HomeMy WebLinkAboutReso 79-1984 RESOLUTION NO', 79-84
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION AUTHORIZING EXECUTION OF
AGREEMENT FOR FUNDING OYSTER POINT SEPARATION
BE IT RESOLVED by the City Council of the City of South San Francisco that:
1'. Approval of Agreement,
An Agreement entitled "Agreement for Funding Oyster Point Separation"
between the City of South San Francisco and Richard and Martha Diodati is hereby
approved', and a copy of said Agreement is attached hereto as Exhibit "1~"
2. Execution of Agreement~
The Mayor is hereby authorized to execute said Agreement on behalf of the
City" and the City Clerk attest his signature thereto,
I hereby certify that the foregoing Resolution was regularly introduced and
adopted by the City Council of the City of South San Francisco at a regular
meeting held on the 13th day of June , 1984' by the following
vote'
AYES'
NOES'
Councilmembers Mark N. Addie.qo, Emanuele N. Damonte, Richard A. Haffey,
Gus Nicolopulos; and Roberta Cerri Te.qlia
Non~.
ABSENT: _Nnne
AGREEMENT FOR FUNDING
OYSTER POINT SEPARATION
THIS A~REEMENT is made and entered into as of the 30th day of July
19 84- between the City of South San Francisco .(hereinafter l'citY")'and R.i.cbard'
and Martha Diodati, a married couple, (hereinafter "Developer,").
WHEREAS, Developer has obtained Use Permits No. UP-81-602 and IJP-82-6IZ a~c[.
final approval of Subdivis'ion Map No. SA-83-79 and final approval of Parce~ )~a~
No. PM-81-193 (hereinafter the "Conditional Approvals") all of which Conditional
Approvals required Developer to pay its Contribution toward the ConstruCtion of-
the.Oyster Point Separation as set forth in a formula approved.by the ~it7
. .
Council of' the'~ity' of South San Francisco; and ....
WHEREAS"th'o Condition~"~A~proval~: all relate to the'development of th~
·
-- .Oyster Point BUsiness Park, more particularly described as Parcels 1 through ~
as shown on the Parcel Map entitled "Oyster Point Business Park, being a sub-
division of the 1.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-$1 Serial
NO. 4347AS, San Mateo County Records, South San Francisco, California" dated
July, 1981 and recorded in the office of the County Re'corder of the County
San Mateo on April 12, 1983 in Volume 52, Pages 58 and 59, Document 8202900!
.
(hereinafter the "Oyster Point Business Park"); and
WHEREAS, City has, by Resolution No; 71-84, adopted a funding formula
for the payment of the Cost of Construction of the Oyster Point Separation; and
WHEREAS, City and Developer now desire to enter into 'an Agreement.to pro-
vide the mechanics for Developer to fund Developer's share of the Oyster Point
Separation;
NOW, THEREFORE, the City and Developer agree as follows:
1. Definitions.
(a) The terms the "Project" or the "Property' mean and refer to all of
the property within the Oyster Point Business Park, more particularly described
as Parcels I through 4 as' shown on the Parcel Map entitled.-i]yster Point BUsiness
Park, being a Subdivision of the lands conveyed to Diadati by ~d dated I-I3-81
·
and recorded 1-15-81 Serial No. 4346AS and by deed dated I-1¢-8! and recorded
1-15-81 Serial No. 4347AS, San Mateo County Records, South' San IFrancisco,. CalifOrnia"
dated July 1981 and recorded in the office of the County l~ecorder of. the County
of San Mateo on April 12, 1983 in Volume 52, Pages 58 and 59, I;~ummnt 82029001;
and
(b) TRe term "Developer" means Richard Diodati anti I~ha Diodati, a
married couple and includes any and all of Developer's'successors in interest or
assigns'~of any description.
