HomeMy WebLinkAboutReso 86-1983RESOLUTION NO. 86-83
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION APPROVING THE FINAL MAPS
ENTITLED "FINAL MAP OF 395 OYSTER POINT
BOULEVARD A CONDOMINIUM" AND "FINAL MAP
OF 400 OYSTER POINT BOULEVARD A CONDO-
MINIUM" AND AUTHORIZING RELATED ACTS
that:
BE IT RESOLVED by the City Council of the City of South San Francisco
1. Approval.
The Final Maps, entitled "Final Map of 395 Oyster Point Boulevard
A Condominium, Being a Resubdivision of Parcel 2 as shown on Map Recorded in
Book 52 of Parcel Maps at Page 59, South San Francisco, California" and "Final
Map of 400 Oyster Point Boulevard A Condominium, Being a Resubdivision of Parcel
3 as shown on Map Recorded in Book 52 of Parcel Maps at Page 59, San Mateo County
Records, South San Francisco, Californa" prepared by KCA Engineers, Inc.,
Consulting Engineers, dated February 1983, are hereby..approved.
2. Recordation.
The City Clerk is authorized to record or cause recordation of said
Maps in the official records of the County of San Mateo, same to be concurrently
recorded with the Declarations of Covenants, Conditions and Restrictions for
both 395 and 400 Oyster Point Boulevard, Office Condominium Projects, and with
the "Interim Agreement Oyster Point Overcorssing and Interchange Modification
Project Funding" attached hereto as Exhibit "A."
3. Copies 'of Declarations of Covenants, Conditions and RestriCtions.
Copies of the recorded Declarations of Covenants, Conditions and
Restrictions and of the recorded Exhibit "A" to this resolution shall be filed
in each of the following offices for reference: (1) City Clerk, (2) Depart-
ment of Public Services and (3) Department of Community Development, and the
Building Division may withhold building permits until the copies of the
recorded documents are filed.
4. Copies of Recorded Final Maps.
A mylar reproducible, copy of the recorded Final Maps and two blue
line prints of each map shall be filed with the Director of Public Services
prior to the issuance of any building permits or occupancy permits for the
structures located within the resubdivisions.
I hereby certify that the foregoing Resolution was regularly introduced
and adopted by the City Council of the City of South San Francisco at an adj. regular
meeting held on the 27thday of July , 1983, by the following
vote:
AYES:
NOES:
ABSENT:
Councilmembers Ronald G. Acosta, Mark N. Addiego and
Roberta Cerri Teglia
None
Councilmembers Emanuele N. Damonte and Gus Nicolopulos
H' ' ~ II |1
E× IB~T '~A
TO RESOLUTION;NO:; 86-83 , RESOEUIION NO. 85-83
INTERIM AGREEMENT
OYSTER POINT OVERCROSSING AND INTERCHANGE
·
~ODIFICAIION PRO~£cI FtlRDIN~
THIS AGREEMENT is made and entered into as of the 25th day of
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July.. , 1983, between the CITY OF SOUTH SAN FRANCICO (hereinafter
"City") and RICHARD DIODATI (hereinafter "Developer").
WHEREAS, the City has adopted a financing formula for the partial
financing by certain benefited parties of the proposed Oyster Point Overcross
: -
and Interchange Modification Project (hereinafter them "Project"). The City
intends to establish a fund into which the benefited parties will contribute
their pro rata share of the required funds for the Project (the "Overpass Funds");
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and
wHEREAS, the City ~as required that Developer provide assurance of
payment of the Developer's share of the funds required for the Project as a
condition of Developer developing the Oyster Point Business Park, more parti-
cularly described as Parcels I through 4 as shown on the Parcel Map entitled
"Oyster Point Business Park, being.a Subdivision of the ]ands conveyed to Diodati
by deed dated 1-13-81 and recorded 1-15-81 Serial No. 4346AS and by deed dated
·
1-14-81 and recorded 1-15-81 Serial No. 4347AS, San I4ateo County Records, South
San Francisco, California" dated July 1981 and recorded in the office of the
County Recorder of the County of San Mateo on April 12, 1983 in Volume 52,
Pages 58 and 59, Document No. 82029001 (hereinafter the "Business Park"); and
WHEREAS, City and Developer are in the process of preparing a Definitive
Funding Agreement (hereinafter "Definitive Agreement") relative to the arrange-
ments to be made for Developer to contribute to the Overpass Fund, when required,
the Developer's pro rata.share of the funding required for the Project; and
WHEREAS, Developer desires to obtain the Building Permit for Building "F"
of the Business Park and the Condominium Subdivision Map for Buil ding "E" of the
Business Park prior to completion and execution of the Definitive Agreement; and
WHEREAS, pending the execution of the Definitive Agreement and the post-
ing of the financial assurances to be required of Developer thereunder, City
requires that certain arrangements for financial assurances be made to the
City in'respect of Developer's pro rata share prior to the issuance of such
Building permit and Subdivision Map as good faith depOsit toward Developer's
satisfaction of the conditions of the City's discretionary approvals of the
Business .Park; and
WHEREAS, Developer is willing to provide a letter of credit in the
amount of Three Hundred Thousand Dollars ($300,000.00) for the benefit of the
City from First Interstate Bank and commitments for the issuance of subsequent
annual letters of credit for Three Hundred Thousand Dollars ($300,000.00) up to
an amount of One Million Two Hundred Thousand Dollars ($1,200,000.00) as such
financial assurance until the Definitive Agreement is executed and the financial
assurances required thereunder are provided.
