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HomeMy WebLinkAboutReso 84-1988RESOLUTION NO. 84-88 CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA A RESOLUTION APPROVING A SEVENTH AMENDMENT TO THE OWNER PARTICIPATION AND DEVELOPMENT AGREEMENT (GATEWAY REDEVELOPMENT PROJECT, HOMART DEVELOPMENT CO.) WHEREAS, the City of South San Francisco, the Redevelopment Agency of the City of South San Francisco, and Homart Development Co. have entered into an Owner Participation and Development Agreement (OPA) dated March 19, 1981 in connection with the Redevelopment Plan for the Gateway Redevelopment Project; and WHEREAS, there have been previous amendments to the OPA and now the City, Agency and Homart desire to enter into a further amendment concerning the construction of the Auxiliary Lane. NOW, -HEREFORE, BE IT RESOLVED by the City Council of the City of South San Francisco that it hereby approves of the seventh amendment to the OPA and authorizes the Mayor to execute the amendment in substantially the same form as the attached Exhibit "1". 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 the22nd day of June , 1988, by the following vote: AYES: Councilmembers Mark N. Addiego, Richard A. Haffey, Gus Nicolopulos, Roberta Cerri Teglia, and Jack Drago NOES: None ABSTAIN: None ABSENT: None EXHIBI~ 1 TO RESOLUTION NO. 84-88 SEVENTH AMENDMENT OWNER PARTICIPATION AGREEMENT This Seventh Amendment to Owner Participation and Development Agreement is made as of this 22nd day of June , 1988, by and among CITY OF SOUTH SAN FRANCISCO, a municipal corporation (hereinafter called "City"), REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO, a public body, corporate and politic (which, together with any successor public body or officer hereinafter designated by or pursuant to law is hereinafter called "Agency"), duly created, established and authorized to transact business and to exercise its powers, all under and pursuant to the Community Redevelopment Law of the State of California (Part 1 of Division 24 of the California Health and Safety Code) and having its office at the City Hall, 400 Grand Avenue, in the City of South San Francisco, California, and HOMART DEVELOPMENT CO. (hereinafter called "Developer). RECITALS: WHEREAS, City, Agency and Developer have entered into that certain Owner Participation and Development Agreement (hereinafter called the "OPA") dated as of March 19, 1981, in connection with the Redevelopment Plan for the South San Francisco Redevelopment District, which provides for the redevelopment of an area located in the City of South San Francisco' (hereinafter called the "Project Area"); and WHEREAS, on December 30, 1981, Agency, Developer and Genentech, Inc. entered into the First Amendment to the OPA, which First A~.endment dealt primarily with the parcel within the Project Areas which Genentech, Inc. has acquired from Developer; and WHEREAS, on June 16, 1983, City, Agency and Developer entered into the Second Amendment of the OPA, which Second Amendment extended the time for reaching an agreement pursuant to paragraph 2.2.3 of the OPA; and WHEREAS, on August 24, 1983, City, Agency and Developer entered into the Third Amendment to the OPA, which Third Amendment extended the time for reaching an agreement pursuant to paragraph 2.2.3 of the OPA; and WHEREAS, On September 30, 1983, City, Agency and Developer entered into the Fourth Amendment to the OPA ("Fourth Amendment"), which, among other things, provided for Developer's contribuUion toward the Oyster Point Separation and the possible expansion of the scope of development to permit 1,300 hotel rooms, subject ~o environmental review; and WHEREAS, on November 13, 1985, City, Agency and DevelOper entered into the Fifth Amendment to the OPA to conform the'Oyster Point contribution formula set forth in the Fourth Amendment.to the said formula which was adopted by the City Council as a part of Resolution No. 71-84 and to expand the Scope of'.Development ~o permit the development of 1,300 hotel rooms on the Property; and -2- WHEREAS, on October 8, 1986, City,.Agency and Developer entered into the Sixth Amendment to the OPA to reflect a reduction in the interest rate in the Phase I assessment district bonds as the result of the refinancing of such bonds and on the basis of such reduction, reduce the interest rate on the repayment obligation of the Agency for the Agency's share of the Phase I assessment district improvements; WHEREAS, City, Agency and Developer desire to enter into a further amendment of the OPA to extend the deadline set forth~in paragraph 2.1(b) of the Fourth Amendment for the commencement of construction of the Auxiliary Lane; NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the parties hereto agree as follows: 1. Paragraph 2.1(b) of the Fourth Amendment shall be modified to read as follows: "If construction of the Auxiliary Lane has not comalenced by June 30, 1989, Developer's obligation to make a cask Contribution toward the cost thereof shall expire''~ 2. Paragraph 2.1(d) of the Fourth Amendment shall be modified to read as follows: "The construction of the Auxiliary Lane is included as a part of Phase II of the Gateway Assessment District. If construction of the Auxiliary Lane is undertaken by the Assessment District prior to June 30, 1989 and funds in the Assessment District, presently uncommitted to meet other -3- ob2.igations of the Assessment District, are insufficient to the cost of the construction of the Auxiliary Lane, eloper shall pay the differrence between the funds ilable in the Assessment District and $750,000. If the struction of the Auxiliary Lane is undertaken by the Ass District, Developer shall have no right to rei for any portion of the cost thereof." 3. Except as modified by this Seventh Amendment, the y amended is ratified and confirmed. IN WITNESS WHEREOF, the parties hereto have executed this to the Owner Participation and Development as of the day and year first above written. OPA as p~ Seventh Agreemenl ATTEST: Execu~ ATTEST: City ¢ ATTEST: Secret~ .ve Director Lerk Lry REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO By: Chairman CITY OF SOUTH SAN FRANCISCO By Mayor HOMART DEVELOPMENT CO. By -4-