(c) The "Oyster Point Separation" means a proposecl gr~e separation at
Oyster Point Boulevard and the Southern Pacific tracks, ~ogethe~ with any related
freeway access and street improvement including,, without~ limit~l~ian, the freeway
over-crossing, curbs, gutters, bicycle lanes, sidewalks, ]andscimDing, signs and
signals, land acquisition, utility and storm drain relocations, ~nv~ronmental
assessments and reports, architecture and engineering.
(d) .The "cost of constuction of the Oyster Point Sel~m-ntion" means the
total cost of environmental studies, the total cost of constr.u~ion, the total
cost of acquisition of lands and easements and all' inc~d:ent~l c~sts and contingencies
th'ereto, including engineering, supervision and inspection ns ~:cidental to con-
struction and acquisition and including any financing casts, $~h ns bond discount,
reserve fund, bond counsel fees and printin'g and advertising ca~ts, which arise
from any. bond financing necessary to provide funds or repaymen.~- of funds for con-
struction costs of the project.
{el "ADT of the Oyster Point Business Park' means average, daily trip
generation oriented to or from Highway 101, northbound, southbound, or crossing
Highway 101. The Project ADT for each type of development in sai~ Project .shall
be as set forth in Exhibit I to Exhibit "A" attached hereto and~ incorporated
by reference herein as though set forth .verbatim.
(f) "Total Project ADT" means the total ADT generated by in. tensities or'
densities of use on the Property for which final discretionary approval has' been
granted by City.
(g) "Contribution" is the cash amount Developer is obligated to pay based
upon the formula contained in Exhibit "A" hereto as applied to total Project ADT..
2. Developer Contribution. Developer shall Contribute to the cost of the Oyster
Point SeParation at a rate in accordance with the Oyster Point~ :ontribution Formula
Set forth in Exhibit "A" attached hereto and previously incorDorate~ herein
by reference.
3. Payment of Contribution.
(al Developer shall pay Developer's Contribution for-the Cost of Construc-
tion of the Oyster Point Separation in cash at such time an~ in such amounts: as
requested by City, except as to requests made pursuant to subparagraph 3Cc) and
except as provided in subparagraphs 3(fl and (gl.
(b) Within thirty'(30) days following execution of this Agreement,
Developer shall pay. the cash amount of $600,000.00 as its initial C~tribution
based upon ADT for most of the 'buildings for which building pe~its have been
issued within the project. Developer shall pay the additional .cash amounts to
City as fol lows:
(il $300,000 payable on May l, 1985; and -
(ii) $235,000 payable on May 1, 1986
Upon Developer's payment of the above amounts, De~el~er will have
pa. ida contribution of $1"135 million'~ which is sufficient to~ pay for-Developer's
total project ADT of 7'~369 at the date this Agreement is executed~ In the
event that Developer. obtains final discretionary approval fmr changes' in the.
densities or intensities of use authorized on the Property, ~.hen' Dev~lOpe~'s~ Contr'i-
bution based upon total Project ADT shall be adjusted i~ acr_ordance with Exhibit
"1" to Exhibit "A" hereto~ Thereafter', Developer shall prior tootle fssuamce-of
a building permit for any building (or modification thereto) within t~project
which generates ADT in excess of the Total Project ADT Setr forth aboVe~
Cash contribution bsed upon ADT. for'the building (or modifJe~tion) for which ~he
permit is to be issued"
(c) Developer may'~ at its own election' secure its obligation:pursuant.
to subparagraph 3{b) above by posting with the City an uncomdi'tional letter of
credit substantially complying with the form shown on Exhibit "B"hereto: drawn
only upon"Acceptable Financial Institutions" as listed in Exhibit 'C" attached
hereto and incorporated by reference herein'j in the amount of all of Developer's
cash contribution then due and'unpaid times the Engineering ~ews Record COns-
truction Cost Index for San Francisco at date of Cash Paymemt divided: by 5~13g~61
CCI
{i~'e~ Contribution X 5139~61 = Amt~ of Letter of Credit lmayable to
Upon such-a posting,.Developer shall have met the prerequisite ofsubparagraph
3{b) for the issuance.of a building permit. Thereafter, O~eloper shall, upon a
request fo~ funds pursuant to subparagraph 3{a} above, pay its cash contribution
into the Oyster Point Separation Fund within thirty days of' said request,
{d} Construction of the Oyster Point Separation c~uld proceed at such a
rate that funds will be needed for that improvement before l)eveloper's Comtributiom
would otherwise be required hereunder. If that occurs the ~ity shall be allowed
to request and Developer shall pay in cash the full amount off Developer's Contri-
bution based on the Total Project ADT not already paid in =h.
