HomeMy WebLinkAboutReso RPD 01-2009RESOLUTION NO. 01-2 09 RPD
SOUTH SAN FRANCISCO RECREATION AND PARK DISTRICT,
CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION APPROVING SOUTH SAN FRANCISCO
RECREATION AND PARK DISTRICT 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 KTNG VENTURES TO OYSTER POINT MV
LLC
WHEREAS, South San Francisco Recreation and Park District ("Park District") 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 other 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 and the San Mateo County Harbor 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 And 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 apublic-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 Park District to join the consent to the
assignment of the King Leases to Developer as part of the redevelopment of Oyster Point
Marina; and
WHEREAS, Park District desires to join the consent to the assignment of the King
Leases to Developer; and
NOW, THEREFORE, BE IT RESOLVED that the Board of Directors of the South San
Francisco Recreation and Park District, does hereby authorize the City Manager, acting as the
Park District Manager, to execute a Joinder, substantially iri 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 counsel to the Park District; 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 Redevelopment Agency of the City of South San Francisco at a regular meeting held on the
20th day of May, 2009 by the following vote:
AYES: Boardmembers Pedro Gonzalez, Richard. A. Garbarino, and Kevin Mullin,
Vice Chair Mark Addie~o
NOES: Chair Karyl Matsumoto
ABSTAIN: None
ABSENT: None
ATTEST: Q'0.- `~^--•
Deputy City Clerk
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