IT IS HEREBY AGREED THAT:
1. In consideration of the City allowing Developer to obtain the Build-
ing Permit for Building "F" of the Business Park and obtaining the Final Sub-
division Map for Building "E" of the Business Park, Developer agrees to
provide to the City, concurrent with the execution of this Agreement, an irrevo-
cable letter of credit from First Interstate Bank in the amount of Three Hundred
Thousand Dollars {$300,000.00} assuring the payment by Developer of Developer's
pro rata share to the Overpass Fund. Such letter of credit shall assure the
payment of the Three Hundred Thousand Dollars ($300,000.00) at the time that
the City requests such funds to be paid into Ithe Overpass Fund for the project.
2. At the time of execution of this Agreement, Developer shall further
provide to the City an unconditional written agreement from First Interstate
Bank, which Agreement will provide that said bank will issue a letter of credit
to the City on MaY 1, 1984 in the additional amount of Three Hundred Thousand
Dollars ($300,000.00) further assuring payment by Developer of the Developer's
pro rata share to the Overpass Fund. Said Additional letter of credit shall
assure the payment of Three Hundred Thousand Dollars ($300,000.00) at the
time that the City requests such funds to be paid into the overpass Fund"
making an aggregate of Six Hundred. Thousand Dollars ($600,000.00) to that
point in time.
3. Developer agrees to provide to the City concurrent with the execu-
ti on of this Agreement, an agreement from said bank, that said bank will
issue to the City a letter of credit on or before May 1, 1985 on the same
terms and conditions as the letters of credit referenced in Paragraphs I and
2 above for an additional amount of Three Hundred Thousand Dollars ($300,000.00),
making an aggregate of Nine Hundred Thousand Dollars ($900,000.00) to that
point in time. Said agreement shall be subject to the provisions of Paragraph 5
hereof.
4. Furthermore, Developer will, concurrent with the execution of this
·
Agreement, provide the City with an Agreement from said bank that on May 1, 1986
said bank will provide to the City. an additional letter of credit in the amount
of Three Hundred Thousand Dollars ($300,000.00) on the same terms and conditions
as the letters of credit set forth in Paragraphs I and 2 such that by May 1, 1986'
the letters of credit in the amount of One Million Two Hundred Thousand Dollars
($1,200,000.00) in the aggregate will be presented to the City by Developer.
Said agreement shall be subject to the provisions of Paragrah 5 hereof.
5. Deli n~l~i ye 'Ag~eement~ -l~o - ~6 -Reach6d ~' bY ' January ' 1, ' 1984.
(a) Notwithstanding the foregoing, the commitment of First Interstate
Bank to provide letters of credit in the years 1985 and 1986 shall be conditioned
upon the City and Developer executing a Definitive Agreement acceptable to said
bank relative to the funding of the Oyster Point Overpass by January 1, 1984. If
no such'Definitive Agreement has been reached and executed by January 1, 1984,.. then
the Developer shall only be obligated to post and deliver to the City the following-
(1) The letters of credit set forth in Pahagraphs I and 2 of this
Agreement; and
(2) An~unconditional letter of credit in the amount of One Hundred
Thousand Dollars ($100,000.00) on the same terms and conditions as the
letters of credit set forth in Paragraphs I and 2 of this Agreement or
cash in the amount of One Hundred Thousand Dollars ($100,000.00).
(b) If no such Definitive Agreement is executed between Developer and
City by January 1, 1984, then the-Developer shall not be entitled to receive any
permits from the City relative to Buildings "D," "H" and "G" in the Business Park
until such Agreement has been executed by the City and Developer and-arrangements
have been made thereunder for assuring payments of the Developer's share of the
Overpass Fund obligation.