Upon such request bY City', Developer shall pay such amounts within
thirty {30)daYs of City's request therefor~ In the event that City collects
Developer's Contribution pursuant to this subparagraph 3(d) and the Oyster' Point
Separation is not physically under construction prior to December 31~,~ Igg3j Cit)
shall refund all contributions made by Developer' plus interest~, if any, earned
thereon"'
(el All cash and letters of credit shall be helU by the City ima special
fund, segregated from all general funds Of the City~ which shall be irrevocably
earmarked for the Cost of Construction of the OYSter Point Separation as herein
defined and for no other purpose or purposes whatsoever unless and until the.
repayment provisions of Paragraph 4 of this Agreement are implemented~ All
interest earned on cash within the Fund shall be credited to the Fund~
(fl City agrees to make any requests for cash p~rsuant to thi~ Paragraph
3 upon all devel°pers who are required to contribute to the Oyster Point. Separation~
Such request shall be made upon each developer in an amount equal to the amount
that said developer's proportionate share of the total
the Oyster Point Separation bears to the total request then being madeZ, I~ver-
theless~ City shall not be required to'successfully collect said contribuitons~ and,
Developer's obligation under this Paragraph 3 to pay its :ontribution in a timely
fashion shall not be affected by failure of the City to collect the contributions
of other developers" Upon-~City's request for a cash Contribution by Developer,~
whether for Cost of Construction as contemplated in subparagraph 3(a) above er for
the full amount of the projected Contributions by Developer as contemplated in
subparagraph 3(d) above', processing of all subdivision or parcel maps and
building permits and occupancy permits shall be halted for deYeloimnent on the par-
cel or parcels owned by DeVeloper until payment of Developer's cash Contribution
is received~ City will pay an amount equal to its proportionate share of the
Cost of Construction of the Oyster Point Separation at the same timethat it
· expends Developer's proportionate share~
4'~ Refunds of Excess Payments~, It is recognized that the City wi~ll make
.every effort to secure maximum participation in the OysterPoint SeparatiOn Project~
and for greater state and/or federal contributions to the Oyst~_~ Poi~ Separatio~
Any funds collected in excess of those needed for the local sha~e co~l~ribut~om
and interest on such excess funds shall be refunded, to Developem i~ accordance
with the Oyster Point Separation Fund Repayment Formula attache~ ~eret~ es
.Exhibit "D" and incorporated herein by reference as~ ~hough set.'fort~ ~rbatim~
·
5. No Further Fees or Contributions'~ It is understood and ~greed ~hat the
obligation of Developer to contribute based upon ~otal Project ADT an~i to perform'
other obligations expressed herein shall be the sole obligations of De~eloper
or any other owner of all or any portion of the Property wit~ resPec~ ~o the
construCtion of the Oyster Point Separation or any part thereof ~r ~t~. respect to
traffic mitigation at the Oyster Point/Southern Pac·ific~ighway ~O1 ~m~ersect~ons
as required by the intensity of development approved im the ~s~e ~ermit~ and~or
SubdivisiOn Maps approved prior or subsequent to this Ageement~ ~o o~er' con-
struction'~ payment of fees', or contribution or the like with re~ec~ t~ the
Oyster Point Separation or any part thereof shall be required of Bevel'o~er or any
owner of any portion of the Property as a condition to or in commectiom with
issuance or approval of any subdivision map. parcel map~ ~se permit~ b~ilding
permit'~ occupancy permit~ or any other permit approval or ~uthom~zatiom what$oeverZ
6~ Assignment:
(a) Developer may at any time or from time to time lease', sel~ or other-
wise transfer or assign (hereinafter "transfer") its rights~, title or Smterest
in or to all or any portion of the Pr°perty~ Immediately ~pon ~ch a ~mansfer;
Developer shall notify the City of the name and address of the ~nsferee and
shall supply City with a signed original of the "Assignment'~"
·
---' (b) Notwithstanding the foregoing, Developer agrees that Developer
t shall remain primarily liable for the Co. ntribution due with: respec.t to any lot
or parcel conveyed by Developer' until the City receives the cash. payment
contemplated in Paragraph 3(al, (b) or {c) above, whereupo~ ~e~eloper's total
obligation shall be reduced by the AD~ attributable to said. cash payment,.
