancing of such bonds and on the basis of such
reduction, reduce the interest rate on the repayment obligation
of the Agency for the Agency's share of the Phase I assessment
district improvements;
NOW, THEREFORE, IT IS FOUND, DETERMINED AND ORDERED
as follows:
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1. That the Chairman and Executive Director are authorized
to enter into the Sixth Amendment to the Owner Participation Agree-
ment in the general form attached hereto with the City of South
San Francisco and the Homart Development Company to provide for a
reduction in the interest rate in the Phase I assessment district
bonds for the purposes of reducing the interest rate on the repay-
ment obligation of the Agency for the Agency's share of the Phase I
assessment district improvements.
ADOPTED, SIGNED AND APPROVED this 8th day of October ,
1986.
AYES: Chair Roberta Ieglia; Vice Chair Mark Addiego; Member Richard Haffey;
Member Gus Nicolopul0s
NOES:NONE
ABSENT: Member Jack Drago
ATTEST:
EXECUTIVE ,~ED~EVELOPMENT AGENCY
OF THE CITY OF SOUTH SAN FRANCISCO
APPROVED AS TO LEGAL FORM:
LAW OFFICES OF HERMAN H. FITZGERALD
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SIXTH AMENDMENT TO
OWNER PARTICIPATION AGREEMENT
This Sixth Amendment to Owner Participation and
Development Agreement is made as of this 8th day of 0ct0ber ,
1986, by and among CITY OF SOUTH SAN FRANCISCO, a municipal
corporation (hereinafter called "City"), REDEVELOPMENT 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 1 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 "Developer").
R E C I T A L S:
WHEREAS, City, Agency and Developer have entered into
that certain Owner Participation and Development Agreement
(hereinafter called the "OPA") dated as of March 19, 1981, in
connection with the Redevelopment Plan for the South San Francisco
Redevelopment District, which proyides for the redevelopment of an
area located in the City of South San Francisco (hereinafter
called the "Project Area"); and
WHEREAS, on December 30, 1981, Agency, Developer and
Genentech, Inc. entered into the First Amendment to the OPA, which
First Amendment dealt primarily with the parcel within the Project
Area which Genentech, Inc. has acquired from Developer; and
WHEREAS, 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 to a date not later than August 31,
1983; 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 to a date not later than August 31, 1983; and
WHEREAS, on September 30, 1983, City, Agency and
Developer entered into the Fourth Amendment to the OPA ("Fourth
Amendment"), which, among other things, provided 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, ~gency 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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WHEREAS, City, Agency and Developer desire to enter into
a further amendment of the OPA to reflect a reduction in the
interest rate in the Phase I assessment district bonds as the
result of the refinancing of such bonds and on the basis of such
reduction, reduce the interest rate on the repayment obligation of
the Agency for the Agency's share of the Phase I assessment
district improvements;
NOW, THEREFORE, in consideration of the mutual covenants
and agreements herein contained, the parties hereto agree as
follows:
1. Paragraph 1.6(b)(i) of the Fourth Amendment shall
be modified to read as follows:
"Developer's Advance of Agency's 25% Proportionate
Share of the Cost of Construction of the Gateway
Connector funded by Phase I Assessment District Bonds
(which amount equals $700,000), shall bear interest at
the rate of 11.1765% per annum from the 30th day of
September, 1983, to the 2nd day of July, 1986, and
thereafter at the rate of 8.5316% per annum
(constituting the interest rate on the bonds issued to
refund the Phase I Assessment District Bonds)."
2. The Repayment Agreement dated April 28, 1982 among
City, Agency and Developer is hereby modified as necessary to
conform hereto.
3. Except as modified by this Sixth Amendment, the OPA
as previously amended is ratified and confirmed.
IN WITNESS WHEREOF, the parties hereto have executed
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this Sixth Amendment to the Owner Participation and Development
Agreement as of the day and year first above written.
REDEVELOPMENT AGENCY OF THE CITY
ATTEST: ~C~UTH SAN FRANCISCO
~ ~x~~e ~irecto~~r ~k~.~~~a
ATTEST% ~~e~~ .: HH ~~~ ~/~~/ LOPMENT CO.
CITY OF SOUTH SAN FRANCISCO
ATTEST: ~ .................... ~
~~ C l~er~~ ~~~-~ ~~-~-'Mayor/~~1~ '
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