(c) If Developer desires to begin work on Building "D" prior to January
1, 1984, Developer may apply for permits relative to said Building "D;" but as a
condition precedent to City's issuance of said permits or any of them, Developer
shall provide City with an unconditional letter of credit or cash deposit in an
amount calculated in accordance with the formula set forth in Exhibit "A" to
Ordinance No. 923 of the City of South San Francisco as Developer's share of
the Oyster Point Fu. nd related to said Building "D."
6. The agreement of the parties hereto to assure the funding of the
amounts set forth in this Agreement, being Three Hundred Thousand Dollars
($300,000.00) per year to a maximum of One Million Two Hundred Thousand Dollars
($1,200,000.00), shall not be construed to be an agreement by said parties that
the amount of One Million Two Hundred Thousand Dollars ($1,200,000.00) is the
actual share by which the Developer is obligated under the funding arrangments
for the Project. The parties reserve their rights relative to the amount of
the funding and the nature of the funding which shall be established in the
Definitive Agreement. The purpose of the Agreement is to provide the City with
assurance of the availability of funds in the minimum amount of One Million Two
Hundred Thousand Dollars ($1,200,000.00) as and towards such share of the fund to
which the Developer may in the future be obligated. The parties reserve their
rights relative to resolution of the Project and the nature of contributions of
other property owners within any such benefited area.
7. The terms of each of the letters of credit to be provided to the City
under this Agreement shall provide that the City shall be entitled to. be paid
under said letters of credit'the face amount thereof unless the Developer contri-
butes when requested by the 'City the share of Developer to the Overpass Fund for
the environmental studies, acquisition, design, engineering, development and
construction of the Project, and provided that the City requests such funding
on or before December 31, 1988.
8. Notices: All notices required or permitted to be given hereunder
shall be in writing and deemed to be given and received when either personally
delivered or forty-eight (48) hours after deposit in the United States mail,
postage prepaid, certified or registered, return receipt requested, and addressed
as follows-
To City: City Clerk
P.O. Box 711
South San Francisco, CA 94083
To Developer- Richard Diodati
1461 San Mateo Avenue
South San Francisco, CA 94080
Each party by notice as herein provided may change such address for
purposes of subsequent notices hereunder.
9. Captions- The captions of articles, sections and paragraphs hereof
are for convenience only and shall not affect the meaning of this Agreement.
lO. Capitalized Terms' All capitalized items herein which are defined
terms shall have the meanings set forth in this Agreement.
ll. Time: Time is of the essence of this Agreement and each provision
_ _
hereof.
12. Governing Law: This Agreement shall be governed by the laws of the
State of California.
13. Invalidity Or Illegality. If any provision (or portion of the
provision) hereof is adjudicated illegal or unenforceable, the remaining provi-
visions (or portions of such provisions) of this Agreement shall remain in full
force and effect.
14. Attorney's Fees: In the event of any 'litigation to construe,
interpret or enforce this Agreement, the prevailing party shall be entitled to
recover reasonable attorneys' fees and costs in addition to other such relief as
the court may award.
15. Assignment: Developer may at any time or from time to time transfer
its rights, title or interest in or to all or any portion of property. As a
condition precendent to any such transfer, owner shall require the transferee
to acknowledge in writing that transferee has been informed, understands and
agrees that the burdens and benefits under this agreement relating to such
transferred property shall be binding upon and inure to the benefits of said
transferee.
Upon such a transfer, Developer shall notify the City of the name'
and address of the transferee. Upon completion of Developer's responsibilities
pursuant to this section, Developer shall have no further obligations or benefits
hereunder~with respect to such transferred property save for those the perform'
ance of which was due prior to the transfer date.
16. Binding. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns.
17. Upon execution of ths Agreement, .Owner shall have it recorded in the
office of the Recorder of the County of San Mateo.
IN WITNESS WHEREOF, the undersigned have executed this Agreement on the
25th day of july , 1983, in SoUth San Francisco, county of San Mateo,
California.
ATTEST:
JVly comm. expires 0CT 1~,~ ' A ~.. -~ ~ ~ ~.
OFFICIAL SEAL
DONALD M GALBRAITH
NOTARY PUBLIC - CALIFORNIA
SAN MATE0 COUNTY
9, 198. ~
RICHARD DIODATI ~ .,
MARTHA DIODATI . ! ~ ' ~
By:
CITY QF SOUTH SAN FRANCISCO
a municipal corporation .