!
Developer also specifically' agrees that Developer shall pay,,.~ithin~'
· ,
thirty (30) days of City's request,~ any and all cash con~ibut,ions required as
a .condition to issuance of a building permit for any building {or modification
thereto) the use of which will generate ADT on a given parcel in excess of the
amounts shown on Exhibit "E," attached hereto and incorporated herein by reference,
when said building permit is requested for construction'or modification to a
building on a parcel or portions thereof owned by the Developer on the date of'
___ this Agreement and subsequently conveyed by Developer by sale or lease or otherwise.
7. Recordation. The Developer shall cause a copy of this Agreement and
·
any amendments' to it or assignments of rights or responsibilities hereunder to
be recorded in the Office of the Recorder of the County of San I~ateo as a
restrictive covenant upon the lands within the Oyster PoinL' Business~ Park
immediately upon its execution.
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:
To Developer
City Clerk
P.O. Box 711 ·
South San Francisco, CA 94083
Richard Diodati
1461 San Mateo Avemue
South San Francisco, CA 94080
Each party by noticeas herein provided may changesucb 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 Rg~reement~
10. Capitalized Terms. All capitalized items' herein' which are defined terms
shall have the meanings set forth in this AgreementZ
11~ 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 unenforeable~ the remaining provisions ~or portions
of such provisions) of this Agreement shall.remain in ful! 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 entitle~ to recover
reasonable attorneys' fees and costs in addition to othersuch relief as the
court may award.
115~ Upon execution of this Agreement~ Owner shall have it r~orded in
the office of the Recorder of the County of San MateoJ
IN WITNESS WHEREOF~ the undersigned have executed this Agreement on the
·
San Mateo;' CallWorni~. ' .
CITY OF SOUTH SAN FRANCISCO, '
ATTEST: .. ' a municipal' corpration
OYSTER POINT CONTRIBUTION FORMULA
1. General Provisions:
Contributions shall be based upon weekday Average Daily Trip (ADT) generation
by various land uses as set forth in Exhibit I attached hereto and incorporat~d
herein by reference as though set forth verbatim.
iNote:
(al When ADT generation is based upon gross square footage
of a building, the gross square footage includes the,.
total floor area within the building shell, which shall
be computed by measuring to the inside finished surface
of permanent outer building walls. Ihe gross square
footage of a building shall be the sum of the square
footage of all enclosed floors of the building, including
basements, mechanical equipment areas, corridors and
general support areas and the like. Gross square footage
shall not include first floor open lobby area in exess af
four hundred (400) square feet, atrium openings which
extend to floors above the atriuim floor, or Penthouses
used exclusively to house mechanical equipment. Credit
may be given for ADT generated by uses previously existing
on the parcel (s) proposed for development if those previous
uses were lawful and active within two (2) years prior to
the date the project proposal was accepted by the City as
a complete application.
2. Contribution Formula:
Engineering News Record Construction Cost Index
For San Francisco at date of Cash Pay~nt Amount of
ADT x $154' x b139.61'* = Contribution
3. Methods of Payment:
(al In most cases, payment or guarantees of payment shall be ma~e pr~ior
to issuance of building permits.
