HomeMy WebLinkAboutReso RDA 1-1998 RESOLUTION NO.1-98
REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO
STATE OF CALIFORNIA
A RESOLUTION APPROVING A SECOND AMENDMENT TO THE
OWNER PARTICIPATION AGREEMENT FOR THE
METROPOI.ITAN HOTEl. RETROFIT PROJECT
WHEREAS, the Redevelopment Agency approved an Owner Participation Agreement (OPA) with
Tipton Management Company (operator) and Martin Metro, Inc. (Owner) for the seismic retrofitting of
the Metropolitan Hotel; and
WHEREAS, staff desires to enter into a second amendment to the Owner Participation Agreement
for the Metropolitan Hotel Retrofit Project.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of South
San Francisco that it hereby authorizes a second amendment to the Owner Participation Agreement for the
Metropolitan Hotel Retrofit Project.
I hereby certify that the foregoing Resolution was regularly introduced and adopted by the
Redevelopment Agency of the City of South San Francisco at a requl ar meeting held on the 14th day
of January ,1998 by the following vote:
AYES: Boardmembers James' L. Datzman, Joseph A. Fernekes,
Karyl Matsumoto and Chairman Eugene R. Mullin
NOES: NOne
ABSTAIN: Boardmember John R. Penna
None
ABSENT:
A:\METROPOL.RDA
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RESOLUTION NO. 1-98
DRAFT
RESOLUTION NO. 1-98
SECOND AMENDMENT TO OWNER PARTICIPATION AGREEMENT
BETWEEN THE CITY OF SOUGH SAN FRANCISCO REDEVELOPMENT
AGENCY, TIPTON MANAGEMENT COMPANY AND MARTIN METRO, INC.
This Second Amendment to the Owner Participation Agreement between the City
of South San Francisco Redevelopment Agency, Tipton Management Company,
Incorporated and martin metro, incorporated Is entered into as of this ~ day of
,1998, by and between the City of Sough San Francisco Redevelopment
Agency, a public body corporate and politic ("Agency") Tipton Management Company,
Incorporated, collectively, hereinai~er referred to as ("Participant") and Martin Metro,
Incorporated, hereinafter referred to as "Owner-Lessor").
RECITALS
WHEREAS, the Agency, Participant, and Owner-Lessor have entered that certain
Owner Participation Agreement (hereinafter called the "OPA") dated as of October 25,
1994 as amended in March, 1997, for the purpose of seismic retrofitting and upgrading of
the Metropolitan Hotel within the Downtown Central Redevelopment Project Area; and
WHEREAS, Article 3 of the OPA as amended provides for the Agency funding
through a loan to the Participant in accordance with the provisions of said Article; and
WHEREAS, the parties to the OPA desire to amend the Agency financial
assistance for the retail portion of the hotel;
NOW, THEREFORE, the parties hereto agree as follows:
1. Article 3, Agency Funding, is amended by adding Section 3.1.1 providing for an
Agency grant in an amount not to exceed $100,000.
2. No other provision of the OPA, except as otherwise provided in this Second
Amendment, is altered or revised, and all other provisions of the Agreement, shall
remain in full force and effect. This Second Amendment shall be effective as of the
original date of the Agreement.
IN WITNESS WHEREOF, THE Parties have caused this Second Amendment to Owner
Participation Agreement to be duly executed as of the date first written above.
AGENCY:
CITY OF SOUTH SAN FRANCISCO
REDEVELOPMENT AGENCY, a public
body corporate and politic
BY:
Gene Mullins, Chair
Tipton Management Company
BY:
Rick Tipton
Martin Metro, Inc.
BY:
William I. Barton
President
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