HomeMy WebLinkAboutReso 20-2011RESOLUTION NO. 20-2011
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO,STATE OF CALIFORNIA
A RESOLUTION AUTHORIZING THE CITY TO ACCEPT AN
ASSIGNMENT OF RIGHTS AND OBLIGATIONS OF THE
SOUTH SAN FRANCISCO REDEVELOPM:ENT AGENCY IN
THE OPA ASSIGNED TO HCP LIFE SCIENCE REIT, INC. IN
THE EVENT THE SOUTH SAN FRANCISCO
REDEVELOPMENT AGENCY IS TERM][NATED DURING
THE TERM OF THE OPA
WHEREAS, the Redevelopment Agency of the City of South San Francisco (the
"Agency") entered into a Owner Participation Agreement ("OPA") with Hines Oyster Point,
LLC ("Hines") dated November 21, 2000, recorded in the oi~ficial records of the County of San
Mateo, California (the "Official Records") on April 20, 2001., as Document No. 2001-054835 as
amended by that certain First Amendment to Owner Participation Agreement dated September
26, 2001 recorded in the Official Records on December 6, 2(101, as Document No 2001-197921
(collectively, the "OPA"), which relates development of Parcel 1 of Parcel Map No. 97-027 as
recorded in Volume 70, pages 33-40, Official Records ("Parcf;l 1 "); and
WHEREAS, after the execution of the OPA, Parcel 1 was subdivided into six (6) separate
parcels, referred to in the OPA as the "Office Parcels" and "Hotel Parcel", respectively
(collectively, the "Parcels"); and
WHEREAS, on September 8, 2004 Hines transferred its rights and interests in the Office
Parcels to Genentech, Inc., a Delaware corporation ("Genentech") by entering into a Assignment
and Assumption and Notice of Transfer of the Owner Participation Agreement; and
WHEREAS, on September 8, 2004, the Agency approved of the assignment and transfer
of the Office Parcels from Hines to Genentech; and
WHEREAS, on May 3, 2007, HMS Oyster Point, LLC, a Delaware limited liability
company (previously known as Hines Oyster Point, LLC) transferred its rights and interests in
the Hotel Parcel to HMS Oyster Point 4, LLC, a Delaware limited liability company by entering
into a Assignment and Assumption Agreement; and
WHEREAS, Genentech Oyster Point, LLC, a Delaware limited liability company
("Genentech Oyster Point") is the successor by merger to HM[S Oyster Point 4, LLC, a Delaware
limited liability company; and
WHEREAS, now Genentech and Genentech Oyster Point wish to transfer its rights and
interests in the Parcels to HCP Life Science REIT, Inc., or its affiliate; and
WHEREAS, Section 5.3 of the OPA requires the Agency to provide its written approval
of any transfer of rights.
WHEREAS, the Governor has proposed and the State Legislature is considering
legislation that would terminate redevelopment agencies.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
South San Francisco that it hereby:
1. Authorizes the acceptance of assignment of rights and obligations of the Redevelopment
Agency in the OPA to the City of South San Francisco in the event and at such time that the
South San Francisco Redevelopment Agency is terminated during the term of the OPA.
2. Authorizes the City Manager to undertake such actions and to execute such instruments
as maybe necessary or desirable in order to carry out the intent of this Resolution.
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 9th day of
February 2011 by the following vote:
AYES: Councilmembers Mark Addiego, Pedro Gonzalez, and Karyl Matsumoto,
Vice Mayor Richard A. Garbarino
NOES: None
ABSTAIN: Mayor Kevin Mullin
ABSENT: None
,~~
ATT1?~:
~ Cit
~~