(b) In some cases (i.e. projects underway prior to adoption, of the
formula contained herein) guaranteed delayed payment plans ~y be
approved by agreement with adequate surety. Belayed payment agreement
will be subject to adjustment in accordance with Enginering News Record
Index changes. In no case shall the per-trip contribution amount be less
than the $154 figure set forth above. Should the Engineering News Record
Index be discontinued, the formula provided above shall be converted
to any new or changed index which might replace said index.
*The $154 figure set forth above is based upon the total estimated
cost of the Oyster Point Separation divided by the projected total
ADT applicable to that project.
**July, 1983 Engineering News Record Construction Cost Index for
San F ranci sco.
EXHIBIT "A"
Land Use
Truck Terminal
General Industrial
Manufacturing'
~Warehousing
Hotel'
Motel
General Office
Building
Research Center
Recreational Club
Dinner House
Restaurant
EXHIBIT 1. TO
OYSTER POINT CONTRIBUTION FORMULA
General Description
Facilities Where goods.are transferred
between trucks'~ trucks and railroads'~
or trucks and airports'~'
AI)T
Trip Rate Per I000*'~
Gro~ss Square Fee.__~t
Typical usesare printing plants~ material
testing laboratories, assemblers of data
processing equipment~ and power stations
which usually employ less than 500 emp-
loyees with an emphasis on uses other than~
manufacturing~
Primary activity is the conversion of
materials or parts into finished products'J
Facilities which are all or largely devoted
to storage of materials':
Place of lodging which generally contains
one hundred {100) or more lodging rooms or
suites and which could include restaurants,
cocktail lounges', meeting rooms~ banquet
rooms, and other retail and service shops
within the same building~
5:46
3=99
4:-50
10:§0 (Per Room]
Place of lodging which ordinarily contains
less than one hundred. {100) rooms or suites'
which could include a restaurant on the sue
premises:
I0','I4 (Per Room']
Office building housing one or more tenants 12=30
and is the location where the affairs of a
business'; commercial or industrial organization';
professional person or firm are conducted and
related support services:
Facilities or groups of facilities devoteO
'nearly exclusively to research and develop-
ment activities.
5:30
Privately owned' facilities including tennis
courts', 'swimming pools'. 'racquet ball courts-'
handball courts'; and other minor gynmastic
facilities¥
11:70
Eating establishments of high quality in
interior furnishings and food which generally
have a customer turnover rate of one hour ~r
longer and are not open 24 hours ))er day'J
56:30
Page I of 3
Land Use
EXHIBIT i TO
OYSTER POINT CONTRIBUTION FORMULA
General Description
ADT
Trip Rate Per I000*~
I~ross Square Feet
High Turn-over
Restaurant
Eating establishments which generally have
a customer turn-over rate of less tt~an one
hour, including, but not limited to, coffee
shops, cafeterias and delicatessens.
16¢.40
Shopping Center
General Commercial
An integrated group of comercial est-
ablishments which is planned, developed
owned, and managed as a Unit:
Under 50,000 Gross Square Feet
50,000 Gross Square Feet and Greater'
Establishments contained within freestand-
ing commercial buildings including strip
commercial buildings.
115.8
79.1
48.00
Banks and Savings
and Loan
Marina
Single Family Dwellings
Townhouses
Condominiums and
Apartments
Contain banks or savings and loan
facilities.
Public or private marina with some
having social activities scheduled
throughout the week.
74.00
I)
3.2/berth
3)
10.O/unit
3)
9.0/unit
3)
§.O/unit
Except for general office buildings and banks and savings and lo,a4~ use, all land use
listed above shall be calculated at the applicable primary land use rate notwith-
standing the fact that the use may include up to 25% of office use ancillary to the
primary use. Office use exceeding 25% for a given structure shall be computed at
the general use rate as set forth above. Any other uses in the same structure shall
be computed as a separate use of that structure.
