HomeMy WebLinkAboutRDA Reso 04-2011RESOLUTION NO. 04-2011
REDEVELOPMENT AGENCY, CITY OF SOUTH SAN FRANCISCO,
STATE OF CALIFORN[A.
A RESOLUTION APPROVING AN ASSIGNMENT AND
ASSUMPTION AND NOTICE OF TRANSFER AGREEMENT
BETWEEN GENENTECH, INC., GENENTECH OYSTER
POINT, LLC, AND HCP LIFE SCIENCE REI'T, INC.
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 official 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 Particil>ation Agreement dated September
26, 2001 recorded in the Official Records on December 6, 2001, 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 ("Parcea 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 lirnited liability company by entering
into a Assignment and Assumption Agreement; and
WHEREAS, Genentech Oyster Point is the successor by merger to HMS Oyster Point 4,
LLC, a Delaware limited liability company; and
WHEREAS, now Genentech and Genentech Oyster Point, LLC, a Delaware limited
liability company ("Genentech Oyster Point") wish to transfer its rights and interests in the
Parcels to HCP Life Science REIT, Inc., or its affiliate ("HC:P"); and
WHEREAS, Section 5.3 of the OPA requires the A.gc;ncy to provide its written approval
of any transfer of rights.
NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the
City of South San Francisco that it hereby:
1. Approves the Assignment and Assumption from Ge;nf;ntech and Genentech Oyster Point
to HCP attached hereto as Exhibit A.
2. Authorizes the assignment of any rights and obligations that the Agency possesses under
the OPA to the City of South San Francisco in the eve;nt that the South San Francisco
Redevelopment Agency is terminated during the term of the OPA.
3. Authorizes the Executive Director to undertake such other actions and to execute such
other instruments as may be necessary or desirable in ordler to carry out 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
9`h day of February, 2011 by the following vote:
AYES: Boardmembers Mark Addiego, Pedro Gonzale;~, and Karyl Matsumoto,
Vice Chair Richard A. Garbarino
NOES:
ABSTAIN: Chairman Kevin Mullin
ABSENT: None
TTE
~~_,~ City Clerk