The following typical example would apply to a 50,000 square foot industrial
building which contains 30% Office, 2% Delicatessen, 0% General Industrial and
60% Warehousing'
Average Trip Rate ADT
Square 1000 Sq. Ft. of Trip
Use Feet Gross Floor Area Generation
Office 2,500 (15,000-12,500) 12.30 30.75 .
Del icatessen 1,000 164.40 164.40
General Industrial 4,000 5.46 21.84
Warehousing 42,500 (30,000+12,500) 4.50 191.25
408.24.
In this case, the total-trip generation would be 409 trips per day'
*See next page
Paoe ? of 3
*For specific definitions of land use categories and data supposing! trip generation
rates see "Trip Generation Second Edition - 1979" prepared by the Institute of
Transportation Engineers. A copy of this report, including use definitions and
variations of the above listed rates, has been placed in the files:' of the Depart-.
ment of Community Development, 400 Grand Avenue, South San Francisco, CA 94080.
1) A Traffic Impact Analysis of the Proposed Oyster Point': Business Center;.. TJKM.
Transportation Consultant. Dec. 1981.
2) CALTRANS - 12th Progress Report on Trip Ends Generation Research Counts',
December, 1979.
3) Terrabay Development; Final Environmental Impact Rep°rt,'August, 1982
Page 3 of 3
EXHIBIT "B"
SAMPLE SAMPLE
NO.
Amount
Irrevocable Letter of Credit
SAMPL£
SAMPLE
TO: CITY OF SOUTH SAN FRANCISCO
'Gentlemen:
We hereby authorize you to draw on
Name of Bank and ~ranch Location
at sight for account of
Name and Address of Developer ~
up to an aggregate amount of
times the Engineering News Record Con-
struction Cost Index for San Francico at date of Cash Pay,f~-~ divided by 5139.61
CCI
{i.e. X 5139.61 = Amt. of Letter of Credit pey~b'le to City).
Drafts to be accompanied by-
'The original of this Letter of Credit and its amem~ments, if any.
We are informed that this Letter of Credit is iss~e~ to guarantee a
portion of Developer's required Contribution of' tl~e Cost of COnstruction
of the Oyster Point Separation' as Defined in an A~ement entitled
"Agreement for Funding OySter Point Separation' em~ered into by and
between Developer and the City of South San Francisco and dated
Drafts drawn hereunder must specifically mention the n~er and date of this
Letter' of Credit.
The amount of each draft negotiated, together with the ~ate of n~egotiation,
must be entered on the reverse side of this Letter of Credit.
We hereby agree with you that the draft~ drawn under and in accordance with the
terms of this credit shall be duty honored upon presentatiem to the drawee on or
before .
Date
SignaLures
ACCEPTABLE FINANCIAL INSTITUTIONS F[~]~ INVESTMENT
Untted States:
·
Bank of America
Citibank
Chase Manhattan Bank
Manufacturers Hanover Trust
Morgan Guaranty Trust
Chemical Bank
Continental Illinois
Bank ers Trust
First National Bank of Chicago
Security Pacific National Bank
Wells Fargo Bank
Crocker National Bank
First 'Interstate Bank of California
HellOn Bank "
Seattle First National Bank
]~epublie National Bank, Dallas
Harris Trust Company
Texas Commerce Bank
No~the~n Trust .
Rainier National Bank
Pittsburgh National Bank
Ameritrust -
First National Bank of Boston
U,S. National Bank of Portland
Northwest Bancorp -
First International Bancorp
First Bank. System
First City Mancorp '
National Detroit
Bank of New York '
European American B~nk
North Carolina National Bank
Union Bank '
Philadelphia National Bank
Southeast Banking Cord
Valley National Bank of Arizona
Detroit Bank Corp
Waehovia CoPp
National City Corp - .
Mercantile Texas Corp
Note
The institution.s 'listed are taken from the fifty largest
banks by assets Only those U.S. banPdn9' institution~ listed abc~e having
California offices are aocep~le institutions.'
·
EXHIBIT "C"
Page 1 of 3
Banque'National de Paris
Credit Ag~icole Mutuel
Credit Lyonnais .
Societe Generale
Germany:
Deutsche Bank.
Dresdner Bank'
Westdeutsche Landesbank
Commerzbank
Bayerische Landesb~nk
Baye?ische Vereinsbank
Bayerische Hypotheken und
Wechsel Bank
Great B~itain:
National Westminister Bank
Barclays Bank
Mi dland Bank
Lloyds Bank
·
Japan:. ' ' . '
Dai-Ichi Kangyo Bank
Norincbukin Bank
Fuji B~nk ~.
·
Sumitomo Bank
Mi tsubishi Bank
Sanwa Bank
Industrial Bank of Japan
Long-Term Credit Bank of Japan
Tokai Bank
Bank of Tokyo
Mitsui Bank
The
·
Netherlands:
Rabobank Nederland .
Alegmene Bank Nederland
Amsterdam-Rotterdam Bank
Page
2of3
Canada:
·
Royal Bank of Canada
Canadian Imperial Bank
Bank of Montreal
Bank of Nova Scotia
Toronto Dominion Bank
-¢
Switzerland:
Swiss Bank Cor~
Union Bank of Switzerland
Credit Suisse
Belgium:
Societe Gen~rale de Banque
Mong Kong: -
t~.ongkon~ and Sbangh'ai Banking corp.
..
-- Note -
·
The financ.~al institutions on this list are taken from the' fifty
largest non-U.S, banks by assets, except for the Bank of Nova
Scotia and Toronto Dominion Bank. Only those for~:[~ banki.~g
institutions listdd above having California offices are. acceptable~
institutions.
Page 3 of 3
OYSTER POINT sEPARATION FUND REPAYMENT"FORMI~
Any funds collected in excess of those needed for the local share of th~ Cost of
Construction of the Oyster Point Separation shall be refunded to cIe~.elopers in
the same. proportion that the ADT of their particular project bore f.o the Total
ADT upon which the total cOntributions by all developers to th.e Oyster Point
Separation project were based'~ Refunds to be made shall be cletermined in accord-
ance with the procedure outlined on Page 2 of this exhibit setting forth' examples
of payment refunds~ Refunds'~ if any are to be made', shall be made on a date not
later than ten years and two months after final acceptance by I:ity of the. work
to construct the Oyster point Separation.
In the absence of excess payments toward the principal of the project., no refund
will be made for interest earned on such payments; such ~nterest will .be applied
to the Agency's share and will be reimbursed to the Agency, If the met local
share exceeds' total payments into the principal of the fund, ~ere will be no
repayment to developers unless additional payments made by other de. lopers follow-
ing the date of project completion bring total payments to a level e:xceeding the
local share:
EXHIBIT "D"
Page 1 of 2
OYSTER POINT SEPARATION FUND REPAYMENT FORMULA
.,
Any funds collected in excess of those needed fOr the local~ share of' the Cost of
Construction of the Oyster Point Separation shall be refunded to developer.s in
the same proportion that the.ADT of their particular project bore t~ the TOtal·
ADT upon which the total contributions by all developers to the Oyster Point
Separation project were based. Refunds to be made shall be determined in accord--
ance with the procedure outlined on Page 2 of this exhibit setting fo-rt~· examples
of payment refunds. Refunds, if any are to be made, shall be made· on a date not
later than five years and two months after final acceptance by City of the work~
to construct the Oyster point seParation.
: .
In the absence of excess payments toward the principal of the project, no refund
will be made for interest earned on such payments; such interest will be. appli~ed
to the Agency's share and will be reimbursed to the Agency,. If the net' local·
share exceeds total payme.nts into the principal of the fund, there w.ill be no
repayment to developers unless additional payments made. by other developers follow-·
ing the date of project completion bring total payments to a level exceeding the
local Share.
EXHIBIT "D"
Page 1 of 2
EXAMPLES OF PAYMENT REFUNDS
ASSUMPTIONS
1 2
Project Total
'ADT Payments
% Pmt. Repaid
Project ADT
divided by
total ADT
~mount of Repayment~'
$1,380,000 x COLo 3
Developer "A" 37,000(1) $3,800,000
Developer "B" 4,000 .650,000
Developer "C" 3,750 600,000
Developer "D" 12,000 1,900,000
Developer "E" 7,000 1,100,000
Redevelopment Agency
(Including' Future) 40,000.(1) .2.,500,000
.357
.039
.036
.116
.067
.385
$492,660
53,820
49 ,.680
160,,080
92,460
,531,300
TOTALS 103,750 9,750,000 1.000 $1,380,000
Note (1) - After adjustment for contributions to East Gra~ Avenue Overpass
the rate of $154 per trip
Example #1 - AsSumes net local share cost =
$8,500,000
Assumes total interest earnings = 1,000,00~
Total excess' payments: $1~,250,000)
Total excess interest = 130,000) 1,380,00~
*Repayment calculated by mutliplying
excess payment and interest costs by
% of ADT in Column 3 (amount in this
example shown in Column 4 above).
Example #2
Assumes net local share cost = $10,750,000
Total interest earnings = 1,250,000
Total excess payments = 0
Total excess interest : 250,000
.'
(Note: In the. absence of excess payments no
repayment will be made and excess interest
will be applied to agency share of future
contributions.)
Example #3
Assumes net local share cost = $12,000,000,
Assumes total interest earnings = 1,250,000
Total excess payments =
Total excess interest
(Note: Because net local share exceeds total
Payments will be no repayment to develoPers
unless more than $1,000,000 in additional pay'-
ments are made by other developers following
date of project completion.)
Page 2 of 2
EXHIBIT "E"
OYSTER POINT OVERCROSSING FUND
REVISED ESTIMATE OF. DIODATI CONTRIBUTIONS *
(Based on Formula adopted by City Council
on May 23, 1984)
Bui I ding "A"
Building "B"
Building "C" (Warehouse)
Bull ding. "D"' (Warehouse)
Building "E" (Office)
Building "F" (~arehouse)
Building "G" (Office)
Building "H'~ (Warehouse)
Private Ma ri na
TOTAL
Less Credit for Healey-Tibbets
Warehouse Replaced
Exempt from Use Permit
Exempt from Use. Permit
$-62,473
47,522 . '
409,348
71,570
409,348
48,510
107,923
$1,156,694
·
21 ~830
$1,1 34,86a~
ADT
405..7
308.6
2,658.1
464.7
2,658.1
315.0
700.8
7,511.0
141.7
7,369.3
* Calculations are based upon existing uses at this date for occupied
buitdihgs 'and estimated-for incompleted buildings.
'Calculations may.. change in accordance with changed uses during term
of policy effect.
Calculations are based upon land uses for individual parcels as set
forth in Exhibit "1" attached hereto.
EXHIBIT "E"
(Attachment)
AVERAGE DAILY TRIPS CALCULATIONS (1)
Parcel/B1 dg
II C II
11 D II
II E II
"FI!
IIH II
Marina
Credit
Primary
Use
Warehouse
Warehouse (2)
Office
Manufacturing
Offi ce (2)
Warehouse { 2)
Marina
Warehouse
Secondary No.
Uses' Sq Ft
66,360
Laboratory 10,950
Rec C1 ub 4,200
Office
Laboratory
Warehouse
68,575
216,10D
43,462
8,834
12,736
25,616
90,648
216,100
70,000
129
3l ,500
ADT-
Unit
4.5
5.3
~ll .7
12.3
·
3.99
12.3
5.3
4.5
12.3
4.5
Berths 3.2
4.5
NET ADT
ADT
298.6
58.0
49.l
405.7
308.6
2,658. l
173.4
108.6
67.5
115.2
464.7
2,658.1
315.0
700.8
7,511.0
141.7
-,
7,369.2
·
(2)
Based on Current
Projected Use
& Projected Parce'l
(Building)
Uses as of June
1, 1984